Wellington Financial announces Liberty Bank’s loan renewal to Silver Lake Resort
The Orlando-based timeshare resort developer is using $40mm for receivables financing and $6mm for development.
Charlottesville, VA & Middletown, CT; August 2016 – Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the bank has renewed a long-term lending relationship with Silver Lake Resort, a timeshare development company located in Orlando, Florida. The transaction continues to provide $40 million for receivables financing, in addition to an amortizing $6 million development loan that was used to construct a new timeshare building.
“We’ve enjoyed working with Liberty Bank and Wellington Financial over the years,” says Silver Lake Resort’s CEO, Deborah Moore. “The bank’s support has been instrumental in Silver Lake Resort’s substantial growth.”
“We’ve been providing a diversified financing package to Silver Lake since 2009 and are delighted to have been a significant part of their success,” says Liberty Bank Vice President David Brede.
Wellington Financial’s Executive VP Shawn Brydge says, “Silver Lake’s management team, each of whom have significant tenure at the company, are wonderful to work with. Their consistency and passion to provide a quality product and wonderful customer experience is evident in the way they run their operation, and that carries over to our lending relationship.”
About Silver Lake Resort
Silver Lake Resort (www.silverlakeresort.com) has been awarded the prestigious GOLD CROWN RESORT designation from Resort Condominiums International (RCI). Located within two miles of the main entrance to Walt Disney Resorts, the resort consists of designer-furnished vacation villas, with a mix of one-, two-, and three-bedroom floor plans and is supported by more than 40,000 owner families.
About Liberty Bank
Established in 1825, Liberty Bank (Liberty-Bank.com), based in Middletown, Connecticut, is the state’s oldest bank, with more than $4.4 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 35 consecutive years. The bank’s commitment to superior service has resulted in lending relationships with some of the industry’s largest and most successful developers. Member FDIC. Equal Housing Lender.
About Wellington Financial
Wellington Financial (Wellington-Financial.com) is the exclusive Resort Finance lending correspondent for Liberty Bank and specializes in lending to developers of timeshare resorts, fractional resorts and retail land. Founded in 1981, the finance and service company offers a full range of products, including receivables hypothecation, purchase and conduit facilities; pre-sale and working capital lines of credit; acquisition, construction and renovation financing, as well as mezzanine and equity debt financing. President Ron Goldberg serves on the Board of Directors for the American Resort Development Association (ARDA).
Media Contact for Wellington Financial:
Sharon Scott, RRP
SharonINK PR & Marketing