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Liberty
Bank Announced $26.6MM Loan to I-Drive Resorts
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Charlottesville,
VA & Middletown, CT � August 2016 / Newsmaker Alert / Wellington
Financial, the exclusive resort finance lending correspondent for Liberty
Bank, announced the bank closed a $26.6MM loan to I-Drive Resorts,
a company related to Accelerated
Assets, LLC, based in Birmingham, Michigan. Liberty Bank is Connecticut�s
oldest bank which, with more than $4.5 billion in assets, has been a premier
lender to resorts in the timeshare industry for more than three decades.
Accelerated
Assets is a diversified financial services company specializing in the
development of North American timeshare resort properties, in partnership
with the leading sellers of timeshare, and in the purchase or hypothecation
of creditworthy asset secured debt.
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�The
purpose of the loan is to finance the acquisition of 91 units at the Lake
Eve Resort in Orlando, Florida, together with a $40MM forward receivables
line of credit,� says Wellington Financial President Ron Goldberg. �The
units acquired were owned and purchased from a party other than Bluegreen.
Bluegreen Vacations will provide sales and marketing, project management
and loan servicing for I-Drive Resorts.�
Managing
Member of Accelerated Assets, LLC Thomas Balames says, �We enjoyed working
with the folks at Wellington and Liberty Bank. The approval process went
very smoothly and we look forward to a long and mutually satisfactory relationship.�
�I-Drive
Resorts has engaged Bluegreen to sell the inventory under its fee-based
services program,� adds Wellington Financial Executive Vice President Shawn
Brydge. �We have closed quite a few deals involving fee-based service arrangements
of this type and fully expect to see similar, great results.�
About
Accelerated Assets LLC
Accelerated
Assets has developed multiple timeshare projects in partnership with timeshare
companies that represent the upper end of the timeshare market, and is
continuously seeking new opportunities in which they can invest to leverage
their expertise alongside the expertise of their partners. Accelerated
also purchases and hypothecates a wide range of asset backed consumer receivables.
Accelerated Assets prides itself on understanding extremely well all aspects
of the resort business and in maintaining the high standards and practices
of business necessary to earn, and keep, the trust of its partners. Visit
AcceleratedAssets.com or
call 800-573-3294, 248-816-7244 for additional information.
About
Liberty Bank
Established
in 1825, Liberty Bank (Liberty-Bank.com),
based in Middletown, Connecticut, is the state�s oldest bank, with more
than $4.5 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:
Sharon
Scott, RRP
for Wellington
Financial & Liberty Bank
SharonINK
PR & Marketing
310-923-1269 |
