Colebrook Announces New $12 MM Hypothecation Loan for Festiva
Colebrook Financial Company, a leading lender to the timeshare and travel club industries, announced a $12 Million Hypothecation Loan has been made to Festiva Resorts, a subsidiary of Zealandia Holding Company.
Working with Butch Patrick, CEO, President & Co-Founder of Zealandia Holding Company, Inc. since 2003, Bill Ryczek, principal of Colebrook said “We’ve done business with Butch Patrick and his companies for many years; it has been interesting and rewarding to see him build an organization and adapt it to changing circumstances. We’re delighted to have this opportunity to work with them once more.”
Zealandia Holding Company, Inc., (Asheville, NC) is a diversified company that has continuously expanded its offerings to timeshare owners and homeowners’ associations through its family of subsidiaries dedicated to focusing on specific aspects of the hospitality and vacation ownership industry such as sales and marketing, member services, financing, collections, sailing vacations, and property management. In addition to Festiva Resorts Zealandia is also the holding company for CRM, Festiva Real Estate Holdings, Festiva Sailing Vacations, LaTour Hotels and Resorts and RTX-Resort Travel and Xchange.
Festiva Resorts is one of the most successful privately held vacation ownership companies in the country, with a focus on providing diverse vacation opportunities to members of the Festiva Adventure Club. Through this innovative points-based membership program and a partnership with Resort Travel & Xchange (RTX), the Festiva Adventure Club allows its members to travel to countless destinations throughout the U.S. and abroad.
Butch Patrick said “our long-term relationship with Colebrook Financial continues to grow. Our creative approach to membership-based timeshares and travel clubs positions us well as the travel industry evolves to accommodate the needs of today’s vacationer. Colebrook is our go-to lender as we continue to offer travel products that reflect the times.”
Colebrook is a pioneer in many forms of financing and began working with club products before most lenders. Few competitors can match their longevity in the industry. Colebrook principal Bill Ryczek started in 1979. Mark Raunikar joined the organization in 1988 and Tom Petrisko in 1998. They have developed a reputation for adapting to new situations more quickly than larger institutions.
About Colebrook Financial Company
Colebrook Financial Company, based in Middletown, Connecticut, specializes in providing financing for the timeshare industry, and can offer a variety of facilities in amounts ranging from $100,000 to $30 million or more. We have an innovative approach to financing and pride ourselves on rapid turnaround and personal service. Colebrook has no committees, and our most important policy is common sense. You’ll get straight answers, and you can always talk to a principal. For a complete list of product offerings and information on Colebrook and its principals, visit www.colebrookfinancial.com
