Colebrook Financial Renews its Line of Credit to MVP, a Takacs Company (Formerly TOWB/MVP)
Colebrook Financial Company, a leading lender to the timeshare and travel club industries, announced that it has renewed its line of credit to MVP, a Takacs Company. MVP is the newly combined company which includes TheMVPService, TOWB, and TheMVPClub.
The funds provide for the conversion of timeshare properties to alternate uses, a sector in which TOWB, a Takacs company has been involved since 2015. Colebrook previously financed successful conversions of Captain’s Cove in Galveston, TX, and Indian Wells, in Palm Springs, California. Colebrook is currently financing ongoing TOWB projects in Ruidoso (New Mexico), Arkansas, and California which are still in progress. The renewed line of credit will be used to fund expenses for ongoing projects.
Related: Colebrook Financial Increases InnSeason’s Receivable Loan to $15 Million
One of the emerging trends in the industry is the decision to consider a ‘retire’ or ‘repurpose’ solution for the timeshare program at many Associations. There are numerous reasons for this; the most common is the lack of a strong secondary market.
‘MVP helps developers, HOAs and owners review all realistic options and guide them through repositioning their resort for a successful future,” explained Joe Takacs, President and CEO of MVP.
“Colebrook’s management has known Takacs since the late 1980s. Re-purposing is a relatively new field and Joe and Dana Takacs are pioneers. It takes a broad variety of skills to effectively convert timeshare resorts to alternative use and between them, Joe and Dana possess just about all of them. We are delighted to have the opportunity to provide the capital to support them,” said Bill Ryczek, Colebrook Financial Founder and Principal.
Joe Takacs related that “Colebrook is an unusual lender in that they are involved. It is a pleasure to work with them and everyone at MVP looks forward to working together for years to come.”
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
About MVP, a Takacs Company
MVP, a Takacs Company is a combination of TheMVPService, TOWB and TheMVPClub. In 2007, Joe and Dana Takacs formed TheMVPService LLC, a company dedicated to establishing a commissions-based timeshare resales market without the pressure offered in so many places. Joseph is a licensed broker in 36 states and today, MVP sells onsite for timeshare associations in Florida, California, Rhode Island, New Mexico, Rhode Island, Massachusetts, Arizona, Pennsylvania, Georgia, and North Carolina. TOWB was born from TheMVPService in 2018 with a singular purpose; to offer an inner circle of expertise for Boards, people that bring creativity, best practices, and courage to try new ideas to “legacy” properties. MVP and TOWB have always collaborated with HOA Boards to ask and learn what best benefits the owners and their families.
