Colebrook Hypothecation Loan Finalized for InnSeason Resorts
Colebrook Financial Company, a leading lender to the timeshare and vacation club industries, closed a $12 million hypothecation loan for InnSeason Resorts, a brand that focuses on the true “Northeast Experience.”
InnSeason has 50,000 members and six quality resorts in highly sought-after locations under their brand umbrella. This fall, their award-winning Riverwalk Resort will begin Phase II. The east coast company also acquires inventory in key vacation destinations to meet member travel demands.
Dennis Ducharme, President and COO, and his partner Billy Curran, CEO, came together to form the InnSeason brand in the early 2000s. Both had been developing properties for at least two decades prior to creating the InnSeason brand. According to Billy Curran, the company is distinctive in that 99% of its members come from the region.
Ducharme shared the reasoning behind working with Colebrook.
“Everyone is excited about working with Colebrook. In the timeshare business, relationships are extremely important. Over the years we’ve come to know the principals, even when we were working with another lender. As a midsize regional developer, our portfolio could easily be lost with a large institution. With Colebrook, we are assured to receive hands-on service, good guidance, and the attention we deserve.”
Shaun O’Neill, President of Concord Servicing, which handles portfolio management for InnSeason, says that Colebrook is unparalleled in providing lending to the timeshare industry. “InnSeason will be in expert hands working with them.”
Mark Raunikar, Principal at Colebrook, is proud of the relationships Colebrook maintains with developers, financial service providers, and bankers to ensure smooth transactions, even in non-traditional settings. He said “Whether it’s a points-based club, a vacation club, or fixed weeks residing in trust, we are known for our innovative approach, structuring deals that make sense for everyone. We are particularly looking forward to working with InnSeason as we know this region and regard them highly. Our relationship with Concord dates to its formation in 1988 and it has consistently provided excellent portfolio servicing and custodial services for Colebrook. The experience and professionalism of the InnSeason and Concord teams were instrumental in closing this transaction that incorporated multiple resorts and vacation products.”
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 InnSeason Resorts
InnSeason Resorts – The Northeast Experience, was born in 1987 with the vision of sharing the uniqueness and charm of New England with the world. As New England natives, owners Billy Curran and Dennis Ducharme embarked on a journey to create the premier vacation ownership experience in the Northeast. More than 30 years later, InnSeason Resorts is the largest independent vacation ownership developer and operator in the Northeast and also one of the largest in North America. Focusing on our customers first and foremost, the InnSeason portfolio spans 6 resorts under ownership, a growing array of managed resorts, and an ever-expanding roster of member families. InnSeason Resorts is your gateway to a lifetime of memories: anticipating our guests’ every need, we are here for you to relax, unwind, and play.
About Concord Servicing Corporation
Founded in 1988, Concord is a full-scope loan servicer delivering innovative, flexible, and scalable portfolio servicing solutions to meet the demands of loan originators and capital providers (and their customers) in a variety of asset classes—including vacation ownership, home improvement, solar, and energy efficiency. Three-plus decades and a positive reputation among existing clients and partners document the ability to handle new challenges efficiently, accurately, and completely. Concord’s corporate headquarters and base of operations is in Scottsdale, AZ, with a regional office in Mexico City and a staff of 275+ professionals. Concord services 2 million+ consumer obligations, with a portfolio size of $7.7 billion ($2 billion+ is in asset-backed securitizations). In addition to primary loan servicing, Concord also serves as a master/backup servicer for approximately 110,000 loans with combined balances of $2.25 billion. www.concordservicing.com
