Butch Patrick, CEO, President & Co-Founder of Zealandia Holding Company
Colebrook Financial Company, a leading lender to the timeshare and travel club industries, has extended an existing loan facility to Festiva Development Group, a subsidiary of Zealandia Holding Company. Proceeds of the loan will be used for renovations at Festiva Orlando Resort, a portion of which is being re-purposed from timeshare to apartments.
According to Bill Ryczek, Principal of Colebrook, “The collateral for this loan is an assignment of management contracts, a loan type that very few other lenders offer. Colebrook tries to look ahead and determine where the timeshare industry is going and structure products that meet emerging needs. We’ve made loans secured by management contracts and we’ve made loans for re-purposing projects. Every re-purposing situation is unique, and we evaluate each on an individual basis. There’s no standard formula for a re-purposing loan.”
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.
Ryczek, who has worked with Butch Patrick, CEO, President & Co-Founder of Zealandia Holding Company, Inc. for more than 20 years said, “Festiva is a long term client and we’ve had an excellent relationship with them. Like us, they spend a lot of time and thought strategizing and planning their course of action. We’re pleased to be able to assist them in this endeavor.”
Festiva Resorts Orlando resort, which recently re-opened, features spacious 1-, 2- and 3-bedroom accommodations which make them a perfect candidate for repurposing from timeshares to apartments. The company is also involved in other re-purposing efforts with timeshares under its umbrella.
Butch Patrick said “We appreciate our long-term relationship with Colebrook Financial Company. They understand the changing nature of our business and continue to support our creative approach to membership.”
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
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