Liberty Bank renews $50MM receivables loan with Bluegreen Vacations
Wellington Financial, the exclusive resort finance lending correspondent for Liberty Bank, announced the bank has recently renewed a financing agreement with Bluegreen Vacations (“Bluegreen”). Bluegreen is a major vacation ownership sales, marketing and resort management company. The $50 million hypothecation loan will be used to finance vacation ownership interest notes receivable.
“We’ve been lending to Bluegreen since 2008 and it has been an excellent relationship,” says Liberty Bank VP and senior resort finance officer Jay Gordon. “Theirs is a very impressive company with a very capable senior leadership team and dedicated, enthusiastic employees. They have fantastic resort properties in great locations.”
“Our team at Bluegreen has been very pleased to agree to continue our relationship with Liberty Bank and their servicing entity, Wellington Financial,” says Senior Vice President, Chief Financial Officer and Treasurer, Tony Puleo of Bluegreen Corporation. “It is gratifying to have a lending partner like them to help us meet our corporate goals and continue to provide top-notch customer service.”
Wellington Financial senior vice president, Shawn Brydge, notes that “It’s been a pleasure working with Bluegreen for the past eight years as their company has continued to grow and evolve. They’re extremely well run, with a top-notch management team and a dedicated employee base. The success of the company reflects the quality resorts and customer experience they provide.”
ABOUT LIBERTY BANK
Established in 1825, Liberty Bank, 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 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).
ABOUT BLUEGREEN CORPORATION
Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (“Bluegreen Vacations”) is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 199,000 owners, over 66 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. For more information, visit www.BluegreenVacations.com.
