Zealandia Calls on Colebrook Financial Company’s Flexibility for Three Loans in Three Months
Colebrook Financial Company, a leading lender to the timeshare and travel club industries, announced that Zealandia Holding Company has engaged its services for three loans in the past three months.
Two of the loans were made to HOAs. The first was for the Atlantic Beach Resort II (Atlantic Beach, NC). Atlantic Beach, located on the “Crystal Coast,” is one of the oldest resort towns along the Bogue Banks of North Carolina’s Coast. The second HOA loan was made to LaTour Hotels and Resorts (Zealandia’s resort management company) which in turn loaned the proceeds to the HOA of Coconut Palms (New Smyrna Beach, FL). The third agreement was for a bridge mortgage loan for Festiva Orlando Resort (Kissimmee, FL), which has been partially re-purposed from timeshare to apartments.
Zealandia Holding Company, Inc., (Asheville, NC) is a diversified company that provides services to timeshare owners and homeowners’ associations through its family of subsidiaries dedicated to focusing on specific aspects of the hospitality and vacation ownership industry, including member services, financing, collections, sailing vacations, and property management. The company is no longer in active timeshare sales and focuses on owner services and re-purposing its projects to their highest and best uses.
“When the Zealandia organization stopped making timeshare sales, it looked as though Colebrook’s relationship with the company might come to an end,” said Colebrook’s Bill Ryczek, “but over the past year, activity has been as strong as ever.” Colebrook’s extensive knowledge of the resort industry and their flexibility enables them to provide financing that very few lenders offer, and they’ve worked with Zealandia’s management to assist them with their various initiatives.
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 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.”
“It’s rare,” said Patrick, “to find a lender that is proactive, foresees potential issues, and works to resolve them in advance. Bill and I have known each other for almost 25 years and our companies have both adapted to changing circumstances; it’s great to know that Colebrook understands our business and how it is evolving.”
Colebrook is a pioneer in many forms of financing and is always one of the first to comprehend the latest iteration of the timeshare industry, adapting much more quickly than larger organizations. Yet they’re big enough to consummate transactions of $30 million or more. And few competitors can match their longevity in the industry. Colebrook principal Bill Ryczek started in 1979, Mark Raunikar in 1988, and Tom Petrisko in 1998. Long experience in a field can be inhibiting if one is locked into the old way of doing things, but it’s a tremendous advantage when used to better understand the current situation. That’s what the Colebrook principals strive to do.
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 Zealandia
Zealandia Holding Company, Inc. (ZHC) is a value-added strategic investor formed to leverage the assets, business synergies, and professional teams of ZHC and its subsidiaries. Since its inception, ZHC has acquired or invested in 22 companies covering a wide range of resort properties, hotels, and multi-family real estate and related businesses. ZHC’s strong, 21-year history of operational excellence, brand development, and sector expertise combine to further its mission to provide the necessary capital, core function management, and strategic leadership needed for sustained growth. With a focus on investing in Travel & Leisure related businesses as well as a variety of diverse businesses outside of the hospitality space, ZHC is uniquely positioned to provide the resources and relationships necessary to maximize the value of our companies.
