Wellington Financial says Liberty Bank renewed its $30MM commitment and increased the receivables loan for Bluegreen Patrick Henry Square™ in Williamsburg, VA.
Charlottesville, VA & Middletown, CT; January 2018—Wellington Financial, the exclusive Resort Finance lending correspondent for the Connecticut-based Liberty Bank, announced the Bank recently renewed its $30MM commitment for PHI Redevelopment, LLC (“PHI”). The renewal included increasing the receivables hypothecation loan to $26MM to support sales of the second phase of the timeshare development. Liberty Bank, a major lender participating in the timeshare resort development industry, originally underwrote Phase I of the Bluegreen Patrick Henry Square™ project in 2014 and provided a $7.5MM Construction Loan for Phase II. Bluegreen Corporation (“Bluegreen”) provides sales and marketing, project management, and loan servicing for PHI on a fee-for-service basis.
Liberty Bank (Liberty-Bank.com) 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. Established in 1825, Liberty Bank is Connecticut’s oldest bank, with more than $4.7 billion in assets and 55 banking offices throughout the central, eastern, western and shoreline areas of the state. As a full-service financial institution, Liberty offers consumer and commercial banking, home mortgages, insurance, and investment services. Named as a “Top Workplace” by the Hartford Courant for six consecutive years, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement.
Wellington Financial (Wellington-Financial.com) 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, association loans, as well as mezzanine and equity debt financing. President Ron Goldberg serves on the Board of Directors for the American Resort Development Association (ARDA).
PHI Redevelopment, LLC is developing three buildings with a total of sixty-seven units, an indoor pool and check-in facility at Patrick Henry Square in conjunction with Bluegreen Vacations Corporation. Andy Anderson, President of PHI, has been a Bluegreen fee-based service developer at Parkside Resort in Williamsburg since 2009.