Silver Lake Resort Renews $40 Million Hypothecation Loan

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One month after Marriott Vacations Worldwide announced it completed a $250 million securitization in vacation ownership loans, the once frozen world of timeshare financing continues to thaw out.

The most recent sign of this favorable financing picture is news that Liberty Bank extended and modified their existing financing commitment for Silver Lake Resort, LTD, a timeshare development company located in Kissimmee, Fla.

"We recently renewed Liberty's $40 million hypothecation loan to Silver Lake Resort giving them the ability to refinance an inventory loan they had with another lender and renewed their loan commitment to continue providing forward financing," said Wellington Financial's senior vice president Shawn Brydge.

Wellington Financial is the exclusive resort finance lending correspondent for Liberty Bank.

"We have enjoyed working with Liberty Bank and Wellington Financial since 2009, as they have become extremely well versed in our particular project," says Silver Lake Resort CEO Deborah Moore. "Our teams work well together so the approval process was both timely and smooth. Their in-depth knowledge of the timeshare product and a developer's financial requirements enabled them to create an innovative approach to refinancing our inventory loan with a prior lender."

Located within two miles of the main entrance to Walt Disney World Resorts, Silver Lake Resort is recognized as a Gold Crown Resort within the global Resort Condominiums International (RCI) exchange network. Overall, Silver Lake features 292 designer-furnished vacation villas with a mix of one-, two-, and three-bedroom floor plans and the potential for 630 villas and nearly 42,000 owner families upon completion of construction.

"We are very pleased to have continued our existing relationship with Silver Lake Resort and at the same time being able to provide a structure to refinance their loan with another lender," said Liberty Bank Vice President, Relationship Manager, David Brede. "Silver Lake Resort's consistent strong performance is borne out by the many positive approval ratings they repeatedly receive within the industry."

Established in 1825, Liberty Bank, based in Middletown, Connecticut, is the state's oldest mutual bank, with more than $3.4 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 30 consecutive years.

Wellington Financial 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.