Liberty Bank and Wellington Financial Help Growth at Villas at Flying L

Liberty Bank and Wellington Financial recently announced an increase on Breakaway Resorts’ inventory loan as the developers complete Phase II of their timeshare project, Villas at Flying L Guest Ranch, located in Bandera, Texas. In addition to the inventory loan, Liberty Bank also provides receivables financing for the resort, through Wellington Financial. 

Long-time timeshare professional and Chairman and CEO of Breakaway Resorts T.L. Spencer comments, “Our conversion rates are in excess of 20 percent after the rescission period. Our philosophy is that being selective in our marketing pays the biggest dividends. Our sales people are more confident and relaxed, knowing they are more likely to close the sale. And our new owners are treated well throughout the sales process and are telling their friends and neighbors about us, too.”

 

“Liberty Bank and Wellington Financial are excited to increase their commitment as sales at the Villas at Flying L remain steady under the direction of T.L. and his team,” says Wellington Financial president Ron Goldberg. “As the exclusive correspondent for Liberty Bank’s timeshare lending group, Wellington will continue acting as the bank’s servicer and front-end loan originator for this portfolio. We have the utmost of confidence in the Breakaway Resorts team and look forward to growing with them as they put new resort developments into their product mix.”
 

Wellington Financial has originated over $2 billion to the timeshare industry since its inception in 1981. The company specializes in lending to timeshare resorts, while serving fractional and land developers as well. 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.
 

Established in 1825, Liberty Bank is Connecticut’s oldest mutual bank, with more than $2.5 billion in assets. Liberty has been actively lending to the timeshare industry throughout the U.S. for over 25 years. The bank’s commitment to superior service has resulted in lending relationships with some of the industry’s largest and most successful developers. 

Wellington Financial is based in Charlottesville, VA and has been providing financing for land and timeshare developers since 1981. President Ron Goldberg can be reached at 434-295-2033, ext. 30 and by email at rgoldberg@wellington-financial.com.