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Updated: 22.04.2016</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.11.2.1) - WordPress 4.5 Compatibility update</li>\n</ul>\n<h4>Version 2.10.0 - Updated: 18.04.2016 (<a title=\"Release Notes and Update Instructions for v.2.10.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/29077/whats-new-in-u-design-2-10-0\" target=\"_blank\">Release Notes and Update Instructions for v.2.10.0</a>)</h4>\n<ul>\n	<li>Added : A page specific option to move the breadcrumbs to the title area</li>\n	<li>Added : Headings 1 through 6 specific fonts settings</li>\n	<li>Added : Large headers (Hero image) option for individual pages or posts</li>\n	<li>Added : An option to enable \"Responsive Menu 2\" starting at Breakpoint 1</li>\n	<li>Added : Alternative blockquote style (pullquote2) with shortcode</li>\n	<li>Updated : Google Fonts to now include variants (font weights) and subsets (latin, cyrillic, etc.)</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.7 (pullquote2 shortcode was added)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.11.2)</li>\n	<li>Updated : Revolution slider (v5.2.5)</li>\n	<li>Updated : The default theme logo</li>\n	<li>Updated : Theme Update Notifier improvements</li>\n	<li>Updated : Select2 jQuery plugin (v4.0.2)</li>\n	<li>Updated : Font Awesome icon fonts (v4.6.1)</li>\n	<li>Updated : all *.po translation files to include newly added strings</li>\n	<li>Fixed : Author page translation string tweak</li>\n	<li>Fixed : prettyPhoto YouTube video embeds on SSL (https) enabled sites</li>\n	<li>Fixed : Contact page form with multiple recipients</li>\n	<li>Fixed : Floating menu first element margin and alignment (with dropdown)</li>\n</ul>\n<h4>Version 2.9.0 - Updated: 23.03.2016 (<a title=\"Release Notes and Update Instructions for v.2.9.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/28867/whats-new-in-u-design-2-9-0\" target=\"_blank\">Release Notes and Update Instructions for v.2.9.0</a>)</h4>\n<ul>\n	<li>Added : An option to Backup/Restore the theme\'s options as well as all widgets (optional)</li>\n	<li>Updated : Revolution slider (v5.2.3.5)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.11.1)</li>\n	<li>Updated : CMB2 library (v2.2.1)</li>\n	<li>Updated : prettyPhoto\'s Twitter and Facebook icons links</li>\n	<li>Updated : French Translation</li>\n	<li>Updated : all *.po translation files to include newly added strings</li>\n	<li>Updated : Theme Update Notifier improvements</li>\n	<li>Fixed : \"U-Design: Custom Categories\" widget multiple instances per page when categories are displayed as dropdown</li>\n	<li>Fixed : jQuery compatibility issue with the upcoming WordPress 4.5</li>\n</ul>\n<h4>Version 2.8.2 - Updated: 10.02.2016</h4>\n<ul>\n	<li>Added :  An option to move the comment text field above or below the Name, Email, and Website fields (Blog Section)</li>\n	<li>Updated : Blog section comment form to use the recommended comment_form() function</li>\n	<li>Updated : Revolution slider (v5.1.6)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.10)</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.6 (editor button title attribute change)</li>\n	<li>Updated : Select2 jQuery plugin (v4.0.1)</li>\n	<li>Updated : Translation files</li>\n	<li>Fixed : Password protect on portfolio page to also include portfolio items not just page\'s content</li>\n</ul>\n<h4>Version 2.8.1 - Updated: 30.12.2015</h4>\n<ul>\n	<li>Added : Accordion shortcode option to scroll the accordion headings into view after each click</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.5</li>\n	<li>Updated : WPML String Translation config file for secondary menu bar content</li>\n	<li>Updated : Font Awesome icon fonts (v4.5.0)</li>\n	<li>Updated : Revolution slider (v5.1.5)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.9.1)</li>\n	<li>Updated : Enabled styled page/post pagination with WP-PageNavi when using \"nextpage\" tags to split pages and posts</li>\n	<li>Updated : Improved the top area searchbox accessibility markup</li>\n	<li>Fixed : WooCommerce single products tabs URL appended \"#undefined\" hashtag</li>\n	<li>Fixed : Transition between \"Responsive Menu 2\" and the regular menu at 720px width screens</li>\n</ul>\n<h4>Version 2.8.0 - Updated: 19.11.2015 (<a title=\"Release Notes and Update Instructions for v.2.8.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/27836/what-s-new-in-u-design-2-8-0\" target=\"_blank\">Release Notes and Update Instructions for v.2.8.0</a>)</h4>\n<ul>\n	<li>Added : An option to exclude header, main container, bottom, footer on per page/post basis</li>\n	<li>Updated : Title tag (document title) to comply with WP 4.4 requirements</li>\n	<li>Updated : Deprecated the theme\'s \'udesign_head_title_element\' filter</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.8.1)</li>\n	<li>Updated : Revolution slider (v5.1.3)</li>\n	<li>Updated : Translation files</li>\n	<li>Updated : reCAPTCHA script implementation improvements</li>\n</ul>\n<h4>Version 2.7.19 - Updated: 05.10.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.7.4) (security update)</li>\n	<li>Updated : CMB2 library (v2.1.2)</li>\n</ul>\n<h4>Version 2.7.18 - Updated: 30.09.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.7.3)</li>\n	<li>Updated : Revolution slider (v5.0.9)</li>\n	<li>Updated : French Translation</li>\n	<li>Updated : Set Google Web Fonts default character set</li>\n	<li>Fixed : Visual Composer\'s \"Pageable Container\" navigation links</li>\n</ul>\n<h4>Version 2.7.17 - Updated: 09.09.2015</h4>\n<ul>\n	<li>Updated : Revolution slider (v5.0.7)</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.4</li>\n</ul>\n<h4>Version 2.7.16 - Updated: 28.08.2015</h4>\n<ul>\n	<li>Updated : Revolution slider (v5.0.5)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.7)</li>\n</ul>\n<h4>Version 2.7.15 - Updated: 26.08.2015 (<a title=\"Release Notes and Update Instructions for v.2.7.15\" href=\"http://dreamthemedesign.com/u-design-support/discussion/27021/what-s-new-in-u-design-2-7-15\" target=\"_blank\">Release Notes and Update Instructions for v.2.7.15</a>)</h4>\n<ul>\n	<li>Updated : Revolution slider (v5.0.4.1)</li>\n	<li>Updated : Essential Grid plugin (v2.0.9.1)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.6.2)</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.14) (see plugin\'s own changelog for details)</li>\n	<li>Updated : Font Awesome icon fonts (v4.4.0)</li>\n	<li>Updated : CMB2 library (v2.1.0)</li>\n	<li>Fixed : RTL Content Toggle style</li>\n	<li>Fixed : Visual Composer \"Tour\" element toggle</li>\n	<li>Fixed : Admin area jQuery UI style sheet issue on SSL enabled sites</li>\n	<li>Fixed : Issue selecting Revolution slider (v5.0+) for home page in U-Design Options</li>\n	<li>Fixed : WooCommerce single product page tabs conflict with theme\'s smooth scrolling option</li>\n</ul>\n<h4>Version 2.7.14 - Updated: 22.07.2015</h4>\n<ul>\n	<li>Fixed : \"U-Design: Recent Posts\" widget related warning</li>\n</ul>\n<h4>Version 2.7.13 - Updated: 22.07.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.6.1)</li>\n	<li>Updated : TGM Plugin Activation class (v2.5.2)</li>\n	<li>Updated : Themes\' Widgets (WordPress 4.3 compatibility)</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.13) (WordPress 4.3 compatibility)</li>\n	<li>Updated : Envato API class</li>\n	<li>Updated : Search results page improvements</li>\n	<li>Updated : Envato API connectivity</li>\n	<li>Fixed : Search results excluding portfolio posts content</li>\n</ul>\n<h4>Version 2.7.12 - Updated: 06.07.2015</h4>\n<ul>\n	<li>Added : U-Design -> Related Plugins page to handle plugin install/activate/update actions</li>\n	<li>Removed : \"Envato WordPress Toolkit\" plugin</li>\n	<li>Updated : TGM Plugin Activation class (v2.5.0)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.6)</li>\n	<li>Updated : The theme\'s documentation</li>\n	<li>Fixed : Schema.org related author link padding</li>\n	<li>Fixed : IE9 gradient background issue in custom message boxes</li>\n	<li>Fixed : Envato API connectivity issue</li>\n</ul>\n<h4>Version 2.7.11 - Updated: 16.06.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.5.3)</li>\n	<li>Updated : CMB2 library (v2.0.8)</li>\n	<li>Updated : Improved contact form email deliverability</li>\n</ul>\n<h4>Version 2.7.10 - Updated: 20.05.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.5.2)</li>\n	<li>Updated : prettyPhoto script (v3.1.6) to resolve XSS security issue</li>\n	<li>Updated : resolved XSS security issue</li>\n	<li>Fixed : Image caption style</li>\n	<li>Fixed : RTL styles</li>\n</ul>\n<h4>Version 2.7.9 - Updated: 08.05.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.5.1)</li>\n	<li>Updated : Revolution slider (v4.6.93)</li>\n	<li>Updated : CMB2 library (v2.0.6)</li>\n	<li>Updated : Cleaned up old IE6 related class, file and style dependencies</li>\n	<li>Updated : Cleaned up and grouped the \"General Options\" section options</li>\n	<li>Updated : The theme\'s documentation</li>\n	<li>Fixed : Removed hard-coded \"Home\" link from the sitemap page template</li>\n	<li>Fixed : \'register_sidebar\' missing id argument notice (since WordPress 4.2)</li>\n</ul>\n<h4>Version 2.7.8 - Updated: 30.04.2015</h4>\n<ul>\n	<li>Updated : TGM Plugin Activation class (v2.4.2)</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.5)</li>\n	<li>Updated : Revolution slider (v4.6.92)</li>\n	<li>Updated : Essential Grid plugin (v2.0.9)</li>\n	<li>Updated : Improvements to the newly added title positioning functionality</li>\n	<li>Fixed : A small issue with reCAPTCHA on Contact page</li>\n</ul>\n<h4>Version 2.7.7 - Updated: 21.04.2015</h4>\n<ul>\n	<li>Added : An option to select title position on per post/page basis</li>\n	<li>Added : An option to toggle breadcrumbs on per post/page basis</li>\n	<li>Updated : \"Visual Composer\" plugin (v4.4.4 - WordPress 4.2 compatibility)</li>\n	<li>Updated : Revolution slider (v4.6.9)</li>\n	<li>Updated : TGM Plugin Activation class (Fixes a possible XSS vulnerability)</li>\n</ul>\n<h4>Version 2.7.6 - Updated: 09.04.2015</h4>\n<ul>\n	<li>Fixed : An issue with shortcodes reported after last update</li>\n</ul>\n<h4>Version 2.7.5 - Updated: 08.04.2015</h4>\n<ul>\n	<li>Added : \"Next\" and \"Previous\" navigation links to single posts independently toggled for regular posts and portfolio section</li>\n	<li>Added : Options to exclude portfolio entries from the WP native \"Categories\", \"Archives\", \"Recent Posts\" widgets as well as the WP main query</li>\n	<li>Updated : \"U-Design: Recent Posts\" widget option to toggle default/fallback image (when no image found)</li>\n	<li>Updated : \"U-Design: Subpages\" widget to include \"Sort by\" and \"Exclude\" options</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.12) (see plugin changelog)</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.3 (added \"default_thumb\" option for [udesign_recent_posts ...] shortcode)</li>\n	<li>Updated : Pagination Styling</li>\n	<li>Updated : 404 page Styling</li>\n	<li>Updated : Restored default blockquote font-family</li>\n	<li>Updated : Upcoming WordPress 4.2 compatibility</li>\n	<li>Fixed : Categories and Archive widgets Dropdown option</li>\n</ul>\n<h4>Version 2.7.4 - Updated: 23.03.2015</h4>\n<ul>\n	<li>Updated : \"Visual Composer\" plugin (v4.4.3)</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.11) (see plugin changelog)</li>\n	<li>Updated : Default Blockquote font-family removed</li>\n	<li>Fixed : Singled out icon fonts inserted as HTML in visual editor removed by WP auto formatting</li>\n	<li>Fixed : Visual Composer\'s elements\' headings font size overwritten by theme\'s in some cases</li>\n</ul>\n<h4>Version 2.7.3 - Updated: 10.03.2015</h4>\n<ul>\n	<li>Updated : Essential Grid plugin (v2.0.8)</li>\n	<li>Fixed : A small issue with reCAPTCHA on Contact page</li>\n	<li>Fixed : Opacity options when set to \"0\" under \"Custom Colors\" section</li>\n</ul>\n<h4>Version 2.7.2 - Updated: 23.02.2015</h4>\n<ul>\n	<li>Added : An option to remove image frame from \"U-Design: Recent Posts\" widget and shortcode as well as Blog section</li>\n	<li>Updated : Contact form to reCAPTCHA 2.0</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.2 (added \"remove_thumb_frame\" option for [udesign_recent_posts ...] shortcode)</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.10) (see plugin changelog)</li>\n	<li>Updated : Increased spacing and padding for some content and sidebar elements to improve typography and layout</li>\n	<li>Updated : Removed cufón fonts</li>\n	<li>Fixed : Accordion with very long titles</li>\n	<li>Fixed : An issue with exclusion of portfolio related posts from blog page</li>\n</ul>\n<h4>Version 2.7.1 - Updated: 18.02.2015</h4>\n<ul>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.9) - search field display fix</li>\n	<li>Updated : Essential Grid plugin (v2.0.6)</li>\n	<li>Fixed : Theme Updates page styling</li>\n</ul>\n<h4>Version 2.7.0 - Updated: 13.02.2015 (<a title=\"Release Notes and Update Instructions for v.2.7.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/24600/what-s-new-in-u-design-2-7-0/\" target=\"_blank\">Release Notes and Update Instructions for v.2.7.0</a>)</h4>\n<ul>\n	<li>Added : Essential Grid WordPress plugin - all-purpose grid building solution (CodeCanyon)</li>\n	<li>Added : Theme Updates subpage</li>\n	<li>Updated : Theme\'s update process improvements</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.8) - WooCommerce 2.3+ Compatibility</li>\n	<li>Updated : \"Envato WordPress Toolkit\" plugin (v1.7.2)</li>\n	<li>Fixed : Padding for \"Stay-On-Top\" menu logo</li>\n	<li>Fixed : Small submit form issue with the theme\'s settings page</li>\n	<li>Fixed : IE11 issue with one continuous background image option when aligned bottom</li>\n	<li>Fixed : IE8 issue with sticky menu logo</li>\n	<li>Fixed : Small issue with list styling</li>\n</ul>\n<h4>Version 2.6.0 - Updated: 04.02.2015 (<a title=\"Release Notes and Update Instructions for v.2.6.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/24456/what-s-new-in-u-design-2-6-0/\" target=\"_blank\">Release Notes and Update Instructions for v.2.6.0</a>)</h4>\n<ul>\n	<li>Added : A secondary menu bar for the top of page with easy to setup options (drag and drop), custom colors, etc.</li>\n	<li>Added : An option to toggle the visibility of the secondary menu for mobile view (\"Responsive Layout\" section)</li>\n	<li>Added : An option to set the background color and opacity for the main/dropdown menu (\"Custom Colors\" section)</li>\n	<li>Added : An option to set the link and hover colors for main menu\'s dropdown (sub-menu)</li>\n	<li>Added : Main Menu vertical positioning option</li>\n	<li>Added : An option to disable Font Awesome</li>\n	<li>Added : An option to choose a prettyPhoto style themes</li>\n	<li>Added : An option to toggle the prettyPhoto\'s Overlay Gallery</li>\n	<li>Added : An option to set the body text and headings line-height (\"Font Settings\" section)</li>\n	<li>Added : bg_size property to content_block shortcode</li>\n	<li>Added : An option for \"Stay-On-Top\" menu logo (optional)</li>\n	<li>Added : An option for centering the main logo</li>\n	<li>Updated : Font Awesome icon fonts (v4.3.0)</li>\n	<li>Updated : Custom Colors tweaks (text input field hex color change would also be reflected in color picker)</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.1 (added align=\"none\" option for buttons)</li>\n	<li>Updated : Mean Menu script updated (v2.0.8)</li>\n	<li>Fixed : [content_block] fixed background images for iOS mobile browser</li>\n</ul>\n<h4>Version 2.5.6 - Updated: 29.01.2015</h4>\n<ul>\n	<li>Updated : Visual Composer plugin (v4.4.2)</li>\n</ul>\n<h4>Version 2.5.5 - Updated: 23.01.2015</h4>\n<ul>\n	<li>Updated : Visual Composer plugin (v4.4.1)</li>\n</ul>\n<h4>Version 2.5.4 - Updated: 19.12.2014</h4>\n<ul>\n	<li>Added : An option to remove the postmetadata block from single view posts</li>\n	<li>Added : Align option \"none\" to the custom_button and flat_button shortcodes</li>\n	<li>Updated : Visual Composer plugin (v4.3.5 - WP 4.1 compatibility)</li>\n	<li>Updated : Post image added via theme\'s action hook, also have own filter now</li>\n	<li>Updated : Tabs JS improvements to avoid conflicts with third party plugins</li>\n	<li>Updated : Theme\'s documentation</li>\n	<li>Fixed : Minor bug with the theme\'s structured data markup for Schema.org</li>\n</ul>\n<h4>Version 2.5.3 - Updated: 02.12.2014</h4>\n<ul>\n	<li>Updated : Revolution slider (v4.6.5)</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.6)</li>\n</ul>\n<h4>Version 2.5.2 - Updated: 29.11.2014</h4>\n<ul>\n	<li>Updated : Revolution slider (v4.6.4)</li>\n	<li>Updated : Envato WordPress Toolkit plugin (v1.7.1)</li>\n</ul>\n<h4>Version 2.5.1 - Updated: 19.11.2014</h4>\n<ul>\n	<li>Fixed :  Featured Image assignment issue in 2.5.0 release</li>\n</ul>\n<h4>Version 2.5.0 - Updated: 18.11.2014 (<a title=\"Release Notes and Update Instructions for v.2.5.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/23635/whats-new-in-u-design-2.5.0/p1\" target=\"_blank\">Release Notes and Update Instructions for v.2.5.0</a>)</h4>\n<ul>\n	<li>Added : Font Awesome icon fonts</li>\n	<li>Added : Fontello - icon fonts generator</li>\n	<li>Added : \"anti-spambot\" email shortcode, which may be used to display obfuscated email addresses</li>\n	<li>Added : The option to disable smooth scrolling on pages (General Options)</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.1.0 (added the \"Safe email address\" shortcode)</li>\n	<li>Updated : enable reCAPTCHA use over SSL when required</li>\n	<li>Updated : Minor code tweaks and improvements</li>\n	<li>Fixed :  Bulk \"pre-packaged\" plugins installation (TGM-Plugin-Activation script related)</li>\n	<li>Fixed :  Responsive and centered image captions</li>\n</ul>\n<h4>Version 2.4.19 - Updated: 29.10.2014</h4>\n<ul>\n	<li>Updated : Revolution slider (v4.6.3)</li>\n</ul>\n<h4>Version 2.4.18 - Updated: 15.09.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin (v4.3.4)</li>\n	<li>Fixed : \"Responsive Menu 2\" submenu indicator position adjustment</li>\n	<li>Fixed : Multiple WP galleries with prettyPhoto in a single page/post</li>\n</ul>\n<h4>Version 2.4.17 - Updated: 05.09.2014</h4>\n<ul>\n	<li>Fixed : WooCommerce shop pages with Slider Revolution</li>\n	<li>Fixed : (WordPress 4.0) \"Recent Comments\" widget speech bubble graphic duplication</li>\n</ul>\n<h4>Version 2.4.16 - Updated: 28.08.2014</h4>\n<ul>\n	<li>Updated : Revolution slider (v4.6.0)</li>\n	<li>Fixed : Visual Composer tabs selector issue with regards to the theme\'s smooth scrolling</li>\n</ul>\n<h4>Version 2.4.15 - Updated: 20.08.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin (v4.3.3)</li>\n	<li>Updated : Envato WordPress Toolkit plugin (v1.7.0)</li>\n	<li>Updated : German Language file</li>\n</ul>\n<h4>Version 2.4.14 - Updated: 12.08.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin to latest v4.3.2</li>\n	<li>Fixed : TGM-Plugin-Activation error present when multiple plugins/theme using TGMPA</li>\n	<li>Fixed : Small glitch with BuddyPress\' comment feature</li>\n</ul>\n<h4>Version 2.4.13 - Updated: 31.07.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin to latest v4.3.1</li>\n</ul>\n<h4>Version 2.4.12 - Updated: 29.07.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin to latest v4.3</li>\n	<li>Updated : U-Design - Visual Composer integration tweaks</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.0.9. (Updated the \"Recent Posts\" shortcode parameters)</li>\n	<li>Updated : Some tweaks to structured data markup for Schema.org</li>\n	<li>Updated : Sitemap page content can now be accessed through the theme\'s hooks/filters API</li>\n</ul>\n<h4>Version 2.4.11 - Updated: 18.07.2014</h4>\n<ul>\n	<li>Updated : Revolution slider to latest v4.5.95</li>\n	<li>Fixed : Small issue with the Yoast WordPress SEO plugin\'s \"Enable Breadcrumbs\" option related to the theme</li>\n</ul>\n<h4>Version 2.4.10 - Updated: 10.07.2014</h4>\n<ul>\n	<li>Updated : compatibility with latest update of \"Get the Image\" plugin (v1.0.0)</li>\n	<li>Updated : flickrRSS plugin (v5.3.1)</li>\n</ul>\n<h4>Version 2.4.9 - Updated: 08.07.2014</h4>\n<ul>\n	<li>Updated : Revolution slider to latest v4.5.9</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin (v2.1.5)</li>\n	<li>Updated : flickrRSS plugin (v5.3)</li>\n	<li>Updated : Envato WordPress Toolkit plugin (v1.6.3)</li>\n	<li>Updated : Expandable buttons\' images to accomodate longer text</li>\n</ul>\n<h4>Version 2.4.8 - Updated: 24.06.2014</h4>\n<ul>\n	<li>Updated : Revolution slider to latest v4.5.5</li>\n	<li>Fixed : Small issue with search page layout</li>\n	<li>Fixed : Small glitch with the Visual Composer carousel/slider left and right arrows</li>\n</ul>\n<h4>Version 2.4.7 - Updated: 14.06.2014</h4>\n<ul>\n	<li>Updated : Revolution slider to latest v4.5.3</li>\n	<li>Updated : Visual Composer plugin to latest v4.2.3</li>\n</ul>\n<h4>Version 2.4.6 - Updated: 06.06.2014</h4>\n<ul>\n	<li>Updated : Revolution slider to latest v4.5.01 SkyWood</li>\n	<li>Updated : Visual Composer plugin to latest v4.2.2</li>\n</ul>\n<h4>Version 2.4.5 - Updated: 28.05.2014</h4>\n<ul>\n	<li>Added : Structured data markup for Schema.org</li>\n	<li>Added : 6 new Google fonts, also added \"Time New Roman\" to generic websafe fonts</li>\n	<li>Updated : Visual Composer plugin to latest v4.2.1</li>\n	<li>Fixed : Minor issue with postmetadata box display in IE8</li>\n</ul>\n<h4>Version 2.4.4 - Updated: 10.05.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin to latest v4.1.3</li>\n</ul>\n<h4>Version 2.4.3 - Updated: 02.05.2014</h4>\n<ul>\n	<li>Updated : Revolution slider to latest v4.3.8</li>\n	<li>Fixed : Minor issue with message boxes\' layout</li>\n</ul>\n<h4>Version 2.4.2 - Updated: 23.04.2014</h4>\n<ul>\n	<li>Added : An option to center the main menu</li>\n	<li>Updated : Visual Composer plugin to latest v4.1.2 (WordPress 3.9 compatibility)</li>\n	<li>Updated : Revolution slider to latest v4.3.6</li>\n	<li>Fixed : Minor issue with Google Web Fonts option</li>\n	<li>Fixed : Minor bug with Cycle 1 slider</li>\n</ul>\n<h4>Version 2.4.1 - Updated: 09.04.2014</h4>\n<ul>\n	<li>Updated : Visual Composer plugin to latest version (WordPress 3.9 compatibility)</li>\n	<li>Updated : Revolution slider to latest version</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.0.8 (WordPress 3.9 compatibility)</li>\n	<li>Fixed : CSS3 Media Query compatibility for IE8</li>\n	<li>Fixed : Comments width in site widths greater than 960px</li>\n	<li>Fixed : Minor bug with theme\'s \"Content Block\" when used with Visual Composer</li>\n	<li>Fixed : Minor issue with main content background of WooCommerce Shop page when assigned as home page</li>\n</ul>\n<h4>Version 2.4.0 - Updated: 20.03.2014</h4>\n<ul>\n	<li>Added : Visual Composer: Page Builder for WordPress plugin by WPBakery (CodeCanyon)</li>\n	<li>Updated : Revolution slider to latest version</li>\n	<li>Updated : TGM Plugin Activation script</li>\n	<li>Updated : Theme\'s Documentation</li>\n	<li>Updated : Accordion Title section background image and respective Accordion.psd</li>\n	<li>Fixed : Default \"Mystery Man\" avatar in comments</li>\n</ul>\n<h4>Version 2.3.1 - Updated: 27.02.2014</h4>\n<ul>\n	<li>Added : A new set of customizable flat buttons with shortcodes</li>\n	<li>Added : An option to add title description to pages or posts</li>\n	<li>Added : An option to remove sidebar from default pages</li>\n	<li>Added : Same page anchor links smooth scrolling</li>\n	<li>Added : Persian translation courtesy of Hamed (WPTranslate.ir)</li>\n	<li>Updated : Revolution slider to latest version</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.0.7. Added the flat button shortcode</li>\n	<li>Updated : All button shortcodes support for center alignment</li>\n	<li>Fixed : Revolution slider showing on Search results page</li>\n	<li>Fixed : Small \"U-Design\" options page improvements</li>\n</ul>\n<h4>Version 2.3.0 - Updated: 04.02.2014 (<a title=\"Release Notes and Update Instructions for v.2.3.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/19383/whats-new-in-u-design-2.3.0/p1\" target=\"_blank\">Release Notes and Update Instructions for v.2.3.0</a>)</h4>\n<ul>\n	<li>Added : Maximum width with Fluid layout option</li>\n	<li>Added : An option to set the global theme and sidebar widths</li>\n	<li>Added : Options to set the global theme and sidebar widths as well as maximum fluid width on per page basis</li>\n	<li>Added : Content Block with Parallax background option and maximum width option</li>\n	<li>Added : An option to disable prettyPhoto in responsive mode based on specific device/browser width</li>\n	<li>Added : A custom field to allow revolution slider instance to be added to any page or post</li>\n	<li>Added : Front end only Romanian Translation -  credits to Robert Ivan (seoserv.net)</li>\n	<li>Added : An option to remove the background image of the \"Stay-On-Top\" menu</li>\n	<li>Added : An option to disable \"Stay-On-Top\" Menu on Mobile Devices only</li>\n	<li>Added : An option to remove the horizontal ruler lines that are enabled by default for some sections</li>\n	<li>Added : RTL (Right To Left) support</li>\n	<li>Updated : Revolution Slider to latest version</li>\n	<li>Updated : Tabs can be linked to specific tab</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin to v.1.0.6. Added content block with Parallax option</li>\n	<li>Updated : Replaced all instances of image uploaders in the theme with the new WordPress Media Uploader</li>\n	<li>Updated : The theme update notifier script</li>\n	<li>Fixed : \"Stay-On-Top\" Main Menu being fully transparent under certain conditions</li>\n	<li>Fixed : Title element to work with \'WordPress SEO\' plugin for title rewrites</li>\n	<li>Fixed : Minor bug with Accordion Toggle +/- graphic</li>\n	<li>Fixed : Responsive Menu 1 label is now localized for translations</li>\n</ul>\n<h4>Version 2.2.0 - Updated: 04.12.2013 (<a title=\"Release Notes and Update Instructions for v.2.2.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/18391/whats-new-in-u-design-2.2.0/p1\" target=\"_blank\">Release Notes and Update Instructions for v.2.2.0</a>)</h4>\n<ul>\n	<li>Added : Action Hooks throughout all sections of the theme for easy access and customization</li>\n	<li>Added : An option to add a shadow to the \"Stay-On-Top\" menu</li>\n	<li>Added : An option to enable pinch-to-zoom on mobile devices in responsive mode</li>\n	<li>Added : Support for Yoast breadcrumbs</li>\n	<li>Added : An option for \"Comments are closed\" message</li>\n	<li>Added : An option to specify the single post view postmetadata location</li>\n	<li>Added : An option to set \"sticky\" footer</li>\n	<li>Updated : Revolution Slider update to latest version</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin</li>\n	<li>Updated : Optimized all the Cycle sliders\' scripts</li>\n	<li>Updated : Image cropping script</li>\n	<li>Updated : jQuery Cycle Plugin to latest version</li>\n	<li>Updated : Default Search widget look and feel</li>\n	<li>Fixed : \"U-Design Shortcode Insert Button\" plugin glitch with round buttons shortcode</li>\n	<li>Fixed : Small glitch with \"Stay-On-Top\" menu option</li>\n	<li>Fixed : Bug with \"U-Design: Custom Categories\" widget dropdown option</li>\n	<li>Fixed : BuddyPress page title fix</li>\n	<li>Fixed : Small glitch with search results page with pagination</li>\n	<li>Fixed : WooCommerce single product page glitch in IE8 regarding \'css3-mediaqueries.js\'</li>\n	<li>Fixed : Small bug with Cycle 1 plugin image loading in some browsers</li>\n</ul>\n<h4>Version 2.1.0 - Updated: 20.09.2013 (<a title=\"Release Notes and Update Instructions for v.2.1.0\" href=\"http://dreamthemedesign.com/u-design-support/discussion/16960/whats-new-in-u-design-2.1.0/p1\" target=\"_blank\">Release Notes and Update Instructions for v.2.1.0</a>)</h4>\n<ul>\n	<li>Added : An option for \"Stay-On-Top\" Main Menu</li>\n	<li>Added : Retina Option for cropped images</li>\n	<li>Added : An option for crop alignment for Portfolio thumbnail images</li>\n	<li>Updated : Revolution Slider update to latest version</li>\n	<li>Updated : Replaced TimThumb with WordPress native image cropping engine</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin</li>\n	<li>Updated : PSD File to contain pinterest icon</li>\n	<li>Updated : reCAPTCHA script</li>\n	<li>Updated : Hover effect for framed images that are linked</li>\n	<li>Fixed : Glitch with 1/3 and 2/3 column widths in percentages</li>\n	<li>Fixed : An issue with page title when set to \"Position 2\" for pages that are set as home page</li>\n</ul>\n<h4>Version 2.0.1 - Updated: 21.07.2013</h4>\n<ul>\n	<li>Added : 12 new Google fonts</li>\n	<li>Added : Tumblr and Blogspot icons to social icons</li>\n	<li>Added : Pagination to author page</li>\n	<li>Updated : Revolution Slider update to latest version</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin</li>\n	<li>Updated : WPML 2.9+ supports wildcards now in config-wpml.xml</li>\n	<li>Updated : Main menu source scripts</li>\n	<li>Updated : Russian Translation</li>\n	<li>Fixed : An issue with the link option in Cycle 3 when viewed in IE10</li>\n	<li>Fixed : Glitch with blog page template when assigned as home page</li>\n	<li>Fixed : Glitch with proper image sizing in IE8</li>\n	<li>Fixed : Continuous Background Image in IE7 and IE8</li>\n	<li>Fixed : \"Responsive Menu 1\" missing arrow in mobile browsers</li>\n</ul>\n<h4>Version 2.0.0 - Updated: 23.04.2013</h4>\n<ul>\n	<li>Added : Responsive Layout support</li>\n	<li>Updated : Revolution Slider update to latest version</li>\n	<li>Updated : \"U-Design WooCommerce Integration\" plugin</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin</li>\n	<li>Updated : Performance improvements (JavaScripts now placed before closing body tag)</li>\n	<li>Updated : Rewrite of theme\'s custom image frames markup</li>\n	<li>Updated : Isotope script to latest version</li>\n	<li>Updated : French Translation</li>\n	<li>Updated : WPML support for Revolution Slider translation</li>\n	<li>Fixed : Compatibility issue with Portfolio Sorting by Tags only if PHP < 2.5.9</li>\n</ul>\n<h4>Version 1.9.1 - Updated: 11.02.2013</h4>\n<ul>\n	<li>Added : 62 new Google fonts</li>\n	<li>Updated : Revolution Slider update to version 2.2.4 (<a href=\"http://www.youtube.com/watch?v=BLFEs7b2UNo\" rel=\"noindex nofollow\" target=\"_blank\">UPDATE INSTRUCTIONS</a>)</li>\n	<li>Updated : Dutch Translation</li>\n	<li>Fixed : home page slider area custom backgrounds bug when Revolution Slider used</li>\n	<li>Fixed : compatibility with UberMenu related to z-index</li>\n	<li>Fixed : admin area post filtering by category</li>\n</ul>\n<h4>Version 1.9.0 - Updated: 29.01.2013 (<a title=\"Release Notes and Update Instructions\" href=\"http://dreamthemedesign.com/u-design-support/discussion/11172/whats-new-in-u-design-version-1.9.0/p1\" target=\"_blank\">Release Notes and Update Instructions</a>)</h4>\n<ul>\n	<li>Added : Revolution Slider</li>\n	<li>Added : WooCommerce Integration</li>\n	<li>Added : Swedish Translation courtesy of Ola Walfridsson ( http://www.facebook.com/ola.walfridsson )</li>\n	<li>Added : Instagram icon to social icons</li>\n	<li>Updated : prettyPhoto script to latest version 3.1.5</li>\n	<li>Updated : Theme\'s Documentation</li>\n	<li>Updated : Timthumb script update</li>\n	<li>Fixed : \"more\" tag issue on Blog pages</li>\n	<li>Fixed : z-index related issue between the logo and menu in some cases</li>\n	<li>Fixed : a small search results formatting issue</li>\n</ul>\n<h4>Version 1.8.0 - Updated: 10.10.2012 (<a title=\"Release Notes and Update Instructions\" href=\"http://dreamthemedesign.com/u-design-support/discussion/8939/u-design-version-1.8.0-has-been-released/p1\" target=\"_blank\">Release Notes and Update Instructions</a>)</h4>\n<ul>\n	<li>Added : 54 new Google fonts</li>\n	<li>Added : Sortable Portfolio for all four Portfolio page templates (Filter by Category/Tags, sort by alpha and/or ascending/descending)</li>\n	<li>Added : An option to choose the position of the page title, as well as to remove it</li>\n	<li>Added : An option to choose the position of the main navigation menu</li>\n	<li>Added : An option to remove the sidebar in the theme\'s Contact Page</li>\n	<li>Added : Chinese Traditional (zh_tw) Translation courtesy of Sylvia Ho</li>\n	<li>Added : Danish Translation courtesy of Nikolaj Mackowski ( http://www.vagtformidlingen.dk/ )</li>\n	<li>Added : Polish Translation courtesy of Elzbieta Wozniak  ( http://gaztec.pl/ )</li>\n	<li>Added : Portuguese (Brazil) Translation courtesy of Lord Marcio Moreira ( http://acas.com.br/ )</li>\n	<li>Added : Turkish Translation courtesy of Web Tasarim PRO  ( http://www.webtasarimpro.com/ )</li>\n	<li>Added : Yelp icon to social icons</li>\n	<li>Added : Yahoo icon to social icons</li>\n	<li>Added : Option to add ThemeForest affiliate link in the footer</li>\n	<li>Updated : Performance improvements related to loading the custom styles</li>\n	<li>Updated : Removed the \"Loading\" text from the Flashmo slider preloader</li>\n	<li>Updated : Theme\'s Documentation</li>\n	<li>Fixed : WPML compatibility with the theme\'s Portfolio pages</li>\n	<li>Fixed : Searchbox left margin issue</li>\n	<li>Fixed : Image Frame Shadow</li>\n</ul>\n<h4>Version 1.7.0 - Updated: 12.07.2012</h4>\n<ul>\n	<li style=\"color:red; font-weight:bold;\">Updated : IMPORTANT SECURITY UPDATE: Completely removed \"Uploadify\" script <a title=\"More Information with special update instructions\" href=\"http://dreamthemedesign.com/u-design-support/discussion/7035/important-security-update\" target=\"_blank\">(More Information)</a></li>\n	<li>Added : Option for Percentage Based Column Layouts (\"General Options\")</li>\n	<li>Fixed : Issue with Theme Update Notification and child themes</li>\n	<li>Fixed : Sitemap page template missing a string for translations</li>\n</ul>\n<h4>Version 1.6.1 - Updated: 05.07.2012</h4>\n<ul>\n	<li>Updated : Security updates</li>\n	<li>Updated : Theme Update Notifier script</li>\n</ul>\n<h4>Version 1.6.0 - Updated: 12.06.2012</h4>\n<ul>\n	<li>Added : 58 new Google fonts</li>\n	<li>Added : Option to remove the sidebar from Portfolio Single Post View pages</li>\n	<li>Added : An option to disable TimThumb script for cropping images (added under \"General Options\")</li>\n	<li>Added : Greek Translation courtesy of George Girtsou ( http://automatismosweb.gr/ )</li>\n	<li>Updated : Provided more space/width of the \"Back to Top\" link area in footer</li>\n	<li>Updated : TimThumb script update</li>\n	<li>Fixed : Accordion Styling when used in Sidebar</li>\n	<li>Fixed : Cufón font selection saving issue when Google fonts are disabled in the theme\'s \"Font Settings\" section</li>\n	<li>Fixed : \'Comfortaa\' font issue when selected as Google Font</li>\n</ul>\n<h4>Version 1.5.1 - Updated: 14.02.2012</h4>\n<ul>\n	<li>Fixed : Small bug in v1.5.0 affecting excerpts</li>\n</ul>\n<h4>Version 1.5.0 - Updated: 12.02.2012</h4>\n<ul>\n	<li>Added : 130 new Google fonts</li>\n	<li>Added : Ability to enable comments section in Full-width page template</li>\n	<li>Added : Ability to use shortcodes in the footer \"Copyright Message\" area</li>\n	<li>Added : g+ button (googleplus-icon.png) and a Skype button (skype-icon.png) to the social icons</li>\n	<li>Added : Image Gallery on Portfolio Page to order the images so that they follow the order set by the integer fields in the Insert / Upload Media Gallery dialog</li>\n	<li>Added : Cycle sliders images\' \"alt\" tags can now be specified for each slide</li>\n	<li>Added : A link relation attribute for Portfolio thumbnails</li>\n	<li>Added : Serbian Translation courtesy of Draganche Golubac</li>\n	<li>Updated : Spanish Translation courtesy of Vicent Llopis ( http://www.elpatiodigital.com )</li>\n	<li>Updated : Dutch Translation courtesy of Jeroen van Beusekom ( http://leefretail.nl/ )</li>\n	<li>Updated : TimThumb script update</li>\n	<li>Updated : \"U-Design Shortcode Insert Button\" plugin</li>\n	<li>Updated : Google Analytics code option adjustment</li>\n	<li>Updated : Author page changed the author name to the author\'s \"Display Name\" setup from the Profile page</li>\n	<li>Updated : \"Uploadify\" script</li>\n	<li>Fixed : Redirect in \"U-Design: Login Form\" widget</li>\n	<li>Fixed : Google fonts for SSL</li>\n</ul>\n<h4>Version 1.4.2 - Updated: 27.12.2011</h4>\n<ul>\n	<li>Fixed : Layout issues with the latest Google Chrome release (16.0.912.63)</li>\n	<li>Updated : Timthumb script update</li>\n</ul>\n<h4>Version 1.4.1 - Updated: 01.12.2011</h4>\n<ul>\n	<li>Added : 29 new Google fonts</li>\n	<li>Added : Author page (author.php)</li>\n	<li>Updated : Changed the post\'s author link to now link to the author\'s page</li>\n	<li>Updated : Timthumb script update</li>\n	<li>Updated : Monthly archive date format in the title, removed the comma between the month and year</li>\n	<li>Fixed : WordPress 3.3 compatibility</li>\n</ul>\n<h4>Version 1.4.0 - Updated: 14.11.2011</h4>\n<ul>\n	<li>Added : An option to Portfolio section to not link adjacent items in a category as gallery</li>\n	<li>Added : An option to include all the images attached to a single post to the Portfolio</li>\n	<li>Added : 43 new Google fonts</li>\n	<li>Added : YouTube icon to the \"Social_Icons_and_Arrows.psd\"</li>\n	<li>Added : In the \"Blog page\" template, display the page\'s content if provided, above the Blog posts</li>\n	<li>Added : Russian Translation courtesy of <a target=\"_blank\" href=\"http://makebestphoto.ru\">Marina Barayeva</a></li>\n	<li>Added : French Translation courtesy of <a target=\"_blank\" href=\"http://themeforest.net/user/idmuse/profile\">Suzanne Roy</a></li>\n	<li>Updated : Native WP Gallery thumbs formatting</li>\n	<li>Updated : Some typos in the Documentation</li>\n	<li>Updated : Piecemaker 2 default text adjustment</li>\n	<li>Fixed : Portfolio item title attribute being truncated by prettyPhoto in longer strings</li>\n	<li>Fixed : Removed the forced font-family definition for Table content</li>\n	<li>Fixed : Full-width Single Post View Page to have the comments section also span full-width</li>\n	<li>Fixed : Force long unbroken strings to fold on new line in Comments</li>\n	<li>Fixed : Remove shortcodes from search results</li>\n	<li>Fixed : Display issue with Tabs in IE7</li>\n	<li>Fixed : \"Read more\" at the end of Blog posts when not necessary</li>\n	<li>Fixed : Cycle 1 padding alignment when frame is disabled</li>\n	<li>Fixed : Cycle 2 slider text area unordered lists not taking the specified font size</li>\n	<li>Fixed : Missing strings in \'sitemap.php\' for translations</li>\n</ul>\n<h4>Version 1.3.2 - Updated: 25.09.2011</h4>\n<ul>\n    <li>Added : Automatic insertion of \'rel\' attribute for prettyPhoto to all images, (*.mov), (*.swf), YouTube and iFrame links in the content</li>\n    <li>Added : Option to display the Post Image on the Single Post View page</li>\n    <li>Fixed : Shortcode empty paragraph insertion which causes problems with column alignment</li>\n    <li>Fixed : The \'Continuous Background Image\' being cut-off by footer on very short pages</li>\n</ul>\n<h4>Version 1.3.1 - Updated: 20.09.2011</h4>\n<ul>\n    <li>Updated : Dutch translation</li>\n    <li>Fixed : Featured Image not showing up in Archive pages (\"archive.php\")</li>\n    <li>Fixed : Text typo in the backend under the theme\'s \"Blog Section\"</li>\n</ul>\n<h4>Version 1.3.0 - Updated: 19.09.2011</h4>\n<ul>\n    <li>Added : Option to customize the post image size and alignment that is shown on the Blog and Archive pages and optionally to use the \"Featured Image\" for that</li>\n    <li>Added : Option to remove the sidebar from Blog, Archive and Single Post View pages independently, basically to have them as full-width pages</li>\n    <li>Added : Option to remove the border line located under the menu (Option added to the theme\'s \"General Options\" section)</li>\n    <li>Added : Option under the \"Custom Colors -> One Continuous Background Image\" to have the background image fixed position (not scrollable) and also to allow background images from other sections to be shown over that background image as well, good for layered layouts</li>\n    <li>Added : Option to disable the theme\'s update notification</li>\n    <li>Added : 15 new Google fonts</li>\n    <li>Added : Autostop option for Cycle 3 slider. Ability to end slideshow after the last slide</li>\n    <li>Updated : Small Layout change for single view post. Moved the single view post title in the place of the post category at the top</li>\n    <li>Updated : prettyPhoto script to the latest version to date (v3.1.3)</li>\n    <li>Updated : jQuery Form Validation scripts used in the Contact page template form</li>\n    <li>Updated : Optimized script loading (cleaned up unnecessary script loading)</li>\n    <li>Fixed : A small bug with Cycle 3 slider when there is only one slide which contains unordered list in its text layer</li>\n    <li>Fixed : Piecemaker 2 slider, \"No JavaScript\" image replacement width and height issue</li>\n    <li>Fixed : IE7-8 Cycle3 transparency problem</li>\n    <li>Fixed : qTranslate related issue with Portfolio section</li>\n</ul>\n<h4>Version 1.2.1 - Updated: 24.08.2011</h4>\n<ul>\n    <li>Added : 16 new Google fonts</li>\n    <li>Added : The option to add/remove the string \"Archive for the \'...\' Category\" from the category archive title. This options is located in the theme\'s \"Blog Section\"</li>\n    <li>Updated : WP Function used for Date formatting</li>\n    <li>Updated : Dutch translation</li>\n    <li>Updated : Timthumb script update</li>\n    <li>Updated : When \"No Slider\" option is selected with no title specified, collapse the space otherwise designated for the title</li>\n</ul>\n<h4>Version 1.2.0 - Updated: 04.08.2011</h4>\n<ul>\n    <li>Added : Four additional page templates with their own widgetized sidebars and an option for left/right positioning</li>\n    <li>Added : Option to add one large background image across all sections under the Custom Colors section</li>\n    <li>Added : 44 new Google fonts</li>\n    <li>Added : \"portfolio_item_link_target\" custom field for portfolio link items to go along with \"portfolio_item_link\"</li>\n    <li>Added : \"Read more\" (link) shortcode to the \"U-Design Shortcode Insert Button\" plugin</li>\n    <li>Added : An option under theme\'s \"General Options\" to enable the use of \'style.css\' for adding custom CSS from \"Appearance -> Edit\" section. Also needed for child theme</li>\n    <li>Added : An Option to show/hide Post Tags for the Blog posts</li>\n    <li>Added : An Option to show/hide Post Tags for the Portfolio single-view posts</li>\n    <li>Added : WPML xml file to enable theme options translation</li>\n    <li>Updated : Timthumb script security update</li>\n    <li>Updated : Moved the \"Help\" section to the top in the theme\'s options page</li>\n    <li>Updated : \"U-Design: Recent Posts\" widget to append \"...\" at the end of the post excerpt</li>\n    <li>Fixed : Resolved an issue with the \"Tabs\" shortcode and floating elements used as tab content</li>\n    <li>Fixed : WP Query reset was added to the \'sitemap.php\'</li>\n    <li>Fixed : Search box focus text color was updated to match top area text color when custom colors are used</li>\n    <li>Fixed : Formatting with subscript and superscript related to the css reset</li>\n</ul>\n<h4>Version 1.1.2 - Updated: 27.06.2011</h4>\n<ul>\n    <li>Added : The option to have the \"Feedback\" button fixed (to not scroll with the page)</li>\n    <li>Added : German Translation courtesy of <a target=\"_blank\" href=\"http://themeforest.net/user/SiGa/profile\">Silvia</a></li>\n    <li>Updated : Compatibility to PHP 5.3.6</li>\n    <li>Fixed: Related to \"U-Design Shortcode Insert Button\" plugin. Added the missing ... show_thumbs=\"1\" ... to the \"U-Design: Recent Posts\" widget shortcode.</li>\n</ul>\n<h4>Version 1.1.1 - Updated: 20.06.2011</h4>\n<ul>\n    <li>Updated : Timthumb script</li>\n    <li>Updated : Sitemap page templates\' strings are included for translation now</li>\n    <li>Updated : Made the single view post title H1 tag</li>\n    <li>Fixed : Heading mismatch for post comments template</li>\n</ul>\n<h4>Version 1.1.0 - Updated: 12.06.2011</h4>\n<ul>\n    <li>Added : \'Top Area Social Media\' Widget Area. 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INSERT INTO `wp_posts` VALUES (1,1,'2012-08-21 18:34:25','2012-08-21 18:34:25','Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!','Hello world!','','publish','open','open','','hello-world','','','2012-08-21 18:34:25','2012-08-21 18:34:25','',0,'http://colebrookfinancial.com/wordpress/?p=1',0,'post','',0),(2,1,'2012-08-21 18:34:25','2012-08-21 18:34:25','<strong>Colebrook Financial Company</strong>, 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, click on the navigation items at the top of the page.','Home','','publish','open','open','','home','','','2014-10-27 22:52:00','2014-10-27 22:52:00','',0,'http://colebrookfinancial.com/wordpress/?page_id=2',0,'page','',0),(4,1,'2012-08-21 18:56:57','2012-08-21 18:56:57','','logo','','inherit','open','open','','logo','','','2012-08-21 18:56:57','2012-08-21 18:56:57','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/08/logo.jpg',0,'attachment','image/jpeg',0),(5,1,'2012-08-21 19:04:05','2012-08-21 19:04:05','<p>Your Name (required)<br />\r\n    [text* your-name] </p>\r\n\r\n<p>Your Email (required)<br />\r\n    [email* your-email] </p>\r\n\r\n<p>Subject<br />\r\n    [text your-subject] </p>\r\n\r\n<p>Your Message<br />\r\n    [textarea your-message 30x10] </p>\r\n\r\n<p>Prove You\'re Human<br />\r\n    [captchac captcha-915 size:l]\r\n    [captchar captcha-915]</p>\r\n\r\n<p>[submit \"Send\"]</p>\n[your-subject]\n[your-name] <[your-email]>\nFrom: [your-name] <[your-email]>\r\nSubject: [your-subject]\r\n\r\nMessage Body:\r\n[your-message]\r\n\r\n--\r\nThis mail is sent via contact form on Colebrook Financial Company\nbryczek@colebrookfinancial.com\n\n\n\n\n[your-subject]\n[your-name] <[your-email]>\nMessage body:\r\n[your-message]\r\n\r\n--\r\nThis mail is sent via contact form on Colebrook Financial Company http://colebrookfinancial.com/wordpress\n[your-email]\n\n\n\nYour message was sent successfully. Thanks.\nFailed to send your message. Please try later or contact the administrator by another method.\nValidation errors occurred. Please confirm the fields and submit it again.\nPlease accept the terms to proceed.\nEmail address seems invalid.\nPlease fill the required field.\nFailed to send your message. Please try later or contact the administrator by another method.\nYour entered code is incorrect.\nFailed to upload file.\nThis file type is not allowed.\nThis file is too large.\nFailed to upload file. Error occurred.\nYour answer is not correct.\nFailed to send your message. Please try later or contact the administrator by another method.','Contact form 1','','publish','open','open','','contact-form-1','','','2013-01-03 17:44:04','2013-01-03 17:44:04','',0,'http://colebrookfinancial.com/wordpress/?post_type=wpcf7_contact_form&#038;p=5',0,'wpcf7_contact_form','',0),(6,1,'2012-08-21 18:34:25','2012-08-21 18:34:25','This is an example page. It\'s different from a blog post because it will stay in one place and will show up in your site navigation (in most themes). Most people start with an About page that introduces them to potential site visitors. It might say something like this:\n\n<blockquote>Hi there! I\'m a bike messenger by day, aspiring actor by night, and this is my blog. I live in Los Angeles, have a great dog named Jack, and I like pi&#241;a coladas. (And gettin\' caught in the rain.)</blockquote>\n\n...or something like this:\n\n<blockquote>The XYZ Doohickey Company was founded in 1971, and has been providing quality doohickies to the public ever since. Located in Gotham City, XYZ employs over 2,000 people and does all kinds of awesome things for the Gotham community.</blockquote>\n\nAs a new WordPress user, you should go to <a href=\"http://colebrookfinancial.com/wordpress/wp-admin/\">your dashboard</a> to delete this page and create new pages for your content. Have fun!','Sample Page','','inherit','open','open','','2-revision-v1','','','2012-08-21 18:34:25','2012-08-21 18:34:25','',2,'http://colebrookfinancial.com/wordpress/2-revision/',0,'revision','',0),(7,1,'2012-08-21 19:30:14','2012-08-21 19:30:14',' ','','','publish','open','open','','7','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=7',1,'nav_menu_item','',0),(8,1,'2012-08-21 19:35:52','2012-08-21 19:35:52','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','publish','open','open','','about-us','','','2014-10-27 20:00:20','2014-10-27 20:00:20','',0,'http://colebrookfinancial.com/wordpress/?page_id=8',0,'page','',0),(9,1,'2012-08-21 19:35:50','2012-08-21 19:35:50','','About Us','','inherit','open','open','','8-revision-v1','','','2012-08-21 19:35:50','2012-08-21 19:35:50','',8,'http://colebrookfinancial.com/wordpress/8-revision/',0,'revision','',0),(10,1,'2012-08-21 19:36:10','2012-08-21 19:36:10','<div style=\"width:350px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:340px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 100px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n<a href=\"mailto:tpetrisko@colebrookfinancial.com\">Tom Petrisko</a></p>\r\n</div>','Contact Us','','publish','open','open','','contact-us','','','2014-11-12 00:12:14','2014-11-12 00:12:14','',0,'http://colebrookfinancial.com/wordpress/?page_id=10',0,'page','',0),(11,1,'2012-08-21 19:35:59','2012-08-21 19:35:59','','Auto Draft','','inherit','open','open','','10-revision-v1','','','2012-08-21 19:35:59','2012-08-21 19:35:59','',10,'http://colebrookfinancial.com/wordpress/10-revision/',0,'revision','',0),(12,1,'2012-08-21 19:36:33','2012-08-21 19:36:33','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\" alt=\"2_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-353\" />\r\n\r\n<h1>Products & Services</h1>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation loans up to $30 million or more</li>\r\n<li>Inventory & development loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to homeowners’ associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','publish','open','open','','products-services','','','2015-02-10 16:24:23','2015-02-10 16:24:23','',0,'http://colebrookfinancial.com/wordpress/?page_id=12',0,'page','',0),(13,1,'2012-08-21 19:36:23','2012-08-21 19:36:23','','Auto Draft','','inherit','open','open','','12-revision-v1','','','2012-08-21 19:36:23','2012-08-21 19:36:23','',12,'http://colebrookfinancial.com/wordpress/12-revision/',0,'revision','',0),(14,1,'2012-08-21 19:36:47','2012-08-21 19:36:47','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Why Developers Use Colebrook</h1>\r\n\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with many financial institutions that have not previously been timeshare lenders. By participating in Colebrook’s loans, these institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the issues involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity and Consistency</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.  We have also been consistently in the timeshare market during periods when other lenders have come and gone.  During the financial crisis of 2008-2009, Colebrook was one of only two lenders that was active, and provided liquidity to many developers that otherwise would not have had a source of funding.  Timeshare is our principal business and we have demonstrated a lasting commitment to the industry and its members.\r\n\r\n<strong>Transaction Fees</strong>\r\nThe transaction costs, particularly legal fees, involved in closing a loan often take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','publish','open','open','','developers','','','2015-02-10 16:26:36','2015-02-10 16:26:36','',0,'http://colebrookfinancial.com/wordpress/?page_id=14',0,'page','',0),(15,1,'2012-08-21 19:36:36','2012-08-21 19:36:36','','Auto Draft','','inherit','open','open','','14-revision-v1','','','2012-08-21 19:36:36','2012-08-21 19:36:36','',14,'http://colebrookfinancial.com/wordpress/14-revision/',0,'revision','',0),(16,1,'2012-08-21 19:37:10','2012-08-21 19:37:10','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Why Financial Institutions Use Colebrook</h1>\r\n\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loans without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure, and manage loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 35 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects and to investigate and evaluate their creditworthiness. Bankers without industry contacts or experience would have difficulty generating and underwriting new timeshare loans.\r\n\r\n<strong>Banking Experience</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind.\r\n\r\n<strong>Lender Education</strong>\r\nFor the past six years, Colebrook has conducted an annual Lender Education Seminar for lenders, accountants and attorneys, to provide them with current information on the state of the timeshare industry.  We have had an impressive array of industry leaders as speakers, and feedback has been extremely positive.  We believe that the more our banking partners know about our industry, the more comfortable and confident they are working with us.  We are always delighted to make presentations to the boards and management of individual institutions.  Colebrook also produces a newsletter covering current trends in the timeshare industry and featuring stories about Colebrook’s customers.\r\n\r\n<strong>Servicing and Administration</strong>\r\nTheir banking experience has also made Colebrook’s principals sensitive to the regulatory environment faced by bankers, and we provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','publish','open','open','','financial-institutions','','','2015-02-10 16:26:58','2015-02-10 16:26:58','',0,'http://colebrookfinancial.com/wordpress/?page_id=16',0,'page','',0),(17,1,'2012-08-21 19:36:55','2012-08-21 19:36:55','','Auto Draft','','inherit','open','open','','16-revision-v1','','','2012-08-21 19:36:55','2012-08-21 19:36:55','',16,'http://colebrookfinancial.com/wordpress/16-revision/',0,'revision','',0),(18,1,'2012-08-21 19:37:50','2012-08-21 19:37:50','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Loans To Homeowners Associations</h1>\r\n\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to homeowners’ associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','publish','open','open','','homeowners-associations','','','2015-02-10 16:27:12','2015-02-10 16:27:12','',0,'http://colebrookfinancial.com/wordpress/?page_id=18',0,'page','',0),(19,1,'2012-08-21 19:37:27','2012-08-21 19:37:27','','Homeowners\' ','','inherit','open','open','','18-revision-v1','','','2012-08-21 19:37:27','2012-08-21 19:37:27','',18,'http://colebrookfinancial.com/wordpress/18-revision/',0,'revision','',0),(20,1,'2012-08-21 19:38:21','2012-08-21 19:38:21','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\n<h1>Sample Transactions</h1>\r\n\r\nBelow you\'ll find a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to four properties.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','publish','open','open','','sample-transactions','','','2015-08-29 00:07:56','2015-08-29 00:07:56','',0,'http://colebrookfinancial.com/wordpress/?page_id=20',0,'page','',0),(21,1,'2012-08-21 19:38:05','2012-08-21 19:38:05','','Auto Draft','','inherit','open','open','','20-revision-v1','','','2012-08-21 19:38:05','2012-08-21 19:38:05','',20,'http://colebrookfinancial.com/wordpress/20-revision/',0,'revision','',0),(28,1,'2012-08-21 19:39:29','2012-08-21 19:39:29',' ','','','publish','open','open','','28','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=28',8,'nav_menu_item','',0),(29,1,'2012-08-21 19:39:28','2012-08-21 19:39:28','','> Homeowners\' Associations','','publish','open','open','','homeowners-associations','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=29',7,'nav_menu_item','',0),(30,1,'2012-08-21 19:39:28','2012-08-21 19:39:28','','> Financial Institutions','','publish','open','open','','30','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=30',6,'nav_menu_item','',0),(31,1,'2012-08-21 19:39:28','2012-08-21 19:39:28','','> Developers','','publish','open','open','','31','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=31',5,'nav_menu_item','',0),(32,1,'2012-08-21 19:39:28','2012-08-21 19:39:28',' ','','','publish','open','open','','32','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=32',3,'nav_menu_item','',0),(33,1,'2012-08-21 19:39:29','2012-08-21 19:39:29',' ','','','publish','open','open','','33','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=33',13,'nav_menu_item','',0),(34,1,'2012-08-21 19:39:28','2012-08-21 19:39:28',' ','','','publish','open','open','','34','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=34',2,'nav_menu_item','',0),(35,1,'2012-08-21 19:22:58','2012-08-21 19:22:58','This is an example page. It\'s different from a blog post because it will stay in one place and will show up in your site navigation (in most themes). Most people start with an About page that introduces them to potential site visitors. It might say something like this:\r\n<blockquote>Hi there! I\'m a bike messenger by day, aspiring actor by night, and this is my blog. I live in Los Angeles, have a great dog named Jack, and I like piña coladas. (And gettin\' caught in the rain.)</blockquote>\r\n...or something like this:\r\n<blockquote>The XYZ Doohickey Company was founded in 1971, and has been providing quality doohickies to the public ever since. Located in Gotham City, XYZ employs over 2,000 people and does all kinds of awesome things for the Gotham community.</blockquote>\r\nAs a new WordPress user, you should go to <a href=\"http://colebrookfinancial.com/wordpress/wp-admin/\">your dashboard</a> to delete this page and create new pages for your content. Have fun!','Home','','inherit','open','open','','2-revision-v1','','','2012-08-21 19:22:58','2012-08-21 19:22:58','',2,'http://colebrookfinancial.com/wordpress/2-revision-2/',0,'revision','',0),(36,1,'2012-08-21 19:59:05','2012-08-21 19:59:05','[easingslider]\r\nThis is an example page. It\'s different from a blog post because it will stay in one place and will show up in your site navigation (in most themes). Most people start with an About page that introduces them to potential site visitors. It might say something like this:\r\n<blockquote>Hi there! I\'m a bike messenger by day, aspiring actor by night, and this is my blog. I live in Los Angeles, have a great dog named Jack, and I like piña coladas. (And gettin\' caught in the rain.)</blockquote>\r\n...or something like this:\r\n<blockquote>The XYZ Doohickey Company was founded in 1971, and has been providing quality doohickies to the public ever since. Located in Gotham City, XYZ employs over 2,000 people and does all kinds of awesome things for the Gotham community.</blockquote>\r\nAs a new WordPress user, you should go to <a href=\"http://colebrookfinancial.com/wordpress/wp-admin/\">your dashboard</a> to delete this page and create new pages for your content. Have fun!','Home','','inherit','open','open','','2-revision-v1','','','2012-08-21 19:59:05','2012-08-21 19:59:05','',2,'http://colebrookfinancial.com/wordpress/2-revision-3/',0,'revision','',0),(37,1,'2012-08-21 20:01:05','2012-08-21 20:01:05','[easingslider]\r\nColebrook 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2012-08-21 20:01:05','2012-08-21 20:01:05','',2,'http://colebrookfinancial.com/wordpress/2-revision-4/',0,'revision','',0),(39,1,'2012-08-21 20:01:47','2012-08-21 20:01:47','[easingslider]\r\n<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2012-08-21 20:01:47','2012-08-21 20:01:47','',2,'http://colebrookfinancial.com/wordpress/2-revision-5/',0,'revision','',0),(40,1,'2012-08-21 20:09:49','2012-08-21 20:09:49','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/08/home_splash_on.jpg\" style=\"width:600px;\" />\r\n<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2012-08-21 20:09:49','2012-08-21 20:09:49','',2,'http://colebrookfinancial.com/wordpress/2-revision-6/',0,'revision','',0),(43,1,'2012-08-24 20:21:31','2012-08-24 20:21:31','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Clients</h1>\r\n\r\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','publish','open','open','','clients','','','2015-02-10 16:25:47','2015-02-10 16:25:47','',0,'http://colebrookfinancial.com/wordpress/?page_id=43',0,'page','',0),(44,1,'2012-08-24 20:21:24','2012-08-24 20:21:24','','Clients','','inherit','open','open','','43-revision-v1','','','2012-08-24 20:21:24','2012-08-24 20:21:24','',43,'http://colebrookfinancial.com/wordpress/43-revision/',0,'revision','',0),(46,1,'2012-08-24 20:22:50','2012-08-24 20:22:50','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsroom</h1>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases and articles that mention Colebrook.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n','Newsroom','','publish','open','open','','newsroom','','','2015-02-10 16:29:12','2015-02-10 16:29:12','',0,'http://colebrookfinancial.com/wordpress/?page_id=46',0,'page','',0),(47,1,'2012-08-24 20:22:39','2012-08-24 20:22:39','','Auto Draft','','inherit','open','open','','46-revision-v1','','','2012-08-24 20:22:39','2012-08-24 20:22:39','',46,'http://colebrookfinancial.com/wordpress/46-revision/',0,'revision','',0),(50,1,'2012-08-21 19:36:10','2012-08-21 19:36:10','','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-08-21 19:36:10','2012-08-21 19:36:10','',10,'http://colebrookfinancial.com/wordpress/10-revision-2/',0,'revision','',0),(51,1,'2012-09-06 14:52:52','2012-09-06 14:52:52','[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 14:52:52','2012-09-06 14:52:52','',10,'http://colebrookfinancial.com/wordpress/10-revision-3/',0,'revision','',0),(52,1,'2012-09-06 15:02:00','2012-09-06 15:02:00','<div style=\"float:right;\">\r\n<iframe width=\"200\" height=\"200\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:02:00','2012-09-06 15:02:00','',10,'http://colebrookfinancial.com/wordpress/10-revision-4/',0,'revision','',0),(53,1,'2012-09-06 15:02:36','2012-09-06 15:02:36','<div style=\"float:right;\">\r\n<iframe width=\"300\" height=\"160\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:02:36','2012-09-06 15:02:36','',10,'http://colebrookfinancial.com/wordpress/10-revision-5/',0,'revision','',0),(54,1,'2012-09-06 15:02:57','2012-09-06 15:02:57','<div style=\"float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:02:57','2012-09-06 15:02:57','',10,'http://colebrookfinancial.com/wordpress/10-revision-6/',0,'revision','',0),(55,1,'2012-09-06 15:13:30','2012-09-06 15:13:30','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:13:30','2012-09-06 15:13:30','',10,'http://colebrookfinancial.com/wordpress/10-revision-7/',0,'revision','',0),(56,1,'2012-09-06 15:14:40','2012-09-06 15:14:40','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<p>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</p>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:14:40','2012-09-06 15:14:40','',10,'http://colebrookfinancial.com/wordpress/10-revision-8/',0,'revision','',0),(57,1,'2012-09-06 15:15:40','2012-09-06 15:15:40','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<p>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</p>\r\n<hr>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:15:40','2012-09-06 15:15:40','',10,'http://colebrookfinancial.com/wordpress/10-revision-9/',0,'revision','',0),(58,1,'2014-11-20 22:44:08','2014-11-20 22:44:08','<div style=\"width:350px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:340px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 100px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n<a href=\"mailto:tpetrisko@colebrookfinancial.com\">Tom Petrisko</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-autosave-v1','','','2014-11-20 22:44:08','2014-11-20 22:44:08','',10,'http://colebrookfinancial.com/wordpress/10-autosave/',0,'revision','',0),(59,1,'2012-09-06 15:16:10','2012-09-06 15:16:10','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638\r\n<hr>\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:16:10','2012-09-06 15:16:10','',10,'http://colebrookfinancial.com/wordpress/10-revision-10/',0,'revision','',0),(60,1,'2012-09-06 15:17:34','2012-09-06 15:17:34','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:17:34','2012-09-06 15:17:34','',10,'http://colebrookfinancial.com/wordpress/10-revision-11/',0,'revision','',0),(61,1,'2012-09-06 15:23:02','2012-09-06 15:23:02','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<hr>\r\n<strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:23:02','2012-09-06 15:23:02','',10,'http://colebrookfinancial.com/wordpress/10-revision-12/',0,'revision','',0),(62,1,'2012-09-06 15:23:50','2012-09-06 15:23:50','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:300px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<hr>\r\n<strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:23:50','2012-09-06 15:23:50','',10,'http://colebrookfinancial.com/wordpress/10-revision-13/',0,'revision','',0),(63,1,'2012-09-06 15:24:11','2012-09-06 15:24:11','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<hr>\r\n<strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:24:11','2012-09-06 15:24:11','',10,'http://colebrookfinancial.com/wordpress/10-revision-14/',0,'revision','',0),(64,1,'2012-09-06 15:26:14','2012-09-06 15:26:14','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n<strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n</div>\r\n<hr>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:26:14','2012-09-06 15:26:14','',10,'http://colebrookfinancial.com/wordpress/10-revision-15/',0,'revision','',0),(65,1,'2012-09-06 15:26:44','2012-09-06 15:26:44','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n<strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n<hr>\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:26:44','2012-09-06 15:26:44','',10,'http://colebrookfinancial.com/wordpress/10-revision-16/',0,'revision','',0),(66,1,'2012-09-06 15:27:21','2012-09-06 15:27:21','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:27:21','2012-09-06 15:27:21','',10,'http://colebrookfinancial.com/wordpress/10-revision-17/',0,'revision','',0),(67,1,'2012-09-06 15:28:15','2012-09-06 15:28:15','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br /><br />\r\n<p style=text-align:center;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:28:15','2012-09-06 15:28:15','',10,'http://colebrookfinancial.com/wordpress/10-revision-18/',0,'revision','',0),(68,1,'2012-09-06 15:28:45','2012-09-06 15:28:45','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=text-align:center;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:28:45','2012-09-06 15:28:45','',10,'http://colebrookfinancial.com/wordpress/10-revision-19/',0,'revision','',0),(69,1,'2012-09-06 15:29:26','2012-09-06 15:29:26','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:29:26','2012-09-06 15:29:26','',10,'http://colebrookfinancial.com/wordpress/10-revision-20/',0,'revision','',0),(70,1,'2012-09-06 15:29:42','2012-09-06 15:29:42','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=text-align:center; font-size:20px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:29:42','2012-09-06 15:29:42','',10,'http://colebrookfinancial.com/wordpress/10-revision-21/',0,'revision','',0),(71,1,'2012-09-06 15:34:16','2012-09-06 15:34:16','','team','','inherit','open','open','','team','','','2012-09-06 15:34:16','2012-09-06 15:34:16','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg',0,'attachment','image/jpeg',0),(72,1,'2012-09-06 15:34:17','2012-09-06 15:34:17','','ryczek_b','','inherit','open','open','','ryczek_b','','','2012-09-06 15:34:17','2012-09-06 15:34:17','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/ryczek_b.jpg',0,'attachment','image/jpeg',0),(73,1,'2012-09-06 15:34:18','2012-09-06 15:34:18','','bishop_j','','inherit','open','open','','bishop_j','','','2012-09-06 15:34:18','2012-09-06 15:34:18','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/bishop_j.jpg',0,'attachment','image/jpeg',0),(74,1,'2012-09-06 15:34:20','2012-09-06 15:34:20','','dauch_f','','inherit','open','open','','dauch_f','','','2012-09-06 15:34:20','2012-09-06 15:34:20','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/dauch_f.jpg',0,'attachment','image/jpeg',0),(75,1,'2012-09-06 15:34:20','2012-09-06 15:34:20','','raunikar_m','','inherit','open','open','','raunikar_m','','','2012-09-06 15:34:20','2012-09-06 15:34:20','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/raunikar_m.jpg',0,'attachment','image/jpeg',0),(76,1,'2012-08-21 19:35:52','2012-08-21 19:35:52','','About Us','','inherit','open','open','','8-revision-v1','','','2012-08-21 19:35:52','2012-08-21 19:35:52','',8,'http://colebrookfinancial.com/wordpress/8-revision-2/',0,'revision','',0),(77,1,'2012-09-06 15:34:54','2012-09-06 15:34:54','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" width=\"100%\" />','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:34:54','2012-09-06 15:34:54','',8,'http://colebrookfinancial.com/wordpress/8-revision-3/',0,'revision','',0),(78,1,'2012-09-06 15:35:50','2012-09-06 15:35:50','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" width=\"100%\" style=\"float:right;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s. ','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:35:50','2012-09-06 15:35:50','',8,'http://colebrookfinancial.com/wordpress/8-revision-4/',0,'revision','',0),(79,1,'2012-09-06 15:36:08','2012-09-06 15:36:08','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:300px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s. ','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:36:08','2012-09-06 15:36:08','',8,'http://colebrookfinancial.com/wordpress/8-revision-5/',0,'revision','',0),(80,1,'2012-09-06 15:36:38','2012-09-06 15:36:38','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:300px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s. ','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:36:38','2012-09-06 15:36:38','',8,'http://colebrookfinancial.com/wordpress/8-revision-6/',0,'revision','',0),(82,1,'2012-09-06 15:37:20','2012-09-06 15:37:20','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s. ','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:37:20','2012-09-06 15:37:20','',8,'http://colebrookfinancial.com/wordpress/8-revision-7/',0,'revision','',0),(83,1,'2012-09-06 15:41:03','2012-09-06 15:41:03','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\n<strong>S</strong>ince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:41:03','2012-09-06 15:41:03','',8,'http://colebrookfinancial.com/wordpress/8-revision-8/',0,'revision','',0),(84,1,'2012-09-06 15:41:26','2012-09-06 15:41:26','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:41:26','2012-09-06 15:41:26','',8,'http://colebrookfinancial.com/wordpress/8-revision-9/',0,'revision','',0),(85,1,'2012-09-06 15:42:30','2012-09-06 15:42:30','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:42:30','2012-09-06 15:42:30','',8,'http://colebrookfinancial.com/wordpress/8-revision-10/',0,'revision','',0),(86,1,'2012-09-06 15:55:40','2012-09-06 15:55:40','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:55:40','2012-09-06 15:55:40','',8,'http://colebrookfinancial.com/wordpress/8-revision-11/',0,'revision','',0),(87,1,'2012-09-06 15:57:19','2012-09-06 15:57:19','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/ryczek_b.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:57:19','2012-09-06 15:57:19','',8,'http://colebrookfinancial.com/wordpress/8-revision-12/',0,'revision','',0),(88,1,'2012-09-06 15:58:01','2012-09-06 15:58:01','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/ryczek_b.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:58:01','2012-09-06 15:58:01','',8,'http://colebrookfinancial.com/wordpress/8-revision-13/',0,'revision','',0),(89,1,'2012-09-06 16:06:14','2012-09-06 16:06:14','','prod_serv','','inherit','open','open','','prod_serv','','','2012-09-06 16:06:14','2012-09-06 16:06:14','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg',0,'attachment','image/jpeg',0),(90,1,'2012-08-21 19:36:33','2012-08-21 19:36:33','','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-08-21 19:36:33','2012-08-21 19:36:33','',12,'http://colebrookfinancial.com/wordpress/12-revision-2/',0,'revision','',0),(91,1,'2012-09-06 16:07:12','2012-09-06 16:07:12','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg style=\"width:100%; padding-bottom:20px;\" />','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-06 16:07:12','2012-09-06 16:07:12','',12,'http://colebrookfinancial.com/wordpress/12-revision-3/',0,'revision','',0),(92,1,'2015-02-10 16:24:10','2015-02-10 16:24:10','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\" alt=\"2_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-353\" />\r\n\r\n<h1>Products & Services</h1>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation loans up to $30 million or more</li>\r\n<li>Inventory & development loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to homeowners’ associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-autosave-v1','','','2015-02-10 16:24:10','2015-02-10 16:24:10','',12,'http://colebrookfinancial.com/wordpress/12-autosave/',0,'revision','',0),(93,1,'2012-09-06 16:07:31','2012-09-06 16:07:31','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-06 16:07:31','2012-09-06 16:07:31','',12,'http://colebrookfinancial.com/wordpress/12-revision-4/',0,'revision','',0),(94,1,'2012-09-06 16:23:38','2012-09-06 16:23:38','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>For the Large and Mid-Size Developer</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n<hr>','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-06 16:23:38','2012-09-06 16:23:38','',12,'http://colebrookfinancial.com/wordpress/12-revision-5/',0,'revision','',0),(95,1,'2012-09-06 16:25:50','2012-09-06 16:25:50','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>For the Large and Mid-Size Developer</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Purchase of portfolios</li>\r\n<li>Consulting</li>\r\n<li>Non-Recourse Loans</li>\r\n</ul>\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>\r\n<hr>','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-06 16:25:50','2012-09-06 16:25:50','',12,'http://colebrookfinancial.com/wordpress/12-revision-6/',0,'revision','',0),(96,1,'2012-09-06 16:27:52','2012-09-06 16:27:52','','developers','','inherit','open','open','','developers-2','','','2012-09-06 16:27:52','2012-09-06 16:27:52','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/developers.jpg',0,'attachment','image/jpeg',0),(97,1,'2012-08-21 19:36:47','2012-08-21 19:36:47','','Developers','','inherit','open','open','','14-revision-v1','','','2012-08-21 19:36:47','2012-08-21 19:36:47','',14,'http://colebrookfinancial.com/wordpress/14-revision-2/',0,'revision','',0),(98,1,'2012-09-06 16:29:32','2012-09-06 16:29:32','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/developers.jpg\" style=\"width:100%; padding-bottom:20px;\" />','Developers','','inherit','open','open','','14-revision-v1','','','2012-09-06 16:29:32','2012-09-06 16:29:32','',14,'http://colebrookfinancial.com/wordpress/14-revision-3/',0,'revision','',0),(99,1,'2012-09-06 16:31:25','2012-09-06 16:31:25','','financial','','inherit','open','open','','financial','','','2012-09-06 16:31:25','2012-09-06 16:31:25','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/financial.jpg',0,'attachment','image/jpeg',0),(100,1,'2014-10-01 19:03:48','2014-10-01 19:03:48','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/financial.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loans without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure, and manage loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 35 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects and to investigate and evaluate their creditworthiness. Bankers without industry contacts or experience would have difficulty generating and underwriting new timeshare loans.\r\n\r\n<strong>Banking Experience</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind.\r\n\r\n<strong>Lender Education</strong>\r\nFor the past six years, Colebrook has conducted an annual Lender Education Seminar for lenders, accountants and attorneys, to provide them with current information on the state of the timeshare industry.  We have had an impressive array of industry leaders as speakers, and feedback has been extremely positive.  We believe that the more our banking partners know about our industry, the more comfortable and confident they are working with us.  We are always delighted to make presentations to the boards and management of individual institutions.  Colebrook also produces a newsletter covering current trends in the timeshare industry and featuring stories about Colebrook’s customers.\r\n\r\n<strong>Servicing and Administration</strong>\r\nTheir banking experience has also made Colebrook’s principals sensitive to the regulatory environment faced by bankers, and we provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','inherit','open','open','','16-autosave-v1','','','2014-10-01 19:03:48','2014-10-01 19:03:48','',16,'http://colebrookfinancial.com/wordpress/16-autosave/',0,'revision','',0),(101,1,'2012-08-21 19:37:10','2012-08-21 19:37:10','','Financial Institutions','','inherit','open','open','','16-revision-v1','','','2012-08-21 19:37:10','2012-08-21 19:37:10','',16,'http://colebrookfinancial.com/wordpress/16-revision-2/',0,'revision','',0),(102,1,'2012-09-06 16:33:56','2012-09-06 16:33:56','','home_assoc','','inherit','open','open','','home_assoc','','','2012-09-06 16:33:56','2012-09-06 16:33:56','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/home_assoc.jpg',0,'attachment','image/jpeg',0),(103,1,'2014-11-12 00:31:34','2014-11-12 00:31:34','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<h1>Loans To Homeowners Associations</h1>\r\n\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to homeowners’ associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-autosave-v1','','','2014-11-12 00:31:34','2014-11-12 00:31:34','',18,'http://colebrookfinancial.com/wordpress/18-autosave/',0,'revision','',0),(104,1,'2012-08-21 19:37:50','2012-08-21 19:37:50','','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2012-08-21 19:37:50','2012-08-21 19:37:50','',18,'http://colebrookfinancial.com/wordpress/18-revision-2/',0,'revision','',0),(105,1,'2012-09-06 16:36:49','2012-09-06 16:36:49','','sample_trans','','inherit','open','open','','sample_trans','','','2012-09-06 16:36:49','2012-09-06 16:36:49','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/sample_trans.jpg',0,'attachment','image/jpeg',0),(107,1,'2012-08-21 19:38:21','2012-08-21 19:38:21','','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2012-08-21 19:38:21','2012-08-21 19:38:21','',20,'http://colebrookfinancial.com/wordpress/20-revision-2/',0,'revision','',0),(111,1,'2012-08-24 20:21:31','2012-08-24 20:21:31','','Clients','','inherit','open','open','','43-revision-v1','','','2012-08-24 20:21:31','2012-08-24 20:21:31','',43,'http://colebrookfinancial.com/wordpress/43-revision-2/',0,'revision','',0),(112,1,'2012-08-24 20:22:50','2012-08-24 20:22:50','','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-08-24 20:22:50','2012-08-24 20:22:50','',46,'http://colebrookfinancial.com/wordpress/46-revision-2/',0,'revision','',0),(114,1,'2012-09-06 17:06:06','2012-09-06 17:06:06','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare Lender Colebrook Offering Loans to Mexican & Caribbean Resorts (June 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"214\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"214\" height=\"300\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n<em>Middletown, CT – June 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced they have funds available for financing receivables in Mexico and the Caribbean.\r\n\r\n“We’ve done a number of transactions with developers whose resorts are located outside the U.S., and who are selling a membership product to Americans,” says Colebrook Financial Principal Bill Ryczek. “Typically in the past, lenders were reluctant to provide receivables financing for products that did not have a real estate component or were located in foreign countries. We decided to step up several years ago to finance foreign projects that are well capitalized and have reputations for sound sales practices. The demographics of foreign travelers tend to be strong, which is reflected in the excellent performance we’ve seen in the receivables.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Colebrook to Finance staySky® Vacation Clubs (April 2016)\"]\r\n\r\n[caption id=\"attachment_467\" align=\"alignright\" width=\"264\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" rel=\"attachment wp-att-467\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" alt=\"L - R, Bill Ryczek and John Gordon\" width=\"264\" height=\"150\" class=\"size-full wp-image-467\" /></a> L - R, Bill Ryczek and John Gordon[/caption] \r\n\r\n<em>Middletown, CT – April 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced that they recently provided receivable financing for staySky® Vacation Clubs. Launched in 2014, staySky® Vacation Clubs is a points-based vacation ownership product that features four properties, each in the heart of Orlando’s thriving tourism “The staySky organization is relatively new to the timeshare scene, and we are very pleased to get in on the ground floor with the intention of growing along with them over the next several years,” said Colebrook’s Bill Ryczek.\r\n\r\n“We have a fairly complex business model, and Colebrook was able to come up with a financing proposal to accommodate our structure,” says staySky CEO John Gordon. “We’re very pleased with the relationship.” \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" rel=\"attachment wp-att-470\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" alt=\"Stay Sky Press Release\" width=\"190\" height=\"110\" class=\"alignleft size-full wp-image-470\" /></a>\r\n\r\n<strong>About staySky Vacation Clubs</strong>\r\nstaySky® Vacation Clubs is a dynamic points-based program offering members the ultimate flexibility and control over their vacation lifestyle. Members can use their staySky® Points in a variety of ways, including accessing vacation resorts worldwide through staySky® Vacation Clubs’ partnership with Interval International’s global points system; banking their points for use in the following year; borrowing points for more vacation time in the current year; or earning staySky® Escapes reward credits to enhance their vacation experience. For more information, visit <a href=\"http://staySkyVacationClubs.com.\" target=\"_blank\">staySkyVacationClubs.com</a>.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','publish','open','open','','press-releases','','','2016-06-01 23:44:40','2016-06-01 23:44:40','',0,'http://colebrookfinancial.com/wordpress/?page_id=114',0,'page','',0),(115,1,'2012-09-06 17:05:53','2012-09-06 17:05:53','','Auto Draft','','inherit','open','open','','114-revision-v1','','','2012-09-06 17:05:53','2012-09-06 17:05:53','',114,'http://colebrookfinancial.com/wordpress/114-revision/',0,'revision','',0),(118,1,'2012-09-06 17:06:29','2012-09-06 17:06:29','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Articles</h1>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','publish','open','open','','articles','','','2015-02-10 16:29:57','2015-02-10 16:29:57','',0,'http://colebrookfinancial.com/wordpress/?page_id=118',0,'page','',0),(119,1,'2012-09-06 17:06:23','2012-09-06 17:06:23','','Auto Draft','','inherit','open','open','','118-revision-v1','','','2012-09-06 17:06:23','2012-09-06 17:06:23','',118,'http://colebrookfinancial.com/wordpress/118-revision/',0,'revision','',0),(120,1,'2012-09-06 17:06:49','2012-09-06 17:06:49','','> Articles','','publish','open','open','','120','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=120',11,'nav_menu_item','',0),(122,1,'2012-09-06 17:06:49','2012-09-06 17:06:49','','> Press Releases','','publish','open','open','','122','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=122',10,'nav_menu_item','',0),(123,1,'2012-09-06 17:04:39','2012-09-06 17:04:39','','Clients','','inherit','open','open','','43-revision-v1','','','2012-09-06 17:04:39','2012-09-06 17:04:39','',43,'http://colebrookfinancial.com/wordpress/43-revision-3/',0,'revision','',0),(124,1,'2012-09-06 17:04:56','2012-09-06 17:04:56','','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-09-06 17:04:56','2012-09-06 17:04:56','',46,'http://colebrookfinancial.com/wordpress/46-revision-3/',0,'revision','',0),(125,1,'2012-09-06 17:13:44','2012-09-06 17:13:44',' ','','','publish','open','open','','125','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=125',9,'nav_menu_item','',0),(126,1,'2012-09-06 17:13:44','2012-09-06 17:13:44',' ','','','publish','open','open','','126','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=126',4,'nav_menu_item','',0),(131,1,'2012-09-10 17:07:37','2012-09-10 17:07:37','','articles','','inherit','open','open','','articles-2','','','2012-09-10 17:07:37','2012-09-10 17:07:37','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg',0,'attachment','image/jpeg',0),(132,1,'2012-09-06 17:06:29','2012-09-06 17:06:29','','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-06 17:06:29','2012-09-06 17:06:29','',118,'http://colebrookfinancial.com/wordpress/118-revision-2/',0,'revision','',0),(133,1,'2014-11-12 00:19:47','2014-11-12 00:19:47','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Articles</h1>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-autosave-v1','','','2014-11-12 00:19:47','2014-11-12 00:19:47','',118,'http://colebrookfinancial.com/wordpress/118-autosave/',0,'revision','',0),(135,1,'2012-09-10 17:08:29','2012-09-10 17:08:29','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 17:08:29','2012-09-10 17:08:29','',118,'http://colebrookfinancial.com/wordpress/118-revision-3/',0,'revision','',0),(136,1,'2012-09-10 17:17:10','2012-09-10 17:17:10','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<hr>\r\n<a href=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/arda_2011.ppt\" style=\"text-align:center;\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a>\r\n<hr>','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 17:17:10','2012-09-10 17:17:10','',118,'http://colebrookfinancial.com/wordpress/118-revision-4/',0,'revision','',0),(137,1,'2012-09-10 17:21:13','2012-09-10 17:21:13','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<hr>\r\n<a href=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/arda_2011.ppt\" align=\"center\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a>\r\n<hr>','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 17:21:13','2012-09-10 17:21:13','',118,'http://colebrookfinancial.com/wordpress/118-revision-5/',0,'revision','',0),(138,1,'2012-09-10 17:22:44','2012-09-10 17:22:44','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<hr>\r\n<p style=\"text-align:center;\"><a href=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/arda_2011.ppt\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 17:22:44','2012-09-10 17:22:44','',118,'http://colebrookfinancial.com/wordpress/118-revision-6/',0,'revision','',0),(139,1,'2012-09-10 17:33:59','2012-09-10 17:33:59','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/arda_2011.ppt\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n<hr>','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 17:33:59','2012-09-10 17:33:59','',118,'http://colebrookfinancial.com/wordpress/118-revision-7/',0,'revision','',0),(140,1,'2012-09-10 18:04:37','2012-09-10 18:04:37','','events','','inherit','open','open','','events-2','','','2012-09-10 18:04:37','2012-09-10 18:04:37','',0,'http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/events.jpg',0,'attachment','image/jpeg',0),(142,1,'2012-09-10 17:42:18','2012-09-10 17:42:18','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/arda_2011.ppt\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n<hr>\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n<hr>\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 17:42:18','2012-09-10 17:42:18','',118,'http://colebrookfinancial.com/wordpress/118-revision-8/',0,'revision','',0),(143,1,'2012-09-10 18:06:31','2012-09-10 18:06:31','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n<hr>\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n<hr>\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:06:31','2012-09-10 18:06:31','',118,'http://colebrookfinancial.com/wordpress/118-revision-9/',0,'revision','',0),(144,1,'2012-09-10 18:45:03','2012-09-10 18:45:03','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n<hr>\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:45:03','2012-09-10 18:45:03','',118,'http://colebrookfinancial.com/wordpress/118-revision-10/',0,'revision','',0),(145,1,'2012-09-10 18:47:36','2012-09-10 18:47:36','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:47:36','2012-09-10 18:47:36','',118,'http://colebrookfinancial.com/wordpress/118-revision-11/',0,'revision','',0),(146,1,'2012-09-10 18:48:32','2012-09-10 18:48:32','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]<br />\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]<br />\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:48:32','2012-09-10 18:48:32','',118,'http://colebrookfinancial.com/wordpress/118-revision-12/',0,'revision','',0),(147,1,'2012-09-10 18:49:01','2012-09-10 18:49:01','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]<br>\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]<br />\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:49:01','2012-09-10 18:49:01','',118,'http://colebrookfinancial.com/wordpress/118-revision-13/',0,'revision','',0),(148,1,'2012-09-10 18:50:02','2012-09-10 18:50:02','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)</h2>\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:50:02','2012-09-10 18:50:02','',118,'http://colebrookfinancial.com/wordpress/118-revision-14/',0,'revision','',0),(149,1,'2012-09-10 18:50:19','2012-09-10 18:50:19','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"<h4>ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)</h4>\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:50:19','2012-09-10 18:50:19','',118,'http://colebrookfinancial.com/wordpress/118-revision-15/',0,'revision','',0),(150,1,'2012-09-10 18:50:36','2012-09-10 18:50:36','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"<h5>ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)</h5>\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:50:36','2012-09-10 18:50:36','',118,'http://colebrookfinancial.com/wordpress/118-revision-16/',0,'revision','',0),(151,1,'2012-09-10 18:52:01','2012-09-10 18:52:01','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"<h4>ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)</h4>\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"<h4>An Active Plan to Increase the Odds of Your Success (July 2008)</h4>\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"<h4>Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)</h4>\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.\r\n[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:52:01','2012-09-10 18:52:01','',118,'http://colebrookfinancial.com/wordpress/118-revision-17/',0,'revision','',0),(152,1,'2012-09-10 18:54:22','2012-09-10 18:54:22','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"<h4>ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)</h4>\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.[/expand]\r\n\r\n[expand title=\"<h4>An Active Plan to Increase the Odds of Your Success (July 2008)</h4>\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.[/expand]\r\n\r\n[expand title=\"<h4>Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)</h4>\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 18:54:22','2012-09-10 18:54:22','',118,'http://colebrookfinancial.com/wordpress/118-revision-18/',0,'revision','',0),(153,1,'2012-09-10 19:14:21','2012-09-10 19:14:21','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 19:14:21','2012-09-10 19:14:21','',118,'http://colebrookfinancial.com/wordpress/118-revision-19/',0,'revision','',0),(154,1,'2012-09-10 19:15:13','2012-09-10 19:15:13','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 19:15:13','2012-09-10 19:15:13','',118,'http://colebrookfinancial.com/wordpress/118-revision-20/',0,'revision','',0),(159,1,'2012-09-06 15:30:17','2012-09-06 15:30:17','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n<strong>From Hartford, Bradley Airport and Points North</strong>\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New Haven and Points South</strong>\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From Willimantic and Points East</strong>\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n\r\n<strong>From New London and Points Southeast</strong>\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-06 15:30:17','2012-09-06 15:30:17','',10,'http://colebrookfinancial.com/wordpress/10-revision-22/',0,'revision','',0),(160,1,'2012-09-06 16:40:45','2012-09-06 16:40:45','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Hypothecation and Inventory Loans to Large Regional Developer ($38.5 million)</strong>\r\nThis transaction began as a $1 million hypothecation loan. The company grew dramatically and the relationship has grown to $38.5 million, including $2.0 million in inventory loans. The majority of the loans have been participated to financial institutions, with Colebrook retaining the servicing relationship. This allowed the developer to receive the lower rate warranted by their augmented financial condition, while maintaining the continuity of the Colebrook relationship.\r\n<hr>\r\n<strong>Hypothecation Loan and Purchase Facility to a regional developer from the Northeast ($2.5 million)</strong>\r\nOur customer had been selling receivables to a company that accepted only A profile credits. They therefore had accumulated a sizable portfolio of B credits which tied up a large portion of their capital. Colebrook provided the company with a hypothecation loan for A credits and a purchase facility for the B credit receivables. The developer was able to use proceeds from the purchase facility to construct additional inventory and meet working capital needs.\r\n<hr>\r\n<strong>Hypothecation Loan to a Mexican Developer ($4.5 million)</strong>\r\nOur customer, who operates a large hotel with a timeshare component, had no receivable financing and was holding all of its own contracts. This resulted in a continual cash flow drain from the timeshare operation, even though it was very profitable. We extended a $1 million hypothecation line, which we later increased to $4.5 million. As the relationship progressed and grew and we had satisfactory experience with the receivables, we increased the advance rate and lowered the interest rate.\r\n<hr>\r\n<strong>Hypothecation and Inventory Loans to the Operator of a Vacation Club ($14.0 million)</strong>\r\nThis developer has acquired inventory at a number of resorts in the western part of the United States. Most lenders have difficulty cost-effectively financing receivables generated at different resorts, but Colebrook was able to structure a $3 million line of credit which covered seven projects. The second portion of our relationship was an $850,000 revolving inventory loan which financed the purchase of a number of intervals at an established resort. When the initial $3 million loan was fully utilized, Colebrook extended a new $6 million facility, at a lower interest rate. In 2008, as a developer\'s volume continued to grow, Colebrook extended to a $10 million hypothecation loan and introduced a participtaing institution to the relationship.\r\n<hr>\r\n<strong>Purchase of a Portfolio of Receivables at a Troubled Resort ($1.5 million)</strong>\r\nColebrook purchased this portfolio from a bank and has been instrumental in working toward a resolution of the problem. Colebrook’s expertise and industry contacts enabled us to find a creative solution, with an investment of time and resources that the seller, one of the world’s largest institutions, couldn’t justify.\r\n<hr>\r\n<strong>Loans to Homeowners’ Associations</strong>\r\nColebrook has a relationship with a company that manages resorts across the United States, Canada and Mexico. We have made loans to the associations at a number of the resorts, principally for capital improvements. Working with the management company, Colebrook has streamlined the application and closing processes to make the relationship work smoothly for the associations. By financing the improvements, the associations are able to spread a special assessment over a number of years, while completing needed improvements quickly and cost effectively.\r\n<hr>\r\n<em>If you’re interested in something that’s not listed above, call us. Some of the best new ideas are outside the box.</em>','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2012-09-06 16:40:45','2012-09-06 16:40:45','',20,'http://colebrookfinancial.com/wordpress/20-revision-3/',0,'revision','',0),(161,1,'2012-09-12 13:56:57','2012-09-12 13:56:57','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments.  As the company grew, so did its relationship with Colebrook, which now has four participating financial institutions involved in the loans.  At various times during the course of the relationship we have extended inventory financing for specific needs.  Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.\r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source.  In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption.  As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, and the extension of a small construction loan for additional inventory.  The relationship now totals $16 million.     \r\n<hr>\r\n<strong>Hypothecation Loans to a Long-Established West Coast Vacation Club</strong>\r\nDuring their banking careers, the principals of Colebrook had a lending relationship with this organization dating back to 1988.  They re-established the connection at Colebrook in 2005 and have expanded it since that time.  Unlike most timeshare developers, this client receives a high percentage of their sales in cash and does not need receivable funding on a weekly or monthly basis.  They maintain a line to handle seasonal cash needs and acquisitions, and have expedited access to capital without having to introduce a new lender to the process during a time-sensitive acquisition.   \r\n<hr>\r\n<strong>Hypothecation Loan to a Mexican Developer</strong>\r\nColebrook established this relationship in 2005 with a $1 million line to finance U.S. purchasers and has expanded it to $3 million.  Many foreign developers have difficulty dealing with traditional U.S. timeshare lenders because of the nuances of lending on receivables from a project located in a foreign country.  As a smaller, nimbler company, Colebrook has been able to lend to developers in Mexico and the Caribbean.\r\n<hr>\r\n<strong>Hypothecation Loans to a California Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts.  Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender.  This relationship began as a $5 million loan and after expanding to include the takeout of a previous lender now totals $17million.     \r\n<hr>\r\n<strong>Introduction for “Clients” Section</strong>\r\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps financial institutions and developers.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2012-09-12 13:56:57','2012-09-12 13:56:57','',20,'http://colebrookfinancial.com/wordpress/20-revision-4/',0,'revision','',0),(162,1,'2012-09-06 17:13:01','2012-09-06 17:13:01','','Clients','','inherit','open','open','','43-revision-v1','','','2012-09-06 17:13:01','2012-09-06 17:13:01','',43,'http://colebrookfinancial.com/wordpress/43-revision-4/',0,'revision','',0),(164,1,'2012-09-06 16:26:58','2012-09-06 16:26:58','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>For the Large and Mid-Size Developer</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Purchase of portfolios</li>\r\n<li>Consulting</li>\r\n<li>Non-Recourse Loans</li>\r\n</ul>\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>\r\n<hr>\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-06 16:26:58','2012-09-06 16:26:58','',12,'http://colebrookfinancial.com/wordpress/12-revision-7/',0,'revision','',0),(165,1,'2012-09-14 13:50:19','2012-09-14 13:50:19','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nColebrook’s principal activity is making hypothecation loans secured by “A” credit receivables.  We also provide ancillary products such as inventory loans, loans on “B” credit receivables and HOA loans.  The secondary product types are offered on a relatively limited basis in conjunction with a standard hypothecation loan.\r\n\r\nColebrook’s banking relationships encompass lines of credit, participations and non-recourse loans.\r\n\r\n<strong>For the Large and Mid-Size Developer</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Purchase of portfolios</li>\r\n<li>Non-Recourse Loans</li>\r\n</ul>\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>\r\n<hr>\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-14 13:50:19','2012-09-14 13:50:19','',12,'http://colebrookfinancial.com/wordpress/12-revision-8/',0,'revision','',0),(166,1,'2012-09-12 14:32:42','2012-09-12 14:32:42','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments.  As the company grew, so did its relationship with Colebrook, which now has four participating financial institutions involved in the loans.  At various times during the course of the relationship we have extended inventory financing for specific needs.  Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.\r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source.  In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption.  As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, and the extension of a small construction loan for additional inventory.  The relationship now totals $16 million.     \r\n<hr>\r\n<strong>Hypothecation Loans to a Long-Established West Coast Vacation Club</strong>\r\nDuring their banking careers, the principals of Colebrook had a lending relationship with this organization dating back to 1988.  They re-established the connection at Colebrook in 2005 and have expanded it since that time.  Unlike most timeshare developers, this client receives a high percentage of their sales in cash and does not need receivable funding on a weekly or monthly basis.  They maintain a line to handle seasonal cash needs and acquisitions, and have expedited access to capital without having to introduce a new lender to the process during a time-sensitive acquisition.   \r\n<hr>\r\n<strong>Hypothecation Loan to a Mexican Developer</strong>\r\nColebrook established this relationship in 2005 with a $1 million line to finance U.S. purchasers and has expanded it to $3 million.  Many foreign developers have difficulty dealing with traditional U.S. timeshare lenders because of the nuances of lending on receivables from a project located in a foreign country.  As a smaller, nimbler company, Colebrook has been able to lend to developers in Mexico and the Caribbean.\r\n<hr>\r\n<strong>Hypothecation Loans to a California Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts.  Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender.  This relationship began as a $5 million loan and after expanding to include the takeout of a previous lender now totals $17million.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2012-09-12 14:32:42','2012-09-12 14:32:42','',20,'http://colebrookfinancial.com/wordpress/20-revision-5/',0,'revision','',0),(167,1,'2012-09-06 17:13:02','2012-09-06 17:13:02','','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-09-06 17:13:02','2012-09-06 17:13:02','',46,'http://colebrookfinancial.com/wordpress/46-revision-4/',0,'revision','',0),(169,1,'2012-09-12 14:33:02','2012-09-12 14:33:02','Colebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps financial institutions and developers.','Clients','','inherit','open','open','','43-revision-v1','','','2012-09-12 14:33:02','2012-09-12 14:33:02','',43,'http://colebrookfinancial.com/wordpress/43-revision-5/',0,'revision','',0),(170,1,'2012-09-14 13:51:58','2012-09-14 13:51:58','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-09-14 13:51:58','2012-09-14 13:51:58','',46,'http://colebrookfinancial.com/wordpress/46-revision-5/',0,'revision','',0),(172,1,'2012-09-27 14:01:34','2012-09-27 14:01:34','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsletters</h1>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\">Colebrook Chronicle Issue 8 - January 2016 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/06/June-15.pdf\">Colebrook Chronicle Issue 7 - June 2015 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','publish','open','open','','newsletters','','','2016-01-07 01:59:56','2016-01-07 01:59:56','',0,'http://colebrookfinancial.com/wordpress/?page_id=172',0,'page','',1),(173,1,'2012-09-27 14:01:30','2012-09-27 14:01:30','','Newsletters','','inherit','open','open','','172-revision-v1','','','2012-09-27 14:01:30','2012-09-27 14:01:30','',172,'http://colebrookfinancial.com/wordpress/172-revision/',0,'revision','',0),(174,1,'2012-09-27 14:02:01','2012-09-27 14:02:01','','> Newsletters','','publish','open','open','','174','','','2014-10-26 21:56:40','2014-10-26 21:56:40','',0,'http://colebrookfinancial.com/wordpress/?p=174',12,'nav_menu_item','',0),(175,1,'2012-09-10 19:15:45','2012-09-10 19:15:45','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-09-10 19:15:45','2012-09-10 19:15:45','',118,'http://colebrookfinancial.com/wordpress/118-revision-21/',0,'revision','',0),(176,1,'2012-10-03 20:23:28','2012-10-03 20:23:28','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing\"]\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-10-03 20:23:28','2012-10-03 20:23:28','',118,'http://colebrookfinancial.com/wordpress/118-revision-22/',0,'revision','',0),(177,1,'2012-10-03 20:24:04','2012-10-03 20:24:04','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-10-03 20:24:04','2012-10-03 20:24:04','',118,'http://colebrookfinancial.com/wordpress/118-revision-23/',0,'revision','',0),(179,1,'2012-09-27 14:01:34','2012-09-27 14:01:34','','Newsletters','','inherit','open','open','','172-revision-v1','','','2012-09-27 14:01:34','2012-09-27 14:01:34','',172,'http://colebrookfinancial.com/wordpress/172-revision-2/',0,'revision','',0),(180,1,'2012-10-03 20:24:59','2012-10-03 20:24:59','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-10-03 20:24:59','2012-10-03 20:24:59','',118,'http://colebrookfinancial.com/wordpress/118-revision-24/',0,'revision','',0),(181,1,'2015-02-10 16:29:07','2015-02-10 16:29:07','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsroom</h1>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases and articles that mention Colebrook.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n','Newsroom','','inherit','open','open','','46-autosave-v1','','','2015-02-10 16:29:07','2015-02-10 16:29:07','',46,'http://colebrookfinancial.com/wordpress/46-autosave/',0,'revision','',0),(182,1,'2012-09-14 14:01:01','2012-09-14 14:01:01','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/wordpress/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/wordpress/events/\">events</a> and <a href=\"http://colebrookfinancial.com/wordpress/articles/\">articles</a> for the latest news from Colebrook Financial Company.','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-09-14 14:01:01','2012-09-14 14:01:01','',46,'http://colebrookfinancial.com/wordpress/46-revision-6/',0,'revision','',0),(183,1,'2012-10-04 13:45:55','2012-10-04 13:45:55','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/wordpress/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/wordpress/events/\">events</a> and <a href=\"http://colebrookfinancial.com/wordpress/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Lenders and Investment Groups Learn About Timeshare Finance (July 2012)\"]\r\n\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.<strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n \r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Hosts Lenders’ Timeshare Finance Education Event (June 2012)\"]\r\n\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-10-04 13:45:55','2012-10-04 13:45:55','',46,'http://colebrookfinancial.com/wordpress/46-revision-7/',0,'revision','',0),(184,1,'2012-10-04 13:46:27','2012-10-04 13:46:27','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/wordpress/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/wordpress/events/\">events</a> and <a href=\"http://colebrookfinancial.com/wordpress/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Lenders and Investment Groups Learn About Timeshare Finance (July 2012)\"]\r\n\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.<strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n \r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Hosts Lenders’ Timeshare Finance Education Event (June 2012)\"]\r\n\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-10-04 13:46:27','2012-10-04 13:46:27','',46,'http://colebrookfinancial.com/wordpress/46-revision-8/',0,'revision','',0),(185,1,'2012-10-04 13:48:31','2012-10-04 13:48:31','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/wordpress/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/wordpress/events/\">events</a> and <a href=\"http://colebrookfinancial.com/wordpress/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Lenders and Investment Groups Learn About Timeshare Finance (July 2012)\"]\r\n\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n \r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Hosts Lenders’ Timeshare Finance Education Event (June 2012)\"]\r\n\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-10-04 13:48:31','2012-10-04 13:48:31','',46,'http://colebrookfinancial.com/wordpress/46-revision-9/',0,'revision','',0),(188,1,'2012-09-06 17:06:06','2012-09-06 17:06:06','','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-09-06 17:06:06','2012-09-06 17:06:06','',114,'http://colebrookfinancial.com/wordpress/114-revision-2/',0,'revision','',0),(189,1,'2012-10-10 19:36:15','2012-10-10 19:36:15','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2007)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-10 19:36:15','2012-10-10 19:36:15','',114,'http://colebrookfinancial.com/wordpress/114-revision-3/',0,'revision','',0),(190,1,'2012-10-10 19:38:25','2012-10-10 19:38:25','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2007)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2007)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-10 19:38:25','2012-10-10 19:38:25','',114,'http://colebrookfinancial.com/wordpress/114-revision-4/',0,'revision','',0),(191,1,'2012-10-04 13:49:01','2012-10-04 13:49:01','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/wordpress/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/wordpress/events/\">events</a> and <a href=\"http://colebrookfinancial.com/wordpress/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Lenders and Investment Groups Learn About Timeshare Finance (July 2012)\"]\r\n\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n \r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Hosts Lenders’ Timeshare Finance Education Event (June 2012)\"]\r\n\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-10-04 13:49:01','2012-10-04 13:49:01','',46,'http://colebrookfinancial.com/wordpress/46-revision-10/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (192,1,'2012-10-10 19:41:21','2012-10-10 19:41:21','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2007)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the <a href=\"http://arda.org/\">American Resort Development Association (ARDA)</a>; <a href=\"http://iilg.com/\">Interval Leisure Group</a> CEO Craig Nash; Michael Hug, Exec. VP and CFO of <a href=\"http://wyndhamworldwide.com/\">Wyndham Vacation Ownership</a> and <a href=\"http://bluegreenonline.com/\">Bluegreen Services</a> CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2007)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-10 19:41:21','2012-10-10 19:41:21','',114,'http://colebrookfinancial.com/wordpress/114-revision-5/',0,'revision','',0),(193,1,'2012-10-10 19:53:33','2012-10-10 19:53:33','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the <a href=\"http://arda.org/\">American Resort Development Association (ARDA)</a>; <a href=\"http://iilg.com/\">Interval Leisure Group</a> CEO Craig Nash; Michael Hug, Exec. VP and CFO of <a href=\"http://wyndhamworldwide.com/\">Wyndham Vacation Ownership</a> and <a href=\"http://bluegreenonline.com/\">Bluegreen Services</a> CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-10 19:53:33','2012-10-10 19:53:33','',114,'http://colebrookfinancial.com/wordpress/114-revision-6/',0,'revision','',0),(194,1,'2012-10-10 19:59:27','2012-10-10 19:59:27','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the <a href=\"http://arda.org/\">American Resort Development Association (ARDA)</a>; <a href=\"http://iilg.com/\">Interval Leisure Group</a> CEO Craig Nash; Michael Hug, Exec. VP and CFO of <a href=\"http://wyndhamworldwide.com/\">Wyndham Vacation Ownership</a> and <a href=\"http://bluegreenonline.com/\">Bluegreen Services</a> CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above).  “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared.  We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org). \r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.” \r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million. \r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations.  We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.” \r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-10 19:59:27','2012-10-10 19:59:27','',114,'http://colebrookfinancial.com/wordpress/114-revision-7/',0,'revision','',0),(195,1,'2012-10-10 19:59:46','2012-10-10 19:59:46','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the <a href=\"http://arda.org/\">American Resort Development Association (ARDA)</a>; <a href=\"http://iilg.com/\">Interval Leisure Group</a> CEO Craig Nash; Michael Hug, Exec. VP and CFO of <a href=\"http://wyndhamworldwide.com/\">Wyndham Vacation Ownership</a> and <a href=\"http://bluegreenonline.com/\">Bluegreen Services</a> CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above).  “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared.  We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org). \r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.” \r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million. \r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations.  We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.” \r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-10 19:59:46','2012-10-10 19:59:46','',114,'http://colebrookfinancial.com/wordpress/114-revision-8/',0,'revision','',0),(196,1,'2012-09-06 15:59:30','2012-09-06 15:59:30','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/ryczek_b.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/bishop_j.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/dauch_f.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/raunikar_m.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.','About Us','','inherit','open','open','','8-revision-v1','','','2012-09-06 15:59:30','2012-09-06 15:59:30','',8,'http://colebrookfinancial.com/8-revision-14/',0,'revision','',0),(197,1,'2012-10-04 13:39:57','2012-10-04 13:39:57','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-10-04 13:39:57','2012-10-04 13:39:57','',118,'http://colebrookfinancial.com/118-revision-25/',0,'revision','',0),(198,1,'2012-09-14 13:57:49','2012-09-14 13:57:49','Colebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/wordpress/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/wordpress/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/wordpress/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-revision-v1','','','2012-09-14 13:57:49','2012-09-14 13:57:49','',43,'http://colebrookfinancial.com/43-revision-6/',0,'revision','',0),(199,1,'2012-09-06 16:30:26','2012-09-06 16:30:26','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/developers.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with financial institutions that have not previously been timeshare lenders. These institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the nuances involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.\r\n\r\n<strong>Transaction Fees</strong>\r\nFor loans of less than $10 million, the transaction costs, particularly legal fees, involved in closing a loan can take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','inherit','open','open','','14-revision-v1','','','2012-09-06 16:30:26','2012-09-06 16:30:26','',14,'http://colebrookfinancial.com/14-revision-4/',0,'revision','',0),(201,1,'2012-09-06 16:33:09','2012-09-06 16:33:09','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/financial.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loan outstandings without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure and manage quality loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 30 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects. Bankers without industry contacts or experience would have difficulty generating new timeshare loans.\r\n\r\n<strong>Banking Relationships</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind. This has enabled lenders without previous timeshare experience to lend profitably to the industry.\r\n\r\n<strong>Servicing and Administration</strong>\r\nFrom their long careers in banking, Colebrook’s principals understand the regulatory environment faced by bankers, and have the ability to provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators. Bill Ryczek and Jim Bishop began their timeshare careers as auditors and administrators, and have an appreciation of the detail as well as the broad concepts required of timeshare lenders.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','inherit','open','open','','16-revision-v1','','','2012-09-06 16:33:09','2012-09-06 16:33:09','',16,'http://colebrookfinancial.com/16-revision-3/',0,'revision','',0),(202,1,'2012-08-21 20:10:35','2012-08-21 20:10:35','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/08/home_splash_on.jpg\" style=\"width:600px; margin-bottom:20px;\" />\r\n<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2012-08-21 20:10:35','2012-08-21 20:10:35','',2,'http://colebrookfinancial.com/2-revision-7/',0,'revision','',0),(203,1,'2012-09-06 16:35:48','2012-09-06 16:35:48','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/home_assoc.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nIt’s hard to believe, but the timeshare industry is more than 30 years old. Many resorts that were built in the late 1970s and early 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to Homeowners’ Associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product which allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $500,000 over a four-year period, it would pay interest on a monthly basis and $125,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2012-09-06 16:35:48','2012-09-06 16:35:48','',18,'http://colebrookfinancial.com/18-revision-3/',0,'revision','',0),(204,1,'2012-10-03 20:31:47','2012-10-03 20:31:47','<a href=\"http://colebrookfinancial.com/wordpress/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2012-10-03 20:31:47','2012-10-03 20:31:47','',172,'http://colebrookfinancial.com/172-revision-3/',0,'revision','',0),(205,1,'2012-10-10 19:44:03','2012-10-10 19:44:03','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/wordpress/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/wordpress/events/\">events</a> and <a href=\"http://colebrookfinancial.com/wordpress/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-10-10 19:44:03','2012-10-10 19:44:03','',46,'http://colebrookfinancial.com/46-revision-11/',0,'revision','',0),(206,1,'2012-09-14 13:50:38','2012-09-14 13:50:38','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nColebrook’s principal activity is making hypothecation loans secured by “A” credit receivables.  We also provide ancillary products such as inventory loans, loans on “B” credit receivables and HOA loans.  The secondary product types are offered on a relatively limited basis in conjunction with a standard hypothecation loan.\r\n\r\nColebrook’s banking relationships encompass lines of credit, participations and non-recourse loans.\r\n<hr>\r\n<strong>For the Large and Mid-Size Developer</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Purchase of portfolios</li>\r\n<li>Non-Recourse Loans</li>\r\n</ul>\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>\r\n<hr>\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.','Products & Services','','inherit','open','open','','12-revision-v1','','','2012-09-14 13:50:38','2012-09-14 13:50:38','',12,'http://colebrookfinancial.com/12-revision-9/',0,'revision','',0),(207,1,'2012-09-14 13:51:21','2012-09-14 13:51:21','<img src=\"http://colebrookfinancial.com/wordpress/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nOn the following page is a sample of some of the transactions Colebrook has been involved in during the past ten years.  A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million.  Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments.  As the company grew, so did its relationship with Colebrook, which now has four participating financial institutions involved in the loans.  At various times during the course of the relationship we have extended inventory financing for specific needs.  Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.\r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source.  In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption.  As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, and the extension of a small construction loan for additional inventory.  The relationship now totals $16 million.     \r\n<hr>\r\n<strong>Hypothecation Loans to a Long-Established West Coast Vacation Club</strong>\r\nDuring their banking careers, the principals of Colebrook had a lending relationship with this organization dating back to 1988.  They re-established the connection at Colebrook in 2005 and have expanded it since that time.  Unlike most timeshare developers, this client receives a high percentage of their sales in cash and does not need receivable funding on a weekly or monthly basis.  They maintain a line to handle seasonal cash needs and acquisitions, and have expedited access to capital without having to introduce a new lender to the process during a time-sensitive acquisition.   \r\n<hr>\r\n<strong>Hypothecation Loan to a Mexican Developer</strong>\r\nColebrook established this relationship in 2005 with a $1 million line to finance U.S. purchasers and has expanded it to $3 million.  Many foreign developers have difficulty dealing with traditional U.S. timeshare lenders because of the nuances of lending on receivables from a project located in a foreign country.  As a smaller, nimbler company, Colebrook has been able to lend to developers in Mexico and the Caribbean.\r\n<hr>\r\n<strong>Hypothecation Loans to a California Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts.  Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender.  This relationship began as a $5 million loan and after expanding to include the takeout of a previous lender now totals $17million.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2012-09-14 13:51:21','2012-09-14 13:51:21','',20,'http://colebrookfinancial.com/20-revision-6/',0,'revision','',0),(210,1,'2013-04-25 20:42:13','2013-04-25 20:42:13','','Colebrook Chronical Issue 2 - Winter 2013','','inherit','open','open','','jan_2013','','','2013-04-25 20:42:13','2013-04-25 20:42:13','',172,'http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf',0,'attachment','application/pdf',0),(211,1,'2012-10-15 15:50:32','2012-10-15 15:50:32','<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2012-10-15 15:50:32','2012-10-15 15:50:32','',172,'http://colebrookfinancial.com/172-revision-4/',0,'revision','',0),(212,1,'2013-04-25 20:43:25','2013-04-25 20:43:25','<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\">Colebrook Chronical Issue 2 - Winter 2013</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-04-25 20:43:25','2013-04-25 20:43:25','',172,'http://colebrookfinancial.com/172-revision-5/',0,'revision','',0),(213,1,'2013-04-25 20:43:54','2013-04-25 20:43:54','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\">Colebrook Chronical Issue 2 - Winter 2013</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-04-25 20:43:54','2013-04-25 20:43:54','',172,'http://colebrookfinancial.com/172-revision-6/',0,'revision','',0),(214,1,'2013-04-25 20:44:30','2013-04-25 20:44:30','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronical Issue 2 - Winter 2013</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-04-25 20:44:30','2013-04-25 20:44:30','',172,'http://colebrookfinancial.com/172-revision-7/',0,'revision','',0),(217,1,'2012-10-15 15:50:01','2012-10-15 15:50:01','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/08/home_splash_on.jpg\" style=\"width:600px; margin-bottom:20px;\" />\r\n<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2012-10-15 15:50:01','2012-10-15 15:50:01','',2,'http://colebrookfinancial.com/2-revision-8/',0,'revision','',0),(219,1,'2013-05-14 01:19:03','2013-05-14 01:19:03','','colebrook_home_small','','inherit','open','open','','colebrook_home_small','','','2013-05-14 01:19:03','2013-05-14 01:19:03','',2,'http://colebrookfinancial.com/wp-content/uploads/2013/05/colebrook_home_small.jpg',0,'attachment','image/jpeg',0),(220,1,'2013-05-14 01:22:04','2013-05-14 01:22:04','','colebrook_home','','inherit','open','open','','colebrook_home','','','2013-05-14 01:22:04','2013-05-14 01:22:04','',2,'http://colebrookfinancial.com/wp-content/uploads/2013/05/colebrook_home.jpg',0,'attachment','image/jpeg',0),(221,1,'2013-05-12 01:18:56','2013-05-12 01:18:56','<strong></strong><strong>On June 11, 2013, Colebrook will host its fifth annual Timeshare Lender Education Seminar in Cromwell, CT. </strong> A panel of industry experts will present an educational session on various aspects of the timeshare industry for lenders and prospective lenders.  Please <a title=\"Contact Us\" href=\"http://colebrookfinancial.com/contact-us/\">contact us</a> for more information.\r\n\r\n&nbsp;\r\n\r\n<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2013-05-12 01:18:56','2013-05-12 01:18:56','',2,'http://colebrookfinancial.com/2-revision-9/',0,'revision','',0),(223,1,'2013-06-11 00:16:50','2013-06-11 00:16:50','','june_2013','','inherit','open','open','','june_2013','','','2013-06-11 00:16:50','2013-06-11 00:16:50','',0,'http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf',0,'attachment','application/pdf',0),(224,1,'2013-04-25 20:45:44','2013-04-25 20:45:44','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-04-25 20:45:44','2013-04-25 20:45:44','',172,'http://colebrookfinancial.com/172-revision-8/',0,'revision','',0),(225,1,'2013-06-11 00:20:26','2013-06-11 00:20:26','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-06-11 00:20:26','2013-06-11 00:20:26','',172,'http://colebrookfinancial.com/172-revision-9/',0,'revision','',0),(227,1,'2013-05-14 01:42:09','2013-05-14 01:42:09','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/05/colebrook_home_small.jpg\"><img class=\"alignnone size-full wp-image-219\" title=\"colebrook_home_small\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/05/colebrook_home_small.jpg\" alt=\"\" width=\"640\" height=\"407\" /></a>\r\n\r\n<strong>On June 11, 2013, Colebrook will host its fifth annual Timeshare Lender Education Seminar in Cromwell, CT. </strong> <strong>A panel of industry experts will present an educational session on various aspects of the timeshare industry for lenders and prospective lenders.  Please <a title=\"Contact Us\" href=\"http://colebrookfinancial.com/contact-us/\">contact us</a> for more information.</strong>\r\n\r\n<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2013-05-14 01:42:09','2013-05-14 01:42:09','',2,'http://colebrookfinancial.com/2-revision-10/',0,'revision','',0),(228,1,'2012-10-11 15:24:37','2012-10-11 15:24:37','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.</strong>\r\n\r\n<em>Middletown, CT;  June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above).  “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared.  We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org). \r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.” \r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million. \r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations.  We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.” \r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2012-10-11 15:24:37','2012-10-11 15:24:37','',114,'http://colebrookfinancial.com/114-revision-9/',0,'revision','',0),(229,1,'2013-06-28 22:29:21','2013-06-28 22:29:21','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:29:21','2013-06-28 22:29:21','',114,'http://colebrookfinancial.com/114-revision-10/',0,'revision','',0),(230,1,'2013-06-28 22:30:11','2013-06-28 22:30:11','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:30:11','2013-06-28 22:30:11','',114,'http://colebrookfinancial.com/114-revision-11/',0,'revision','',0),(231,1,'2013-06-28 22:30:50','2013-06-28 22:30:50','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]\r\n<br />','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:30:50','2013-06-28 22:30:50','',114,'http://colebrookfinancial.com/114-revision-12/',0,'revision','',0),(232,1,'2013-06-28 22:32:21','2013-06-28 22:32:21','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:32:21','2013-06-28 22:32:21','',114,'http://colebrookfinancial.com/114-revision-13/',0,'revision','',0),(233,1,'2013-06-28 22:32:59','2013-06-28 22:32:59','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n<br />\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:32:59','2013-06-28 22:32:59','',114,'http://colebrookfinancial.com/114-revision-14/',0,'revision','',0),(234,1,'2013-06-28 22:33:40','2013-06-28 22:33:40','[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:33:40','2013-06-28 22:33:40','',114,'http://colebrookfinancial.com/114-revision-15/',0,'revision','',0),(235,1,'2013-06-28 22:35:36','2013-06-28 22:35:36','[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:35:36','2013-06-28 22:35:36','',114,'http://colebrookfinancial.com/114-revision-16/',0,'revision','',0),(236,1,'2013-06-28 22:37:38','2013-06-28 22:37:38','[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:37:38','2013-06-28 22:37:38','',114,'http://colebrookfinancial.com/114-revision-17/',0,'revision','',0),(237,1,'2013-06-28 22:39:06','2013-06-28 22:39:06','[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n<br />\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n<br />\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-28 22:39:06','2013-06-28 22:39:06','',114,'http://colebrookfinancial.com/114-revision-18/',0,'revision','',0),(238,1,'2012-10-15 15:48:01','2012-10-15 15:48:01','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/team.jpg\" style=\"float:right; width:400px; padding:0 0 10px 10px;\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n<hr>\r\n<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ryczek_b.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/bishop_j.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/dauch_f.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/raunikar_m.jpg\" style=\"float:left; padding:0 10px 10px 0; width:150px;\" />\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.','About Us','','inherit','open','open','','8-revision-v1','','','2012-10-15 15:48:01','2012-10-15 15:48:01','',8,'http://colebrookfinancial.com/8-revision-15/',0,'revision','',0),(240,1,'2013-06-29 17:46:21','2013-06-29 17:46:21','[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n<br />\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n<br />\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n<br />\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n<br />\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n<br />\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n<br />\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n<br />\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n<br />\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n<br />\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n<br />\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-06-29 17:46:21','2013-06-29 17:46:21','',114,'http://colebrookfinancial.com/114-revision-19/',0,'revision','',0),(241,1,'2013-07-14 20:39:59','2013-07-14 20:39:59','','Bishop_J_01','','inherit','open','open','','bishop_j_01','','','2013-07-14 20:39:59','2013-07-14 20:39:59','',8,'http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg',0,'attachment','image/jpeg',0),(242,1,'2013-07-14 20:40:01','2013-07-14 20:40:01','','Colebrook_05','','inherit','open','open','','colebrook_05','','','2013-07-14 20:40:01','2013-07-14 20:40:01','',8,'http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg',0,'attachment','image/jpeg',0),(243,1,'2013-07-14 20:40:04','2013-07-14 20:40:04','','Dauch_F_02','','inherit','open','open','','dauch_f_02','','','2013-07-14 20:40:04','2013-07-14 20:40:04','',8,'http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg',0,'attachment','image/jpeg',0),(244,1,'2013-07-14 20:40:05','2013-07-14 20:40:05','','petrisko','','inherit','open','open','','petrisko_t_02','','','2013-07-14 20:40:05','2013-07-14 20:40:05','',8,'http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg',0,'attachment','image/jpeg',0),(245,1,'2013-07-14 20:40:06','2013-07-14 20:40:06','','Raunikar_M_01','','inherit','open','open','','raunikar_m_01','','','2013-07-14 20:40:06','2013-07-14 20:40:06','',8,'http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg',0,'attachment','image/jpeg',0),(246,1,'2013-07-14 20:40:06','2013-07-14 20:40:06','','Ryczek_B_02','Bill Ryczek, Colebrook Financial Company','inherit','open','open','','ryczek_b_02','','','2015-08-25 22:33:26','2015-08-25 22:33:26','',8,'http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg',0,'attachment','image/jpeg',0),(247,1,'2013-06-29 18:13:46','2013-06-29 18:13:46','<img style=\"float: right; width: 400px; padding: 0 0 10px 10px;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/team.jpg\" alt=\"\" />\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n\r\n<hr />\r\n\r\n<img style=\"float: left; padding: 0 10px 10px 0; width: 150px;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ryczek_b.jpg\" alt=\"\" />\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<img style=\"float: left; padding: 0 10px 10px 0; width: 150px;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/bishop_j.jpg\" alt=\"\" />\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<img style=\"float: left; padding: 0 10px 10px 0; width: 150px;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/dauch_f.jpg\" alt=\"\" />\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n<img style=\"float: left; padding: 0 10px 10px 0; width: 150px;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/raunikar_m.jpg\" alt=\"\" />\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\n&nbsp;\r\n\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year.','About Us','','inherit','open','open','','8-revision-v1','','','2013-06-29 18:13:46','2013-06-29 18:13:46','',8,'http://colebrookfinancial.com/8-revision-16/',0,'revision','',0),(248,1,'2013-07-14 21:12:32','2013-07-14 21:12:32','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"400\" height=\"267\" /></a>\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year.','About Us','','inherit','open','open','','8-revision-v1','','','2013-07-14 21:12:32','2013-07-14 21:12:32','',8,'http://colebrookfinancial.com/8-revision-17/',0,'revision','',0),(249,1,'2013-07-15 14:03:37','2013-07-15 14:03:37','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"400\" height=\"267\" /></a>\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.','About Us','','inherit','open','open','','8-revision-v1','','','2013-07-15 14:03:37','2013-07-15 14:03:37','',8,'http://colebrookfinancial.com/8-revision-18/',0,'revision','',0),(250,1,'2013-07-15 16:11:47','2013-07-15 16:11:47','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"400\" height=\"267\" /></a>\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably. We have established a loyal group of customers with whom we have maintained and expanded excellent relationships.\r\n\r\nThe four principals have similar backgrounds but complementary talents. Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch and Mark Raunikar both develop and administer business relationships.\r\n\r\nThe principals of Colebrook Financial have been lending to timeshare developers since the 1970\'s. We\'ve worked for large institutions, and we\'ve worked for community banks. We\'ve financed small regional resorts, and we\'ve financed some of the largest developers in the world. The principals of CFC have extensive experience in the timeshare finance industry. Bill Ryczek and Jim Bishop have been active in the industry since the late 1970s, while Fred Dauch and Mark Raunikar began their timeshare careers in the late 1980s.\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.','About Us','','inherit','open','open','','8-revision-v1','','','2013-07-15 16:11:47','2013-07-15 16:11:47','',8,'http://colebrookfinancial.com/8-revision-19/',0,'revision','',0),(251,1,'2013-07-15 16:12:37','2013-07-15 16:12:37','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"400\" height=\"267\" /></a>\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably.  We have established a loyal group of customers with whom we have established and expanded excellent relationships. We have maintained those relationships despite greatly increasing competition in the marketplace, which is a compliment the high level of personal service we provide.   \r\n\r\nThe five principals have similar backgrounds but complementary talents.  Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch, Mark Raunikar and Tom Petrisko both develop and administer business relationships. \r\n\r\nBill and Jim began their timeshare careers in the late 1970s while Fred and Mark entered the industry a decade later.  Tom, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide management succession in future years.  He was a colleague of the founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.','About Us','','inherit','open','open','','8-revision-v1','','','2013-07-15 16:12:37','2013-07-15 16:12:37','',8,'http://colebrookfinancial.com/8-revision-20/',0,'revision','',0),(252,1,'2013-07-15 16:16:24','2013-07-15 16:16:24','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nSince launching Colebrook Financial in January, 2003, the owners have grown the company steadily and profitably.  We have established a loyal group of customers with whom we have established and expanded excellent relationships. We have maintained those relationships despite greatly increasing competition in the marketplace, which is a compliment the high level of personal service we provide.   \r\n\r\nThe five principals have similar backgrounds but complementary talents.  Jim Bishop has a very strong financial and cash management focus, Bill Ryczek concentrates much of his effort on new business development, while Fred Dauch, Mark Raunikar and Tom Petrisko both develop and administer business relationships. \r\n\r\nBill and Jim began their timeshare careers in the late 1970s while Fred and Mark entered the industry a decade later.  Tom, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide management succession in future years.  He was a colleague of the founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio. He is well-known throughout the industry and a frequent speaker at conventions on the topic of receivable financing.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, Jim re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC\'s principal resource in the analysis of consumer credit.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when he left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.','About Us','','inherit','open','open','','8-revision-v1','','','2013-07-15 16:16:24','2013-07-15 16:16:24','',8,'http://colebrookfinancial.com/8-revision-21/',0,'revision','',0),(254,1,'2013-07-08 21:09:29','2013-07-08 21:09:29','[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-07-08 21:09:29','2013-07-08 21:09:29','',114,'http://colebrookfinancial.com/114-revision-20/',0,'revision','',0),(255,1,'2013-07-24 14:33:47','2013-07-24 14:33:47','[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry,\r\nannounced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-07-24 14:33:47','2013-07-24 14:33:47','',114,'http://colebrookfinancial.com/114-revision-21/',0,'revision','',0),(257,1,'2013-07-24 14:36:03','2013-07-24 14:36:03','[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-07-24 14:36:03','2013-07-24 14:36:03','',114,'http://colebrookfinancial.com/114-revision-22/',0,'revision','',0),(260,1,'2013-11-26 03:05:22','2013-11-26 03:05:22','','fall_2013','','inherit','open','open','','fall_2013','','','2013-11-26 03:05:22','2013-11-26 03:05:22','',0,'http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf',0,'attachment','application/pdf',0),(261,1,'2013-06-11 00:23:57','2013-06-11 00:23:57','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-06-11 00:23:57','2013-06-11 00:23:57','',172,'http://colebrookfinancial.com/172-revision-10/',0,'revision','',0),(263,1,'2013-08-20 18:16:30','2013-08-20 18:16:30','[expand title=\"Colebrook becomes lender to CLC World Resorts & Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts & Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.<br /><br /> \r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”<br /><br />\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them.  We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”<br /><br />\r\n<strong>About CLC World Resorts & Hotels</strong><br /><br />\r\nCLC World Resorts & Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2013-08-20 18:16:30','2013-08-20 18:16:30','',114,'http://colebrookfinancial.com/114-revision-23/',0,'revision','',0),(264,1,'2014-01-03 18:00:24','2014-01-03 18:00:24','[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.<br /><br /> \r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek.  “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”<br /><br />\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”<br /><br />\r\n<strong>About Festiva Development Group, LLC</strong><br /><br />\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts & Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts & Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.<br /><br /> \r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”<br /><br />\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them.  We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”<br /><br />\r\n<strong>About CLC World Resorts & Hotels</strong><br /><br />\r\nCLC World Resorts & Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-01-03 18:00:24','2014-01-03 18:00:24','',114,'http://colebrookfinancial.com/114-revision-24/',0,'revision','',0),(265,1,'2014-01-08 15:54:12','2014-01-08 15:54:12','','developments_Oct13','','inherit','open','open','','developments_oct13','','','2014-01-08 15:54:12','2014-01-08 15:54:12','',0,'http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf',0,'attachment','application/pdf',0),(266,1,'2012-10-15 15:48:20','2012-10-15 15:48:20','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2012-10-15 15:48:20','2012-10-15 15:48:20','',118,'http://colebrookfinancial.com/118-revision-26/',0,'revision','',0),(267,1,'2014-01-08 16:08:44','2014-01-08 16:08:44','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<p style=\"text-align:center;\"><a href=\"#\" target=\"_blank\">Click Here for the New Powerpoint on the Fundamentals of Finance.</a></p>\r\n<hr>\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-01-08 16:08:44','2014-01-08 16:08:44','',118,'http://colebrookfinancial.com/118-revision-27/',0,'revision','',0),(269,1,'2014-01-14 18:04:14','2014-01-14 18:04:14','','developments_Oct12','','inherit','open','open','','developments_oct12','','','2014-01-14 18:04:14','2014-01-14 18:04:14','',0,'http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf',0,'attachment','application/pdf',0),(270,1,'2014-01-09 01:31:47','2014-01-09 01:31:47','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" style=\"width:100%;\" />\r\n<hr>\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\n\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n<li>Access to capital</li>\r\n<li>Social networking incorporated in the technology initiatives in sales & marketing</li>\r\n<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n<li>New business models</li>\r\n<li>Nurturing the existing owner, exchanger & renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway \r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President & CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon & Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy & Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]&nbsp;\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\n\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual.  The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand.  With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]&nbsp;\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\n\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan & Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-01-09 01:31:47','2014-01-09 01:31:47','',118,'http://colebrookfinancial.com/118-revision-28/',0,'revision','',0),(271,1,'2014-01-14 18:13:52','2014-01-14 18:13:52','<img style=\"width: 100%;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" alt=\"\" />\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-01-14 18:13:52','2014-01-14 18:13:52','',118,'http://colebrookfinancial.com/118-revision-29/',0,'revision','',0),(273,1,'2014-01-14 18:33:25','2014-01-14 18:33:25','<img style=\"width: 100%;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" alt=\"\" />\r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-01-14 18:33:25','2014-01-14 18:33:25','',118,'http://colebrookfinancial.com/118-revision-30/',0,'revision','',0),(275,1,'2014-04-04 00:28:21','2014-04-04 00:28:21','','ColebrookChronicle_Spring2014_Web','','inherit','open','open','','colebrookchronicle_spring2014_web','','','2014-04-04 00:28:21','2014-04-04 00:28:21','',172,'http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf',0,'attachment','application/pdf',0),(276,1,'2013-11-26 03:09:47','2013-11-26 03:09:47','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2013-11-26 03:09:47','2013-11-26 03:09:47','',172,'http://colebrookfinancial.com/172-revision-11/',0,'revision','',0),(277,1,'2014-04-04 00:33:15','2014-04-04 00:33:15','<a href=\'http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\'>\r\nColebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2014-04-04 00:33:15','2014-04-04 00:33:15','',172,'http://colebrookfinancial.com/172-revision-12/',0,'revision','',0),(280,1,'2014-09-17 23:16:39','2014-09-17 23:16:39','','ColeChronicle_Fall2014_web','','inherit','open','open','','colechronicle_fall2014_web','','','2014-09-17 23:16:39','2014-09-17 23:16:39','',172,'http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf',0,'attachment','application/pdf',0),(282,1,'2014-09-17 23:20:53','2014-09-17 23:20:53','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2014-09-17 23:20:53','2014-09-17 23:20:53','',172,'http://colebrookfinancial.com/172-revision-v1/',0,'revision','',0),(284,1,'2014-09-27 17:09:51','2014-09-27 17:09:51','[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.<br /><br />\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.<br /><br />\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.<br /><br />\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.<br /><br />\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”<br /><br />\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”<br /><br />\r\n\r\n<strong>About The Christie Lodge</strong><br />\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners. \r\n\r\n<strong>About Colebrook Financial Company</strong><br />\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong><br />\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.<br /><br /> \r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period.  He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”<br /><br />\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America.  At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.<br /><br />\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now.  The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company.  I didn’t have a big staff and Mark was always there to listen and provide feedback.”<br /><br />\r\n<strong>About Starpoint Resort Group, Inc.</strong><br /><br />\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.<br /><br /> \r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek.  “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”<br /><br />\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”<br /><br />\r\n<strong>About Festiva Development Group, LLC</strong><br /><br />\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts & Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts & Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.<br /><br /> \r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”<br /><br />\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them.  We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”<br /><br />\r\n<strong>About CLC World Resorts & Hotels</strong><br /><br />\r\nCLC World Resorts & Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-09-27 17:09:51','2014-09-27 17:09:51','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(285,1,'2014-09-27 17:42:12','2014-09-27 17:42:12','[expand title=\"Colebrook Financial Company London Bridge (September 2014)\"]\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona.  Colebrook will be underwriting a portfolio of timeshare resort receivables.<br /><br />\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”<br /><br />\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong> \r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.<br /><br /> \r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.<br /><br />\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong> \r\nSharon Drechsler-Scott, RRP \r\nSharon@SharonINK.com; 310-923-1269 \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.<br /><br />\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line.  He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”<br /><br />\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.<br /><br />\r\n \r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong> \r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.<br /><br />\r\n \r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.<br /><br />\r\n \r\n<strong>Media Contact for Colebrook Financial Company:</strong> \r\nSharon Drechsler-Scott, RRP \r\nSharon@SharonINK.com; 310-923-1269<br /><br />\r\n \r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.<br /><br />\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”<br /><br /> \r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek.  “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull.  Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”<br /><br />   \r\n\r\n<strong>About Festiva Development Group, LLC</strong> \r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong> \r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396<br /><br />\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.<br /><br />\r\n  \r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”<br /><br />\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”<br /><br />\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”<br /><br />\r\n\r\n<strong>About Amber Group, Inc.</strong> \r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396<br /><br />\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.<br /><br />\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.<br /><br />\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.<br /><br />\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.<br /><br />\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”<br /><br />\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”<br /><br />\r\n\r\n<strong>About The Christie Lodge</strong><br />\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners. \r\n\r\n<strong>About Colebrook Financial Company</strong><br />\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong><br />\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.<br /><br /> \r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period.  He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”<br /><br />\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America.  At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.<br /><br />\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now.  The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company.  I didn’t have a big staff and Mark was always there to listen and provide feedback.”<br /><br />\r\n<strong>About Starpoint Resort Group, Inc.</strong><br /><br />\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.<br /><br /> \r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek.  “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”<br /><br />\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”<br /><br />\r\n<strong>About Festiva Development Group, LLC</strong><br /><br />\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts & Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts & Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.<br /><br /> \r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”<br /><br />\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them.  We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”<br /><br />\r\n<strong>About CLC World Resorts & Hotels</strong><br /><br />\r\nCLC World Resorts & Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-09-27 17:42:12','2014-09-27 17:42:12','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(286,1,'2014-09-27 17:48:06','2014-09-27 17:48:06','<img style=\"width: 100%;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" alt=\"\" />\r\n\r\n<hr />\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-09-27 17:48:06','2014-09-27 17:48:06','',118,'http://colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(287,1,'2014-09-29 20:17:13','2014-09-29 20:17:13','','News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd','','inherit','open','open','','news_colebrook-lends-to-london-bridge-resort_oct-2014_html_76483bfd','','','2014-09-29 20:17:13','2014-09-29 20:17:13','',114,'http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png',0,'attachment','image/png',0),(288,1,'2014-09-29 20:17:15','2014-09-29 20:17:15','','News_Colebrook lends to London Bridge Resort_Oct 2014_html_1bb8bfa9','','inherit','open','open','','news_colebrook-lends-to-london-bridge-resort_oct-2014_html_1bb8bfa9','','','2014-09-29 20:17:15','2014-09-29 20:17:15','',114,'http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg',0,'attachment','image/jpeg',0),(289,1,'2014-09-29 20:19:18','2014-09-29 20:19:18','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona.  Colebrook will be underwriting a portfolio of timeshare resort receivables.<br /><br />\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”<br /><br />\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong> \r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.<br /><br /> \r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.<br /><br />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" class=\"alignnone size-full wp-image-287\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong> \r\nSharon Drechsler-Scott, RRP \r\nSharon@SharonINK.com; 310-923-1269 \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.<br /><br />\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line.  He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”<br /><br />\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.<br /><br />\r\n \r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong> \r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.<br /><br />\r\n \r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.<br /><br />\r\n \r\n<strong>Media Contact for Colebrook Financial Company:</strong> \r\nSharon Drechsler-Scott, RRP \r\nSharon@SharonINK.com; 310-923-1269<br /><br />\r\n \r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.<br /><br />\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”<br /><br /> \r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek.  “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull.  Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”<br /><br />   \r\n\r\n<strong>About Festiva Development Group, LLC</strong> \r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong> \r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396<br /><br />\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.<br /><br />\r\n  \r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”<br /><br />\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”<br /><br />\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”<br /><br />\r\n\r\n<strong>About Amber Group, Inc.</strong> \r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)<br /><br />\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396<br /><br />\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.<br /><br />\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.<br /><br />\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.<br /><br />\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.<br /><br />\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”<br /><br />\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”<br /><br />\r\n\r\n<strong>About The Christie Lodge</strong><br />\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners. \r\n\r\n<strong>About Colebrook Financial Company</strong><br />\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong><br />\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR & Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.<br /><br /> \r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period.  He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”<br /><br />\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America.  At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.<br /><br />\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now.  The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company.  I didn’t have a big staff and Mark was always there to listen and provide feedback.”<br /><br />\r\n<strong>About Starpoint Resort Group, Inc.</strong><br /><br />\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.<br /><br /> \r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek.  “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”<br /><br />\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”<br /><br />\r\n<strong>About Festiva Development Group, LLC</strong><br /><br />\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts & Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts & Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.<br /><br /> \r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”<br /><br />\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them.  We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”<br /><br />\r\n<strong>About CLC World Resorts & Hotels</strong><br /><br />\r\nCLC World Resorts & Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members. \r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.<br /><br />\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”<br /><br />\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.<br /><br />\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”<br /><br />\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”<br /><br />\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-09-29 20:19:18','2014-09-29 20:19:18','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(290,1,'2014-09-29 20:47:12','2014-09-29 20:47:12','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-09-29 20:47:12','2014-09-29 20:47:12','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(292,1,'2014-10-01 18:01:30','2014-10-01 18:01:30','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-01 18:01:30','2014-10-01 18:01:30','',8,'http://colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(293,1,'2014-10-01 18:57:29','2014-10-01 18:57:29','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/prod_serv.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nColebrook has two primary constituencies: its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group. When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers. For twelve years we have put our own funds into transactions, structured loans that work for all parties, and leveraged our decades of experience in the timeshare industry to forge a deal that is stronger than any party could put together on its own. We also manage the relationship from the initial contact until the loans are paid in full.\r\n\r\n<hr>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of Credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-10-01 18:57:29','2014-10-01 18:57:29','',12,'http://colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(294,1,'2015-02-10 16:26:30','2015-02-10 16:26:30','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Why Developers Use Colebrook</h1>\r\n\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with many financial institutions that have not previously been timeshare lenders. By participating in Colebrook’s loans, these institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the issues involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity and Consistency</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.  We have also been consistently in the timeshare market during periods when other lenders have come and gone.  During the financial crisis of 2008-2009, Colebrook was one of only two lenders that was active, and provided liquidity to many developers that otherwise would not have had a source of funding.  Timeshare is our principal business and we have demonstrated a lasting commitment to the industry and its members.\r\n\r\n<strong>Transaction Fees</strong>\r\nThe transaction costs, particularly legal fees, involved in closing a loan often take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','inherit','open','open','','14-autosave-v1','','','2015-02-10 16:26:30','2015-02-10 16:26:30','',14,'http://colebrookfinancial.com/14-autosave-v1/',0,'revision','',0),(295,1,'2014-10-01 19:00:04','2014-10-01 19:00:04','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/developers.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with many financial institutions that have not previously been timeshare lenders. By participating in Colebrook’s loans, these institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the issues involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity and Consistency</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.  We have also been consistently in the timeshare market during periods when other lenders have come and gone.  During the financial crisis of 2008-2009, Colebrook was one of only two lenders that was active, and provided liquidity to many developers that otherwise would not have had a source of funding.  Timeshare is our principal business and we have demonstrated a lasting commitment to the industry and its members.\r\n\r\n<strong>Transaction Fees</strong>\r\nThe transaction costs, particularly legal fees, involved in closing a loan often take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','inherit','open','open','','14-revision-v1','','','2014-10-01 19:00:04','2014-10-01 19:00:04','',14,'http://colebrookfinancial.com/14-revision-v1/',0,'revision','',0),(296,1,'2014-10-01 19:03:40','2014-10-01 19:03:40','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/financial.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loans without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure, and manage loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 35 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects and to investigate and evaluate their creditworthiness. Bankers without industry contacts or experience would have difficulty generating and underwriting new timeshare loans.\r\n\r\n<strong>Banking Experience</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind.\r\n\r\n<strong>Lender Education</strong>\r\nFor the past six years, Colebrook has conducted an annual Lender Education Seminar for lenders, accountants and attorneys, to provide them with current information on the state of the timeshare industry.  We have had an impressive array of industry leaders as speakers, and feedback has been extremely positive.  We believe that the more our banking partners know about our industry, the more comfortable and confident they are working with us.  We are always delighted to make presentations to the boards and management of individual institutions.  Colebrook also produces a newsletter covering current trends in the timeshare industry and featuring stories about Colebrook’s customers.\r\n\r\n<strong>Servicing and Administration</strong>\r\nTheir banking experience has also made Colebrook’s principals sensitive to the regulatory environment faced by bankers, and we provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','inherit','open','open','','16-revision-v1','','','2014-10-01 19:03:40','2014-10-01 19:03:40','',16,'http://colebrookfinancial.com/16-revision-v1/',0,'revision','',0),(297,1,'2014-10-01 19:07:25','2014-10-01 19:07:25','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/home_assoc.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to Homeowners’ Associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2014-10-01 19:07:25','2014-10-01 19:07:25','',18,'http://colebrookfinancial.com/18-revision-v1/',0,'revision','',0),(298,1,'2014-10-01 19:09:54','2014-10-01 19:09:54','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nOn the following page is a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loan to a Mexican Developer</strong>\r\nColebrook established this relationship in 2005 with a $1 million line to finance U.S. purchasers and has expanded it to $3 million.  Many foreign developers have difficulty dealing with traditional U.S. timeshare lenders because of the nuances of lending on receivables from a project located in a foreign country.  As a smaller, nimbler company, Colebrook has been able to lend to developers in Mexico and the Caribbean.\r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2014-10-01 19:09:54','2014-10-01 19:09:54','',20,'http://colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(299,1,'2014-10-01 19:11:13','2014-10-01 19:11:13','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\r\nOn the following page is a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2014-10-01 19:11:13','2014-10-01 19:11:13','',20,'http://colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(302,1,'2014-10-01 19:22:32','2014-10-01 19:22:32','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/News_Colebrook-increases-loan-to-Starpoint_Sep-2014_REV3_html_4a003de5.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/News_Colebrook-increases-loan-to-Starpoint_Sep-2014_REV3_html_4a003de5-300x154.png\" alt=\"News_Colebrook increases loan to Starpoint_Sep 2014_REV3_html_4a003de5\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-300\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:22:32','2014-10-01 19:22:32','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(303,1,'2014-10-01 19:23:10','2014-10-01 19:23:10','','festiva','','inherit','open','open','','festiva','','','2015-08-25 22:37:00','2015-08-25 22:37:00','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg',0,'attachment','image/jpeg',0),(304,1,'2014-10-01 19:24:22','2014-10-01 19:24:22','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/News_Colebrook-increases-loan-to-Starpoint_Sep-2014_REV3_html_4a003de5.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/News_Colebrook-increases-loan-to-Starpoint_Sep-2014_REV3_html_4a003de5-300x154.png\" alt=\"News_Colebrook increases loan to Starpoint_Sep 2014_REV3_html_4a003de5\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-300\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:24:22','2014-10-01 19:24:22','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(305,1,'2014-10-01 19:25:20','2014-10-01 19:25:20','','starpoint','','inherit','open','open','','starpoint','','','2014-10-01 19:25:20','2014-10-01 19:25:20','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png',0,'attachment','image/png',0),(306,1,'2014-10-01 19:26:04','2014-10-01 19:26:04','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:26:04','2014-10-01 19:26:04','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(307,1,'2014-10-01 19:28:34','2014-10-01 19:28:34','','rw_logo','','inherit','open','open','','rw_logo','','','2014-10-01 19:28:34','2014-10-01 19:28:34','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg',0,'attachment','image/jpeg',0),(308,1,'2014-10-01 19:28:36','2014-10-01 19:28:36','','rw_resort','','inherit','open','open','','rw_resort','','','2014-10-01 19:28:36','2014-10-01 19:28:36','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg',0,'attachment','image/jpeg',0),(310,1,'2014-10-01 19:40:38','2014-10-01 19:40:38','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:40:38','2014-10-01 19:40:38','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(311,1,'2014-10-01 19:40:53','2014-10-01 19:40:53','','Print','','inherit','open','open','','print','','','2014-10-01 19:40:53','2014-10-01 19:40:53','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg',0,'attachment','image/jpeg',0),(312,1,'2014-10-01 19:47:37','2014-10-01 19:47:37','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"300\" height=\"190\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:47:37','2014-10-01 19:47:37','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(313,1,'2014-10-01 19:48:07','2014-10-01 19:48:07','','king\'s_creek','','inherit','open','open','','kings_creek','','','2014-10-01 19:48:07','2014-10-01 19:48:07','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg',0,'attachment','image/jpeg',0),(314,1,'2014-10-01 19:51:32','2014-10-01 19:51:32','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"300\" height=\"190\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:51:32','2014-10-01 19:51:32','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(315,1,'2014-10-01 19:52:05','2014-10-01 19:52:05','','seminar','','inherit','open','open','','seminar','','','2014-10-01 19:52:05','2014-10-01 19:52:05','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg',0,'attachment','image/jpeg',0);
INSERT INTO `wp_posts` VALUES (316,1,'2014-10-01 19:58:46','2014-10-01 19:58:46','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"300\" height=\"190\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" class=\"alignleft size-medium wp-image-315\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" class=\"alignright size-medium wp-image-246\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 19:58:46','2014-10-01 19:58:46','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(317,1,'2014-10-01 19:59:03','2014-10-01 19:59:03','','manhattan_club','','inherit','open','open','','manhattan_club','','','2014-10-01 19:59:03','2014-10-01 19:59:03','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg',0,'attachment','image/jpeg',0),(318,1,'2014-10-01 20:03:39','2014-10-01 20:03:39','[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" class=\"alignleft size-medium wp-image-315\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" class=\"alignright size-medium wp-image-246\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" class=\"alignnone size-medium wp-image-317\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-01 20:03:39','2014-10-01 20:03:39','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(322,1,'2014-10-27 22:51:37','2014-10-27 22:51:37','<strong>Colebrook Financial Company</strong>, 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, click on the navigation items at the top of the page.','Home','','inherit','open','open','','2-autosave-v1','','','2014-10-27 22:51:37','2014-10-27 22:51:37','',2,'http://www.colebrookfinancial.com/2-autosave-v1/',0,'revision','',0),(323,1,'2014-10-26 19:56:43','2014-10-26 19:56:43','<strong>Colebrook Financial Company</strong>, 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, click on the tabs to the left.','Home','','inherit','open','open','','2-revision-v1','','','2014-10-26 19:56:43','2014-10-26 19:56:43','',2,'http://www.colebrookfinancial.com/2-revision-v1/',0,'revision','',0),(329,1,'2014-10-27 15:00:20','2014-10-27 15:00:20','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img style=\"padding-bottom:40px;\" src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-autosave-v1','','','2014-10-27 15:00:20','2014-10-27 15:00:20','',8,'http://www.colebrookfinancial.com/8-autosave-v1/',0,'revision','',0),(330,1,'2014-10-27 14:29:00','2014-10-27 14:29:00','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignnone wp-image-328\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-27 14:29:00','2014-10-27 14:29:00','',8,'http://www.colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(331,1,'2014-10-27 14:34:38','2014-10-27 14:34:38','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft wp-image-328\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-27 14:34:38','2014-10-27 14:34:38','',8,'http://www.colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(332,1,'2014-10-27 14:37:15','2014-10-27 14:37:15','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-27 14:37:15','2014-10-27 14:37:15','',8,'http://www.colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(333,1,'2014-10-27 15:00:29','2014-10-27 15:00:29','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img style=\"padding-bottom:40px;\" src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-27 15:00:29','2014-10-27 15:00:29','',8,'http://www.colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(334,1,'2014-10-27 15:01:42','2014-10-27 15:01:42','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img style=\"padding-bottom:40px;\" src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-10-27 15:01:42','2014-10-27 15:01:42','',118,'http://www.colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(335,1,'2014-10-27 15:05:21','2014-10-27 15:05:21','<img style=\"width: 100%;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" alt=\"\" />\r\n\r\n<hr />\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-10-27 15:05:21','2014-10-27 15:05:21','',118,'http://www.colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(336,1,'2012-10-15 15:48:41','2012-10-15 15:48:41','Colebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-revision-v1','','','2012-10-15 15:48:41','2012-10-15 15:48:41','',43,'http://www.colebrookfinancial.com/43-revision-v1/',0,'revision','',0),(337,1,'2014-10-27 15:08:42','2014-10-27 15:08:42','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img style=\"padding-bottom:40px;\" src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-revision-v1','','','2014-10-27 15:08:42','2014-10-27 15:08:42','',43,'http://www.colebrookfinancial.com/43-revision-v1/',0,'revision','',0),(338,1,'2012-09-10 19:40:52','2012-09-10 19:40:52','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2012-09-10 19:40:52','2012-09-10 19:40:52','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(339,1,'2014-10-27 15:10:08','2014-10-27 15:10:08','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img style=\"padding-bottom:40px;\" src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\n<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 15:10:08','2014-10-27 15:10:08','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(340,1,'2014-10-27 15:10:41','2014-10-27 15:10:41','<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 15:10:41','2014-10-27 15:10:41','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(341,1,'2014-10-27 15:13:02','2014-10-27 15:13:02','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\"><img style=\"padding-bottom:40px;\" src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_small.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"200\" class=\"alignleft size-full wp-image-328\" /></a>\r\n\r\nColebrook has two primary constituencies: its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group. When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers. For twelve years we have put our own funds into transactions, structured loans that work for all parties, and leveraged our decades of experience in the timeshare industry to forge a deal that is stronger than any party could put together on its own. We also manage the relationship from the initial contact until the loans are paid in full.\r\n\r\n<hr>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of Credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-10-27 15:13:02','2014-10-27 15:13:02','',12,'http://www.colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(343,1,'2014-10-27 15:50:09','2014-10-27 15:50:09','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_med.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_med.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"300\" class=\"aligncenter size-full wp-image-342\" /></a>\r\n\r\nColebrook has two primary constituencies: its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group. When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers. For twelve years we have put our own funds into transactions, structured loans that work for all parties, and leveraged our decades of experience in the timeshare industry to forge a deal that is stronger than any party could put together on its own. We also manage the relationship from the initial contact until the loans are paid in full.\r\n\r\n<hr>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of Credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-10-27 15:50:09','2014-10-27 15:50:09','',12,'http://www.colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(344,1,'2014-10-27 16:26:16','2014-10-27 16:26:16','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_med.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_med.jpg\" alt=\"Condos and apartments in Cabo San Lucas\" width=\"940\" height=\"300\" class=\"aligncenter size-full wp-image-342\" /></a>\r\n\r\n<h1>Products & Services</h1>\r\n\r\nColebrook has two primary constituencies: its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group. When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers. For twelve years we have put our own funds into transactions, structured loans that work for all parties, and leveraged our decades of experience in the timeshare industry to forge a deal that is stronger than any party could put together on its own. We also manage the relationship from the initial contact until the loans are paid in full.\r\n\r\n<hr>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of Credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-10-27 16:26:16','2014-10-27 16:26:16','',12,'http://www.colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(346,1,'2014-10-27 19:50:09','2014-10-27 19:50:09','','1','','inherit','open','open','','1','','','2014-10-27 19:50:09','2014-10-27 19:50:09','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1.jpg',0,'attachment','image/jpeg',0),(347,1,'2014-10-27 19:50:10','2014-10-27 19:50:10','','2','','inherit','open','open','','2','','','2014-10-27 19:50:10','2014-10-27 19:50:10','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2.jpg',0,'attachment','image/jpeg',0),(348,1,'2014-10-27 19:50:11','2014-10-27 19:50:11','','3','','inherit','open','open','','3','','','2014-10-27 19:50:11','2014-10-27 19:50:11','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3.jpg',0,'attachment','image/jpeg',0),(349,1,'2014-10-27 19:50:12','2014-10-27 19:50:12','','4','','inherit','open','open','','4','','','2014-10-27 19:50:12','2014-10-27 19:50:12','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4.jpg',0,'attachment','image/jpeg',0),(350,1,'2014-10-27 19:50:12','2014-10-27 19:50:12','','5','','inherit','open','open','','5','','','2014-10-27 19:50:12','2014-10-27 19:50:12','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5.jpg',0,'attachment','image/jpeg',0),(351,1,'2014-10-27 19:50:13','2014-10-27 19:50:13','','6','','inherit','open','open','','6','','','2014-10-27 19:50:13','2014-10-27 19:50:13','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/6.jpg',0,'attachment','image/jpeg',0),(352,1,'2014-10-27 19:58:14','2014-10-27 19:58:14','','1_a','','inherit','open','open','','1_a','','','2014-10-27 19:58:14','2014-10-27 19:58:14','',8,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg',0,'attachment','image/jpeg',0),(353,1,'2014-10-27 19:58:16','2014-10-27 19:58:16','','2_a','','inherit','open','open','','2_a','','','2014-10-27 19:58:16','2014-10-27 19:58:16','',12,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg',0,'attachment','image/jpeg',0),(354,1,'2014-10-27 19:58:17','2014-10-27 19:58:17','','3_a','','inherit','open','open','','3_a','','','2014-10-27 19:58:17','2014-10-27 19:58:17','',43,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg',0,'attachment','image/jpeg',0),(355,1,'2014-10-27 19:58:18','2014-10-27 19:58:18','','4_a','','inherit','open','open','','4_a','','','2014-10-27 19:58:18','2014-10-27 19:58:18','',20,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg',0,'attachment','image/jpeg',0),(356,1,'2014-10-27 19:58:19','2014-10-27 19:58:19','','5_a','','inherit','open','open','','5_a','','','2014-10-27 19:58:19','2014-10-27 19:58:19','',46,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg',0,'attachment','image/jpeg',0),(357,1,'2014-10-27 19:58:20','2014-10-27 19:58:20','','6_a','','inherit','open','open','','6_a','','','2014-10-27 19:58:20','2014-10-27 19:58:20','',0,'http://www.colebrookfinancial.com/wp-content/uploads/2014/10/6_a.jpg',0,'attachment','image/jpeg',0),(358,1,'2014-10-27 19:59:36','2014-10-27 19:59:36','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-27 19:59:36','2014-10-27 19:59:36','',8,'http://www.colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(359,1,'2014-10-27 20:00:20','2014-10-27 20:00:20','<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\"><img class=\"size-full wp-image-242 alignright\" title=\"Colebrook_05\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Colebrook_05.jpg\" alt=\"\" width=\"390\" /></a>\r\nColebrook Financial was launched in January 2003, and initially made relatively small loans to timeshare developers and purchased and originated receivable portfolios.  Most customers were small, but as the years went on, some of them got bigger, and since they valued the relationship with Colebrook, they remained customers.  Colebrook was able to accommodate the growth by obtaining participants, and began to pursue larger opportunities.   \r\n\r\nWhen the financial crisis hit at the end of 2008, Colebrook was in a position to take advantage of the void created by the exit of two of the timeshare industry’s largest lenders.  Over the next two years, Colebrook established lending relationships with some of the leading timeshare developers in the United States, and completed the transition from a small specialty company to one capable of competing with any industry lender.  Its rates are competitive, and the level of personal service is far above that of large institutional lenders. \r\n\r\nAll of Colebrook’s active partners have extensive timeshare lending experience.  Bill Ryczek and Jim Bishop began their timeshare careers in the late 1970s while Fred Dauch and Mark Raunikar entered the industry a decade later. Tom Petrisko, who has more than 15 years of industry experience, joined Colebrook in July 2013 in order to accommodate the increased level of business activity and to provide for eventual management succession. He was a colleague of Colebrook’s founding partners at Liberty Bank and shares their work ethic and commitment to customer service.\r\n\r\nThe partners’ experience enables them to evaluate each prospective transaction and borrower, and structure loans that mitigate risk.  The analytical process includes a review of financial statements, evaluation of the collateral supporting the loan, and a review of the borrower’s prior history.  Once a loan has been closed, the partners monitor the financial and collateral performance of the customer on a regular basis. \r\n\r\n<hr />\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"size-medium wp-image-246 alignleft\" title=\"Ryczek_B_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Bill Ryczek, RRP</strong>\r\nAfter obtaining an MBA Degree from Penn State University, Bill began a career in the banking industry, and joined Barclays American Business Credit in 1979. Barclays was one of the first companies to make loans to the newly-developing timeshare industry, and Bill was one of the first in the country to specialize in timeshare lending. He was national marketing manager for the timeshare division when he left Barclays to join Liberty Bank as Vice President and Timeshare Manager in 1988. At the time he left Liberty in 2002, Bill was Chief Lending Officer, with responsibility for a $1.3 billion portfolio, consisting of residential mortgages, consumer loans, commercial mortgages and commercial loans, as well as the Bank’s $300 million timeshare portfolio.\r\n\r\nAt Colebrook, Bill has primary responsibility for marketing and banking relations.  After more than 35 years in the timeshare industry, he is well-known and a frequent speaker at conventions on the topic of receivable financing.  His industry connections have enabled him to assemble panels for Colebrook’s annual Lender Education Seminar that include some of the leading figures in the timeshare industry.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01.jpg\"><img class=\"size-medium wp-image-241 alignleft\" title=\"Bishop_J_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Bishop_J_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Jim Bishop</strong>\r\nJim obtained a BS Degree in Accounting from the University of Connecticut and joined Barclays American Business Credit in 1979. He progressed from an administrative audit function to loan officer and assistant vice president when he left the company in 1987 to join Security Capital, another timeshare industry lender. In 1990, Jim was one of two founders of the Resort Finance Division of Textron Financial. Later in 1990, he re-joined Bill Ryczek, with whom he worked at Barclays, as Timeshare Manager at Liberty Bank. When he left Liberty in 2002, he was Senior Vice President and Timeshare Manager, with responsibility for the $300 million timeshare portfolio.\r\n\r\nJim is the Chief Financial Officer of Colebrook, with responsibility for financial reporting and cash management. He also supervises all administrative, technology, and communications functions.\r\n\r\n&nbsp; \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02.jpg\"><img class=\"size-medium wp-image-243 alignleft\" title=\"Dauch_F_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Dauch_F_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Fred Dauch</strong>\r\nFred earned a B.A. Degree from Washington College in 1982, with a concentration in Economics. He has been employed by Household Finance, First Union Corporation, Bank of Hartford, and Liberty Bank. He was Senior Vice President, Manager of the Commercial Lending Department at Liberty. In addition to his knowledge of timeshare lending, in which he has been engaged since 1989, Fred has a strong background in direct and indirect consumer lending, and is CFC’s principal resource in the analysis of consumer credit.\r\n\r\nFred develops new loan opportunities and also services existing clients.  On those relationships that include participating lenders, he is the liaison with the participant in both the origination and administrative phases.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01.jpg\"><img class=\"size-medium wp-image-245 alignleft\" title=\"Raunikar_M_01\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Raunikar_M_01-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Mark Raunikar</strong>\r\nMark obtained a BS Degree in Mathematics from the University of Connecticut in 1987, and joined Liberty Bank as a Timeshare Loan Officer. He received a series of promotions and, when Mark left Liberty in 2002, was Vice President, Senior Timeshare Loan Officer and Secondary Market Manager for the Timeshare Department. He was responsible for structuring multi-bank syndications and managed relationships as large as $100 million.\r\n\r\nAt Colebrook, Mark is very active on the marketing and origination front, and also administers several relationships.  He attends industry conferences and maintains the connections he has established over more than 25 years in timeshare field. \r\n\r\n&nbsp;\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"size-medium wp-image-244 alignleft\" title=\"Petrisko_T_02\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"\" width=\"150\" height=\"210\" /></a>\r\n<strong>Tom Petrisko</strong>\r\nTom graduated from Trinity College with a degree in Economics and joined Farmington Savings Bank in a loan administration capacity in 1992. He joined Liberty Bank as a senior analyst in early 1998 and transitioned to the timeshare department later that year. After rising to the position of Vice President, Tom went to Farmington Bank in 2007 in concert with two colleagues to start the bank’s resort finance division. In January 2012 he joined Capital One Bank as Vice President in the Vacation Ownership Division. Tom became a partner in Colebrook Financial in July 2013.\r\n\r\nTom both originates and services loan relationships.  Upon joining Colebrook, he assumed responsibility for three sizable relationships.  He is actively involved in the generation of new business, and regularly attends industry conventions.','About Us','','inherit','open','open','','8-revision-v1','','','2014-10-27 20:00:20','2014-10-27 20:00:20','',8,'http://www.colebrookfinancial.com/8-revision-v1/',0,'revision','',0),(360,1,'2014-10-27 20:01:07','2014-10-27 20:01:07','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\" alt=\"2_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-353\" /></a>\r\n\r\n<h1>Products & Services</h1>\r\n\r\nColebrook has two primary constituencies: its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group. When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers. For twelve years we have put our own funds into transactions, structured loans that work for all parties, and leveraged our decades of experience in the timeshare industry to forge a deal that is stronger than any party could put together on its own. We also manage the relationship from the initial contact until the loans are paid in full.\r\n\r\n<hr>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of Credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-10-27 20:01:07','2014-10-27 20:01:07','',12,'http://www.colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(361,1,'2014-10-27 20:03:13','2014-10-27 20:03:13','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-revision-v1','','','2014-10-27 20:03:13','2014-10-27 20:03:13','',43,'http://www.colebrookfinancial.com/43-revision-v1/',0,'revision','',0),(362,1,'2014-10-27 20:03:59','2014-10-27 20:03:59','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with many financial institutions that have not previously been timeshare lenders. By participating in Colebrook’s loans, these institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the issues involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity and Consistency</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.  We have also been consistently in the timeshare market during periods when other lenders have come and gone.  During the financial crisis of 2008-2009, Colebrook was one of only two lenders that was active, and provided liquidity to many developers that otherwise would not have had a source of funding.  Timeshare is our principal business and we have demonstrated a lasting commitment to the industry and its members.\r\n\r\n<strong>Transaction Fees</strong>\r\nThe transaction costs, particularly legal fees, involved in closing a loan often take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','inherit','open','open','','14-revision-v1','','','2014-10-27 20:03:59','2014-10-27 20:03:59','',14,'http://www.colebrookfinancial.com/14-revision-v1/',0,'revision','',0),(363,1,'2014-10-27 20:05:34','2014-10-27 20:05:34','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loans without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure, and manage loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 35 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects and to investigate and evaluate their creditworthiness. Bankers without industry contacts or experience would have difficulty generating and underwriting new timeshare loans.\r\n\r\n<strong>Banking Experience</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind.\r\n\r\n<strong>Lender Education</strong>\r\nFor the past six years, Colebrook has conducted an annual Lender Education Seminar for lenders, accountants and attorneys, to provide them with current information on the state of the timeshare industry.  We have had an impressive array of industry leaders as speakers, and feedback has been extremely positive.  We believe that the more our banking partners know about our industry, the more comfortable and confident they are working with us.  We are always delighted to make presentations to the boards and management of individual institutions.  Colebrook also produces a newsletter covering current trends in the timeshare industry and featuring stories about Colebrook’s customers.\r\n\r\n<strong>Servicing and Administration</strong>\r\nTheir banking experience has also made Colebrook’s principals sensitive to the regulatory environment faced by bankers, and we provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','inherit','open','open','','16-revision-v1','','','2014-10-27 20:05:34','2014-10-27 20:05:34','',16,'http://www.colebrookfinancial.com/16-revision-v1/',0,'revision','',0),(364,1,'2014-10-27 20:06:32','2014-10-27 20:06:32','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to Homeowners’ Associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2014-10-27 20:06:32','2014-10-27 20:06:32','',18,'http://www.colebrookfinancial.com/18-revision-v1/',0,'revision','',0),(365,1,'2014-10-27 20:07:24','2014-10-27 20:07:24','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\nOn the following page is a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2014-10-27 20:07:24','2014-10-27 20:07:24','',20,'http://www.colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(366,1,'2012-10-15 15:51:01','2012-10-15 15:51:01','Enter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;','Newsroom','','inherit','open','open','','46-revision-v1','','','2012-10-15 15:51:01','2012-10-15 15:51:01','',46,'http://www.colebrookfinancial.com/46-revision-v1/',0,'revision','',0),(367,1,'2014-10-27 20:08:37','2014-10-27 20:08:37','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;','Newsroom','','inherit','open','open','','46-revision-v1','','','2014-10-27 20:08:37','2014-10-27 20:08:37','',46,'http://www.colebrookfinancial.com/46-revision-v1/',0,'revision','',0),(368,1,'2014-10-27 20:09:45','2014-10-27 20:09:45','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" class=\"alignleft size-medium wp-image-315\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" class=\"alignright size-medium wp-image-246\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" class=\"alignnone size-medium wp-image-317\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-27 20:09:45','2014-10-27 20:09:45','',114,'http://www.colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(369,1,'2014-10-27 20:10:35','2014-10-27 20:10:35','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-10-27 20:10:35','2014-10-27 20:10:35','',118,'http://www.colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(370,1,'2014-10-27 20:12:51','2014-10-27 20:12:51','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2014-10-27 20:12:51','2014-10-27 20:12:51','',172,'http://www.colebrookfinancial.com/172-revision-v1/',0,'revision','',0),(371,1,'2014-10-27 20:16:53','2014-10-27 20:16:53','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:right;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:16:53','2014-10-27 20:16:53','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(372,1,'2014-10-27 20:41:28','2014-10-27 20:41:28','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<h1>Clients</h1>\r\n\r\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-revision-v1','','','2014-10-27 20:41:28','2014-10-27 20:41:28','',43,'http://www.colebrookfinancial.com/43-revision-v1/',0,'revision','',0),(373,1,'2014-10-27 20:42:23','2014-10-27 20:42:23','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<h1>Why Developers Use Colebrook</h1>\r\n\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with many financial institutions that have not previously been timeshare lenders. By participating in Colebrook’s loans, these institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the issues involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity and Consistency</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.  We have also been consistently in the timeshare market during periods when other lenders have come and gone.  During the financial crisis of 2008-2009, Colebrook was one of only two lenders that was active, and provided liquidity to many developers that otherwise would not have had a source of funding.  Timeshare is our principal business and we have demonstrated a lasting commitment to the industry and its members.\r\n\r\n<strong>Transaction Fees</strong>\r\nThe transaction costs, particularly legal fees, involved in closing a loan often take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','inherit','open','open','','14-revision-v1','','','2014-10-27 20:42:23','2014-10-27 20:42:23','',14,'http://www.colebrookfinancial.com/14-revision-v1/',0,'revision','',0),(374,1,'2014-10-27 20:43:21','2014-10-27 20:43:21','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<h1>Why Financial Institutions Use Colebrook</h1>\r\n\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loans without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure, and manage loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 35 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects and to investigate and evaluate their creditworthiness. Bankers without industry contacts or experience would have difficulty generating and underwriting new timeshare loans.\r\n\r\n<strong>Banking Experience</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind.\r\n\r\n<strong>Lender Education</strong>\r\nFor the past six years, Colebrook has conducted an annual Lender Education Seminar for lenders, accountants and attorneys, to provide them with current information on the state of the timeshare industry.  We have had an impressive array of industry leaders as speakers, and feedback has been extremely positive.  We believe that the more our banking partners know about our industry, the more comfortable and confident they are working with us.  We are always delighted to make presentations to the boards and management of individual institutions.  Colebrook also produces a newsletter covering current trends in the timeshare industry and featuring stories about Colebrook’s customers.\r\n\r\n<strong>Servicing and Administration</strong>\r\nTheir banking experience has also made Colebrook’s principals sensitive to the regulatory environment faced by bankers, and we provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','inherit','open','open','','16-revision-v1','','','2014-10-27 20:43:21','2014-10-27 20:43:21','',16,'http://www.colebrookfinancial.com/16-revision-v1/',0,'revision','',0),(375,1,'2014-10-27 20:45:55','2014-10-27 20:45:55','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<h1>Loans To Homeowners Associations</h1>\r\n\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to Homeowners’ Associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2014-10-27 20:45:55','2014-10-27 20:45:55','',18,'http://www.colebrookfinancial.com/18-revision-v1/',0,'revision','',0),(376,1,'2014-10-27 20:46:43','2014-10-27 20:46:43','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\n<h1>Sample Transactions</h1>\r\n\r\nOn the following page is a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2014-10-27 20:46:43','2014-10-27 20:46:43','',20,'http://www.colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(377,1,'2014-10-27 20:47:33','2014-10-27 20:47:33','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Newsroom</h1>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n<hr>\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]&nbsp;','Newsroom','','inherit','open','open','','46-revision-v1','','','2014-10-27 20:47:33','2014-10-27 20:47:33','',46,'http://www.colebrookfinancial.com/46-revision-v1/',0,'revision','',0),(378,1,'2014-10-27 20:48:16','2014-10-27 20:48:16','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\nSharon@SharonINK.com; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Scott, RRP\r\nSharonINK PR &amp; Marketing\r\n1-310-923-1269; Sharon@SharonINK.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" class=\"alignleft size-medium wp-image-315\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" class=\"alignright size-medium wp-image-246\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" class=\"alignnone size-medium wp-image-317\" /></a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2014-10-27 20:48:16','2014-10-27 20:48:16','',114,'http://www.colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(379,1,'2014-10-27 20:48:57','2014-10-27 20:48:57','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Articles</h1>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-10-27 20:48:57','2014-10-27 20:48:57','',118,'http://www.colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(380,1,'2014-10-27 20:50:21','2014-10-27 20:50:21','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Newsletters</h1>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2014-10-27 20:50:21','2014-10-27 20:50:21','',172,'http://www.colebrookfinancial.com/172-revision-v1/',0,'revision','',0),(381,1,'2014-10-27 20:51:50','2014-10-27 20:51:50','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:51:50','2014-10-27 20:51:50','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(382,1,'2014-10-27 20:52:53','2014-10-27 20:52:53','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px; float: left;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:52:53','2014-10-27 20:52:53','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(383,1,'2014-10-27 20:53:55','2014-10-27 20:53:55','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px; float: left; margin-left: 30px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:53:55','2014-10-27 20:53:55','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(384,1,'2014-10-27 20:54:20','2014-10-27 20:54:20','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px; float: left; margin-left: 50px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:54:20','2014-10-27 20:54:20','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(385,1,'2014-10-27 20:54:37','2014-10-27 20:54:37','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px; float: left; margin-left: 70px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n<br>\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:54:37','2014-10-27 20:54:37','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(386,1,'2014-10-27 20:55:58','2014-10-27 20:55:58','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px; float: left; margin-left: 70px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n<div style=\"float: left;\">\r\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:55:58','2014-10-27 20:55:58','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(387,1,'2014-10-27 20:56:23','2014-10-27 20:56:23','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n<div style=\"width:280px; float: left; margin-left: 70px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n<div style=\"float: left;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:56:23','2014-10-27 20:56:23','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(388,1,'2014-10-27 20:57:45','2014-10-27 20:57:45','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:280px; float: left; margin-left: 70px;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:57:45','2014-10-27 20:57:45','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(389,1,'2014-10-27 20:58:05','2014-10-27 20:58:05','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:280px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:58:05','2014-10-27 20:58:05','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(390,1,'2014-10-27 20:58:27','2014-10-27 20:58:27','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:58:27','2014-10-27 20:58:27','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(391,1,'2014-10-27 20:59:05','2014-10-27 20:59:05','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 50px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:59:05','2014-10-27 20:59:05','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(392,1,'2014-10-27 20:59:25','2014-10-27 20:59:25','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:300px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 80px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 20:59:25','2014-10-27 20:59:25','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(393,1,'2014-10-27 21:00:26','2014-10-27 21:00:26','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:340px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 80px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 21:00:26','2014-10-27 21:00:26','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(394,1,'2014-10-27 21:00:43','2014-10-27 21:00:43','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:320px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 80px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 21:00:43','2014-10-27 21:00:43','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(395,1,'2014-10-27 21:10:50','2014-10-27 21:10:50','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:320px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 120px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 21:10:50','2014-10-27 21:10:50','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(396,1,'2014-10-27 21:11:06','2014-10-27 21:11:06','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/1_a.jpg\" alt=\"1_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-352\" /></a>\r\n\r\n<div style=\"width:340px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 120px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 21:11:06','2014-10-27 21:11:06','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(397,1,'2014-10-27 21:11:47','2014-10-27 21:11:47','<div style=\"width:340px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 120px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 21:11:47','2014-10-27 21:11:47','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(398,1,'2014-10-27 21:17:28','2014-10-27 21:17:28','<div style=\"width:350px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:300px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 110px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 21:17:28','2014-10-27 21:17:28','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(399,1,'2014-10-27 22:31:40','2014-10-27 22:31:40','<div style=\"width:350px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:340px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 110px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 22:31:40','2014-10-27 22:31:40','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(400,1,'2014-10-27 22:32:25','2014-10-27 22:32:25','<div style=\"width:350px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:340px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 100px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-10-27 22:32:25','2014-10-27 22:32:25','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(401,1,'2014-10-27 22:52:00','2014-10-27 22:52:00','<strong>Colebrook Financial Company</strong>, 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, click on the navigation items at the top of the page.','Home','','inherit','open','open','','2-revision-v1','','','2014-10-27 22:52:00','2014-10-27 22:52:00','',2,'http://www.colebrookfinancial.com/2-revision-v1/',0,'revision','',0),(403,1,'2014-11-12 00:10:26','2014-11-12 00:10:26','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\n<h1>Sample Transactions</h1>\r\n\r\nBelow you\'ll find a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2014-11-12 00:10:26','2014-11-12 00:10:26','',20,'http://www.colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(404,1,'2014-11-12 00:12:14','2014-11-12 00:12:14','<div style=\"width:350px; float: left; margin-left: 0;\">\r\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\r\n</div>\r\n\r\n<div style=\"width:340px; float:left;\">\r\n<iframe width=\"300\" height=\"180\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"https://maps.google.com/maps?f=q&amp;source=s_q&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792&amp;output=embed\"></iframe><br /><small><a href=\"https://maps.google.com/maps?f=q&amp;source=embed&amp;hl=en&amp;geocode=&amp;q=100+Riverview+Center+-+Suite+203+Middletown,+CT+06457&amp;aq=&amp;sll=41.500765,-72.757507&amp;sspn=1.470764,3.348083&amp;ie=UTF8&amp;hq=&amp;hnear=100+Riverview+Center+%23203,+Middletown,+Connecticut+06457&amp;t=m&amp;z=14&amp;ll=41.560374,-72.646792\" style=\"color:#0000FF;text-align:left\">View Larger Map</a></small>\r\n<hr>\r\n<strong>100 Riverview Center - Suite 203\r\nMiddletown, CT 06457\r\nPhone: 860-344-9396\r\nFax: 860-344-9638</strong>\r\n<hr>\r\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\r\nTake Route 91 South to Route 9 South (Exit 22S). Take Route 9 South to DeKoven Drive/Harbor Area (Exit 14). Take a right at the end of the exit and take the second left onto Court Street. Enter the second parking area on the left. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New Haven and Points South\"]\r\nTake Route 91 North to Route 691/66 East (Exit 18). Take Route 66 into Middletown and proceed to the intersection of Route 66 and Main Street. Take a right on Main Street and take a left at the second light (Court Street). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From Willimantic and Points East\"]\r\nTake Route 66 to Main Street, Middletown. Take a left on Court Street (Liberty Bank will be on your right). Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]&nbsp;\r\n[expand title=\"From New London and Points Southeast\"]\r\nTake Route 95 South to Route 9 North (Exit 69). Take Route 9 North to Route 66 West (Exit 15). Take Route 66 West to Main Street. Take a left on Main Street and the first left onto Court Street. Enter the first parking area on the right. 100 Riverview is up the stairs from the parking lot. The main entrance is the last door on the right as you proceed on the sidewalk toward Main Street.\r\n[/expand]\r\n</div>\r\n\r\n<div style=\"float: left; margin-left: 100px;\">\r\n<p style=\"text-align:left; font-size:18px;\"><strong>Direct Contact</strong>\r\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\r\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\r\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\r\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a>\r\n<a href=\"mailto:tpetrisko@colebrookfinancial.com\">Tom Petrisko</a></p>\r\n</div>','Contact Us','','inherit','open','open','','10-revision-v1','','','2014-11-12 00:12:14','2014-11-12 00:12:14','',10,'http://www.colebrookfinancial.com/10-revision-v1/',0,'revision','',0),(405,1,'2014-11-12 00:16:39','2014-11-12 00:16:39','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\" alt=\"2_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-353\" /></a>\r\n\r\n<h1>Products & Services</h1>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation Loans up to $30 million or more</li>\r\n<li>Inventory & Development Loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to Homeowners’ Associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of Credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-11-12 00:16:39','2014-11-12 00:16:39','',12,'http://www.colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(406,1,'2014-11-12 00:18:22','2014-11-12 00:18:22','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Newsroom</h1>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases, articles that mention Colebrook and recent and upcoming events.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n','Newsroom','','inherit','open','open','','46-revision-v1','','','2014-11-12 00:18:22','2014-11-12 00:18:22','',46,'http://www.colebrookfinancial.com/46-revision-v1/',0,'revision','',0),(407,1,'2014-11-12 00:20:22','2014-11-12 00:20:22','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Articles</h1>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2014-11-12 00:20:22','2014-11-12 00:20:22','',118,'http://www.colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(408,1,'2014-11-12 00:23:02','2014-11-12 00:23:02','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\" alt=\"2_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-353\" /></a>\r\n\r\n<h1>Products & Services</h1>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation loans up to $30 million or more</li>\r\n<li>Inventory & development loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to homeowners’ associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2014-11-12 00:23:02','2014-11-12 00:23:02','',12,'http://www.colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(409,1,'2014-11-12 00:24:53','2014-11-12 00:24:53','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Newsroom</h1>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases and articles that mention Colebrook.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n','Newsroom','','inherit','open','open','','46-revision-v1','','','2014-11-12 00:24:53','2014-11-12 00:24:53','',46,'http://www.colebrookfinancial.com/46-revision-v1/',0,'revision','',0),(410,1,'2014-11-12 00:31:42','2014-11-12 00:31:42','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" /></a>\r\n\r\n<h1>Loans To Homeowners Associations</h1>\r\n\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to homeowners’ associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2014-11-12 00:31:42','2014-11-12 00:31:42','',18,'http://www.colebrookfinancial.com/18-revision-v1/',0,'revision','',0),(413,1,'2015-02-10 16:19:51','2015-02-10 16:19:51','<a href=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\"><img src=\"http://www.colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" /></a>\r\n\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. \r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" class=\"alignleft size-medium wp-image-315\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" class=\"alignright size-medium wp-image-246\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" class=\"alignnone size-medium wp-image-317\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-02-10 16:19:51','2015-02-10 16:19:51','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(414,1,'2015-02-10 16:24:23','2015-02-10 16:24:23','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/2_a.jpg\" alt=\"2_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-353\" />\r\n\r\n<h1>Products & Services</h1>\r\n<strong>For Developers</strong>\r\n<ul>\r\n<li>Hypothecation loans up to $30 million or more</li>\r\n<li>Inventory & development loans</li>\r\n<li>Financing for B credit receivables</li>\r\n<li>Financing for exit program receivables</li>\r\n<li>Loans to homeowners’ associations for working capital or capital improvements</li>\r\n</ul>\r\n\r\n\r\nAlthough Colebrook offers loan sizes of all types, we believe that our personal service, flexibility and lower transaction costs give us a significant competitive advantage.  We also offer fixed rate financing without the need for cumbersome interest rate swaps or other derivative instruments. \r\n\r\n<strong>Mexican and Caribbean Projects</strong>\r\nColebrook provides receivable financing for U.S. purchasers at Mexican and Caribbean resorts. Many foreign developers have difficulty obtaining financing for their receivables, as banks in Mexico and the Caribbean have been reluctant to fund the timeshare industry, and American lenders have shied away from foreign projects, particularly smaller ones with needs of less than $10 million.\r\n\r\nWith a more personal approach, Colebrook has been able to provide both loan purchase and hypothecation facilities that provide developers with cash flow for sales, marketing and capital improvements. We believe we have the ability to assess risk and, while our transactions are fully-documented, we try to accommodate the local legal and business environment.\r\n\r\n<hr>\r\n<strong>For Financial Institutions</strong>\r\n<ul>\r\n<li>Sale of participations</li>\r\n<li>Lines of credit</li>\r\n<li>Purchase of portfolios</li>\r\n</ul>\r\n\r\nColebrook has relationships with a number of banks, many of which have been in place for ten years or more.  Transactions are structured to protect the institutions, and none has ever suffered a loss in a Colebrook transaction.\r\n\r\n<em>If you’re interested in something that’s not listed above, call us. We’re happy to listen to new ideas.</em>','Products & Services','','inherit','open','open','','12-revision-v1','','','2015-02-10 16:24:23','2015-02-10 16:24:23','',12,'http://colebrookfinancial.com/12-revision-v1/',0,'revision','',0),(415,1,'2015-02-10 16:25:39','2015-02-10 16:25:39','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\n\n<h1>Clients</h1>\n\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-autosave-v1','','','2015-02-10 16:25:39','2015-02-10 16:25:39','',43,'http://colebrookfinancial.com/43-autosave-v1/',0,'revision','',0),(416,1,'2015-02-10 16:25:47','2015-02-10 16:25:47','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Clients</h1>\r\n\r\nColebrook has two primary constituencies:  its funding sources, which are principally banks, and its developer clients; we are very conscious of the need to create value for each group.  When we began our business, we did not want to be merely “brokers” introducing lenders and borrowers.  For ten years we have put our own funds into transactions, structured loans that work for both parties, and leveraged our decades of connections in the timeshare industry to forge a deal that is stronger than either party could put together on its own.  We also manage the relationship from the initial contact until the loans are paid in full.  Click to learn more specifically the ways in which Colebrook helps <a href=\"http://colebrookfinancial.com/financial-institutions/\">financial institutions</a>, <a href=\"http://colebrookfinancial.com/developers/\">developers</a> and <a href=\"http://colebrookfinancial.com/homeowners-associations/\">homeowners’ associations</a>.','Clients','','inherit','open','open','','43-revision-v1','','','2015-02-10 16:25:47','2015-02-10 16:25:47','',43,'http://colebrookfinancial.com/43-revision-v1/',0,'revision','',0),(417,1,'2015-02-10 16:26:36','2015-02-10 16:26:36','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Why Developers Use Colebrook</h1>\r\n\r\n<strong>Relationships</strong>\r\nDuring their long tenure in the timeshare industry, the principals of Colebrook have established a number of relationships with companies and individuals in many areas of the business. We often introduce our customers to others in the industry who might be of assistance to them. We also have relationships with many financial institutions that have not previously been timeshare lenders. By participating in Colebrook’s loans, these institutions have brought new capital to the industry and provide a fresh alternative to standard sources.\r\n\r\n<strong>Flexibility and Creativity</strong>\r\nUnlike brokers, we use our own funds and can structure transactions uniquely suited to individual situations. The principals of Colebrook have been lending to the timeshare industry since 1979. Our understanding of the nuances of the business is of immeasurable aid in developing loan structures that suit customer needs. Colebrook understands point-based club programs and the issues involved in underwriting and documenting the club product.\r\n\r\n<strong>Continuity and Consistency</strong>\r\nColebrook can take a developer from startup through maturity. We bring in other institutions to participate in large transactions, but retain the servicing of the loan relationship. There’s no need to change lenders when your needs change.  We have also been consistently in the timeshare market during periods when other lenders have come and gone.  During the financial crisis of 2008-2009, Colebrook was one of only two lenders that was active, and provided liquidity to many developers that otherwise would not have had a source of funding.  Timeshare is our principal business and we have demonstrated a lasting commitment to the industry and its members.\r\n\r\n<strong>Transaction Fees</strong>\r\nThe transaction costs, particularly legal fees, involved in closing a loan often take far too much of the proceeds. Colebrook has affiliated counsel and typically incurs much lower legal fees than large institutions. Colebrook has a product under which a loan can be documented at a higher amount than is originally approved, with an increase consummated by letter rather than additional loan documents, eliminating the legal fees associated with line increases and renewals. We offer small facilities for the ongoing purchase of receivables on a weekly or monthly basis that can be closed at minimal cost.','Developers','','inherit','open','open','','14-revision-v1','','','2015-02-10 16:26:36','2015-02-10 16:26:36','',14,'http://colebrookfinancial.com/14-revision-v1/',0,'revision','',0),(418,1,'2015-02-10 16:26:58','2015-02-10 16:26:58','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Why Financial Institutions Use Colebrook</h1>\r\n\r\n<strong>Participations</strong>\r\nColebrook sells participations, which allow a financial institution without expertise in the timeshare industry to generate profitable, high quality loans without the need to add costly infrastructure. Colebrook leverages its experience and contacts to originate, structure, and manage loans for its participating financial institutions.\r\n\r\n<strong>Customer Relationships</strong>\r\nOver the past 35 years, Colebrook’s personnel have developed relationships with many of the leading timeshare developers in the country. In addition, their industry expertise enables them to gain the confidence of new prospects and to investigate and evaluate their creditworthiness. Bankers without industry contacts or experience would have difficulty generating and underwriting new timeshare loans.\r\n\r\n<strong>Banking Experience</strong>\r\nDuring their tenure in banking, the principals of Colebrook sold hundreds of millions of dollars of timeshare participation loans without any participant losing a single dollar. Bill Ryczek was the Chief Lending Officer for one of the largest banks in Connecticut, with responsibility for a $1.3 billion portfolio. The company provides its participants with complete due diligence and documentation packages, and manages the loan relationship with its participants’ needs in mind.\r\n\r\n<strong>Lender Education</strong>\r\nFor the past six years, Colebrook has conducted an annual Lender Education Seminar for lenders, accountants and attorneys, to provide them with current information on the state of the timeshare industry.  We have had an impressive array of industry leaders as speakers, and feedback has been extremely positive.  We believe that the more our banking partners know about our industry, the more comfortable and confident they are working with us.  We are always delighted to make presentations to the boards and management of individual institutions.  Colebrook also produces a newsletter covering current trends in the timeshare industry and featuring stories about Colebrook’s customers.\r\n\r\n<strong>Servicing and Administration</strong>\r\nTheir banking experience has also made Colebrook’s principals sensitive to the regulatory environment faced by bankers, and we provide information that enables the institution to effectively monitor a relationship while also satisfying the needs of its regulators.\r\n\r\n<strong>Loan Structure and Documentation</strong>\r\nThe structure and documentation of timeshare loans is a specialized field, and very different from the documentation of traditional commercial transactions. Colebrook’s principals have had many years of experience in structuring loans, and their affiliated counsel has been documenting timeshare transactions since the mid-1980s.\r\n\r\n<strong>Portfolio Acquisitions</strong>\r\nColebrook purchases performing and non-performing portfolios, both at mature, stable resorts and at resorts which may be problematic.','Financial Institutions','','inherit','open','open','','16-revision-v1','','','2015-02-10 16:26:58','2015-02-10 16:26:58','',16,'http://colebrookfinancial.com/16-revision-v1/',0,'revision','',0),(419,1,'2015-02-10 16:27:12','2015-02-10 16:27:12','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/3_a.jpg\" alt=\"3_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-354\" />\r\n\r\n<h1>Loans To Homeowners Associations</h1>\r\n\r\nIt’s hard to believe, but the timeshare industry is almost 40 years old. Many resorts that were built in the 1970s and 1980s are now in need of extensive refurbishment and rehabilitation. Older resorts often have older owners, many of whom are on fixed incomes, meaning that a large one-time special assessment could be problematic. Often, the best solution is to borrow the funds and repay the loan with smaller special assessments over a period of time.\r\n\r\nColebrook is one of the most prominent lenders to homeowners’ associations in the nation. Most association loan requests are too small to interest national timeshare lenders and too unusual and complex for the local bank. We have filled that void with a product that allows associations a vehicle to finance needed improvements.\r\n\r\nColebrook, with its extensive timeshare expertise, can underwrite requests quickly, and with its standard and relatively simple documentation, can close loans with minimal legal expense. Terms vary based upon individual circumstances, but most loans have the following characteristics:\r\n<ul>\r\n<li>Loan amounts range up to $5,000,000, and terms range from 1-5 years, depending on the purpose of the loan, the amount borrowed and the Association’s ability to cover debt service.</li>\r\n<li>The loan is secured by all assets of the Association, including but not limited to, an assignment of all maintenance fees and special assessments due the association and a pledge of any reserve accounts.</li>\r\n<li>Payments are typically structured to coincide with the receipt of maintenance fees and assessments. Interest would be payable monthly and principal annually. For example, if the Association borrowed $2,000,000 over a four-year period, it would pay interest on a monthly basis and $500,000 in principal once each year, typically in February, if fees are due in January.</li>\r\n</ul>\r\n<em>If you want to discuss your situation and see whether a loan might be the best course for you, please call us.</em>','Homeowners\' Associations','','inherit','open','open','','18-revision-v1','','','2015-02-10 16:27:12','2015-02-10 16:27:12','',18,'http://colebrookfinancial.com/18-revision-v1/',0,'revision','',0),(420,1,'2015-02-10 16:28:15','2015-02-10 16:28:15','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\n<h1>Sample Transactions</h1>\r\n\r\nBelow you\'ll find a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-autosave-v1','','','2015-02-10 16:28:15','2015-02-10 16:28:15','',20,'http://colebrookfinancial.com/20-autosave-v1/',0,'revision','',0),(421,1,'2015-02-10 16:28:23','2015-02-10 16:28:23','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\n<h1>Sample Transactions</h1>\r\n\r\nBelow you\'ll find a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to three projects, with a fourth scheduled to be added in early 2015.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','open','open','','20-revision-v1','','','2015-02-10 16:28:23','2015-02-10 16:28:23','',20,'http://colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(422,1,'2015-02-10 16:29:12','2015-02-10 16:29:12','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsroom</h1>\r\n\r\nEnter the Colebrook Newsroom to find recent press releases and articles that mention Colebrook.  As one of the leading lenders to the timeshare industry, Colebrook’s principals are often featured on panels and frequently speak or write about developments in the industry.\r\n\r\nClick on <a href=\"http://colebrookfinancial.com/press-releases/\">press releases</a>, <a href=\"http://colebrookfinancial.com/events/\">events</a> and <a href=\"http://colebrookfinancial.com/articles/\">articles</a> for the latest news from Colebrook Financial Company.\r\n','Newsroom','','inherit','open','open','','46-revision-v1','','','2015-02-10 16:29:12','2015-02-10 16:29:12','',46,'http://colebrookfinancial.com/46-revision-v1/',0,'revision','',0),(423,1,'2015-02-10 16:29:47','2015-02-10 16:29:47','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. \r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" class=\"alignnone size-medium wp-image-305\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" class=\"alignnone size-full wp-image-303\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" class=\"alignnone size-medium wp-image-311\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-244\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" class=\"alignleft size-medium wp-image-315\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" class=\"alignright size-medium wp-image-246\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" class=\"alignright size-medium wp-image-308\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" class=\"alignnone size-full wp-image-307\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" class=\"alignnone size-medium wp-image-317\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-02-10 16:29:47','2015-02-10 16:29:47','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(424,1,'2015-02-10 16:29:57','2015-02-10 16:29:57','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Articles</h1>\r\n\r\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\r\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\r\n\r\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\r\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\r\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\r\n\r\n&nbsp;\r\n\r\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\r\n\r\nBy Bill Ryczek, Colebrook Financial Company\r\n\r\nA loan closing should be a happy event.  The developer gets the capital it needs to construct a building or finance consumer receivables.  The lender gets an earning asset, a rate of return and generally a fee.  The attorney for each side receives a fee for services rendered.  Too often, however, despite the benefits received by each party, the closing process becomes acrimonious and costly and the principals leave the table upset and angry.\r\n\r\nAs a finance company, Colebrook is both a borrower and a lender and therefore in a unique position to evaluate the closing process.  We’ve been on both sides of the table and have seen a lot of good closings as well as some very painful ones.  Most of the latter experiences could have been avoided with a little planning and a greater appreciation for the other parties’ situation, needs and expectations.\r\n\r\nIn most aspects of life, happiness is a function of expectations, and so it is with loan closings.  In order to have a harmonious process, all parties must have similar and realistic expectations about timing, cost and the content and scope of the documentation.  The key to synchronizing expectations is communication—the more the better. \r\n\r\nTiming is frequently a divisive issue.  If there are deadlines, make sure everyone is aware of them well in advance.  Also be cognizant of the fact that delivering draft documents for comment on the 29th day of a 30 day window does not constitute holding up your end of the bargain. Chart the process in advance and determine the necessary timing for each step.  When will draft documents be available?  When must the due diligence information arrive at the lender’s counsel’s office for review?  When must comments be received and when must negotiations conclude?  If you find you can’t meet a deadline, be sure to let the other parties know as soon as possible. \r\n\r\nLegal fees are another potential land mine.  To avoid an explosion when the bill is laid on the closing table, consider the following steps borrowers can take to minimize their pain:\r\n<ul>\r\n<li>Obtain an estimate of legal fees in advance, and ask for updates during the course of the transaction.  You can request a cap on fees, but most lenders are reluctant to do so, for fees are primarily a function of time spent on a transaction, and a borrower with a cap can spend endless time negotiating documents, or delay the process, without risk.</li>\r\n<li>Discuss with your counsel, prior to document review, the need to limit lengthy discussions to substantive items.  “Boiler plate” is generally not negotiable, and extensive arguments over detail are expensive, since in many cases the borrower is paying for both their counsel and the lender’s counsel.  Add the hourly rates together and decide whether changing “whereas” to “heretofore” is worth the combined tariff.  Limit negotiation to making certain the business terms agree with the commitment, there are no events of default that can be triggered inadvertently or that are beyond your control, and there are no terms in the agreement that materially inhibit you from operating your business.  Remember the words of those estimable legal mavens, the Rolling Stones, who reminded us, “You can’t always get what you want…but you get what you need.”</li>\r\n<li>Make certain you use counsel appropriate to the transaction.  Documentation for timeshare loans is vastly different from that used for commercial real estate and general commercial transactions, and using counsel unfamiliar with timeshare documentation will prolong the process and add to the cost.</li> \r\n<li>Don’t be a stop-and-go driver.  It’s expensive to start and stop the process, for as time goes on information turns stale and every time people have to re-acquaint themselves with the transaction there’s an additional cost.  Once you’ve started the documentation process, proceed as quickly as possible.</li>\r\n<li>Make sure due diligence information submitted to the lender’s counsel is complete and current.  Too often, for example, borrowers don’t look at their organization documents until someone asks for them, and then discover they’ve been in violation of their bylaws, or their operating agreement is hopelessly obsolete.</li>\r\n</ul>\r\nThere are a number of key considerations for the lender as well:\r\n<ul> \r\n<li>Try to keep the policies and procedures of your institution flexible enough to deal with a variety of loan types.  If timeshare loans are serviced in a general loan servicing department, make sure the overall procedures work for timeshare loans.  The proliferation of policies and procedures is a function of increasing regulation, but trying to force an octagonal shape into a square hole will only lead to frustration for all.</li>\r\n<li>All parties must be cognizant of the business needs of the borrower.  Payrolls must be met, bills must be paid and the needs of employees, customers and regulators must be served.  Placing the borrower in a difficult situation because of a timing delay or overly restrictive covenants, may jeopardize its ability to repay the loan.  Understand the customer’s cash flow needs.  How are income taxes paid?  How much do the owners need to withdraw to meet personal obligations?  Make sure the process will work and does not hinder the business operation.  Don’t insist on unworkable covenants just because your policy says you should have them.</li>\r\n<li>Lenders should control the legal process and take an active role.  As the loan officer, you are in charge of the transaction and the attorneys work for you.  Don’t let them set the parameters.  If you think they’re heading down the wrong trail, let them know.  Consistent with the advice given to the borrowers above, lenders should decide, in concert with their attorneys, the tone of the documentation.  Some attorneys believe in throwing everything into the initial draft, including the proverbial kitchen sink, under the premise that the borrower can negotiate it out, and might agree to half a kitchen sink.  This approach leads to increased costs, ill will, and frustration.  Fairness is a subjective concept; strive to generate an initial document that is protective yet not over-reaching.</li>    \r\n</ul>\r\nThe final bit of advice is for attorneys, and involves the one document that generally produces the most angst for lawyers: the opinion letter.  Most timeshare transactions involve different state statutes, and lenders, in order to minimize costs, are often willing to rely upon borrower’s counsel to provide assurances that the transaction complies with local laws.  The opining lawyer is not “guaranteeing” the transaction, as we have frequently heard, but is expected to have the knowledge and perform the research necessary to provide opinions on relevant legal issues.  It is understood that there will be limiting assumptions on opinions.  Unfortunately, negotiations over the opinion letter often focus on the insertion of numerous disclaimers and assumptions that render the opinion meaningless.  Failure to issue an unqualified opinion for documents drafted by the opining attorney is a large ‘red flag.’ A reluctance to make any definitive statement regarding the law can prevent a transaction from closing, or create additional expense if the lender is forced to hire its own local counsel.\r\n\r\nIf this article is, as intended, honest, fair and balanced, it’s possible I have offended every lender, borrower and attorney in the timeshare industry.  If so, remember that I am one of you and each of us who has been involved in a lending transaction is guilty of at least one of the sins listed above.  We must strive mightily to avoid these pitfalls in order to make a loan closing the happy, rewarding event that it should be.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\r\n\r\nThe following appeared in the December 2009 issue of The Resort Trades:\r\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\r\nIn his letter to over 300 ARDA Fall Conference attendees, Howard C. Nusbaum, RRP, the association’s President and CEO, set the positive tone. He began by noting that the past year “has been a challenging and humbling period” for all types of shared ownership. Yet he wrote that it has also “been a year when we came together as an industry with a new spirit of resolve.”\r\n\r\nThat resolve, forged on the anvil of many years of experience, adaptability and innovation, shared with spirit by a larger group of attendees than at last year’s fall program, provided stimulation and renewal for all who traveled to Washington, DC.\r\n\r\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\r\n<ul>\r\n	<li>Access to capital</li>\r\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\r\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\r\n	<li>New business models</li>\r\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\r\n</ul>\r\nThe Fall Conference agenda spent time on each of these areas, as well as the usual and vital attention to inside – and outside - the Beltway\r\nlegislative and regulatory developments.\r\n\r\nInvigorating forums open to all for these and other topics included 30 well-attended committee meetings, general and keynote sessions, networking receptions sponsored by Interval International and Group RCI, and numerous breaks during each day.\r\n\r\nThanks to the generous support of Well Fargo Foothill, Trustees and AIF Foundation supporters dined at the dramatic House of Sweden, home of the Swedish Embassy, an award-winning modern building on the Potomac waterfront in Georgetown.\r\n\r\nNotwithstanding the tough economic challenges facing the American economy and the resort industry, sponsorship support continued to play a major role in the Fall Conference. The highest level, Presenting Sponsors, included Interval International, RCI, ICE, Market Leverage, and Wells Fargo Foothill. Other support also came from four Contributing Sponsors, 13 Friends of Fall Conference (including Trades Publishing), and four event sponsors.\r\n\r\nHoward Nusbaum concluded the event by commenting, “2009 is almost over. Although it has been a year of important learning in the shared ownership industry, it has not been a pleasant year. As we welcome a more hopeful 2010, we say good riddance to 2009!”\r\n\r\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\r\n\r\nFor many attendees, this General Session topic was the substantive highlight of the Fall Conference. In discussion with Howard Nusbaum, ARDA’s President and CEO, a panel of five top executives discussed key strategies and actions they have taken to survive in the current economy.\r\n\r\nChallenges have come from the economic downtown in the U.S. and globally, triggered by a housing bust, especially in formerly thriving areas such as Orlando and Las Vegas. That led to a sharp reduction in consumer and business credit, together with mushrooming unemployment, bank failures, and home foreclosures.\r\n\r\nMembers of the panel focused many of their comments on what they have done to lower expenses, keep sales flowing, and obtain needed access to capital.\r\n\r\nThe geographically diverse group who discussed the new lending environment included:\r\n\r\nJon Fredericks, President, Welk Resorts, San Marcos, CA\r\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\r\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\r\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\r\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\r\nAt the outset, Bill Ryczek noted that REITS – Real Estate Investment Trusts - have raised $2 billion in the last nine months because they need cash to be able to re-equitize their companies. He said, “I don’t think this industry is any different” than others that are real estate-based.\r\n\r\nHe continued that in 30 years of dealing with lenders and borrowers, the lesson this situation has confirmed is the volatility of financial markets. “There is an overreaction in many cases in both directions.”\r\n\r\nAnother lesson is in “the resiliency of the timeshare business. Very few developers have gone out of business. Sales are lower, but the industry has survived.”\r\n\r\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\r\n\r\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\r\n\r\nA corollary of that applies to shared ownership, and indeed every business. Holiday’s Don Harrill remarked that “very few lenders know our business. They thought they did, but only a handful do. What has to happen now is to get them to understand our business.”\r\n\r\nA similar need for understanding applies to everyone in the business, as Bruce Thompson, who started his company in 1989, stressed. He felt that lenders originally had no idea of what timeshare involves. Today when you have problems with lenders, “working with community banks can help.”\r\n\r\nBeyond banks, he said that for years, his company tried to get salespeople to obtain at least 10% down at the point of sale. “Now it’s not an issue any more” because of the need for more selectivity and more creditworthy buyers.\r\n\r\nBill Ryczek and others stressed the need to “show your banker you have a good solid business. The ‘rating’ for your business involves a new team of people. Lenders have hired MBAs to get into ‘weeds’ of our business. They are taking a deep dive, to get engaged in our business.”\r\n\r\n<strong>Promises vs. Realities</strong>\r\n\r\nWhat this means is very basic, as he puts it, and as others agreed, “You’ve promised buyers a lifetime of vacation experiences. Has the current economy caused you to change that goal?” Also, do you realistically have the ability to fulfill your promises?\r\n\r\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\r\n\r\nBill Ryczek says that in looking at the closing rates on sales, portfolio performance, and other signs, the results have been pretty good. In comparing the loan experience on shared ownership to other consumer sales, such as cars and home loans, “Timeshare has been more stable.”\r\n\r\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\r\n\r\nDon Harrell cited another aspect of this situation as it related to his company and its ability to deal effectively with lenders. “Prospective lenders looked at quality of our communications, servicing efforts, customer service. What do we do and how do we do it? The ability to keep financing relates to relationships and good customer service.”\r\n\r\nJon Fredericks said it is important to use your “best practice for sales presentations. What is best, most compelling story about our industry, whether it’s a lender or Wall Street? If it’s not a good story, they’ll assume the worst.”\r\n\r\nAnother aspect, Howard Nusbaum says, is that ARDA is “now getting many calls from the financial press. The lending community finally believes that our paper performs better than other consumer paper.”\r\n\r\n<strong>More Security in Securitization</strong>\r\n\r\nFor those developers, including the larger ones, who depend on securitization, recent improvement has been dramatic. Of the $1.9 billion in timeshare paper securitized in 2009, one-third occurred in the month preceding the Fall Conference.\r\n\r\nDon Harrell said, “The fact that the securitization market is coming back gives validation to our (industry’s) business model.” Now lenders and investment banks involved in this process “really do want to understand the drivers and learn about the company” involved in this process.\r\n\r\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\r\n\r\nHoward Nusbaum noted that at a securitization conference he recently attended in Miami, “deals now have more participants. Not being involved in ‘TALF’ [the Treasury’s Asset-backed Lending Facility program] was viewed as a positive factor, because there’s so much red tape involved in it.”\r\n\r\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\r\n\r\n<strong>Changing Terms</strong>\r\n\r\nHe said that the biggest change is that interest rates are higher. “They were too low, and advance rates were too high 18 months ago.”\r\n\r\nHe said that unless you’ve been in the banking industry, “it’s hard to appreciate how they’re driven by policies and procedures, including regulations. You need to find out from banks what their needs are.”\r\n\r\nThis includes their policies and rules, because “they’re not looking for timeshare per se.” Timing has to be right, and you should try to keep in touch with those you contact.\r\n\r\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\r\n\r\nBill Ryczek and other panelists stressed the need to communicate with the right person, the decision-maker, in the small banks. Panelists agreed that it is easier to do this with small banks than with large ones.\r\n\r\nDon Harrill said his company probably had 30 bankers visit their resort in recent months. “Nothing gets approved without the credit manager, the decision-maker.” Before these visits, Holiday had been facing a situation where securitization markets “just stopped.”\r\n\r\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\r\n\r\nHe added that those who have had experience with timeshare said “timeshare receivables were their best-performing product. This proves our owners love the product and have an affinity for it. While rates in September were 8 to 9 points over LIBOR [London Inter-Bank Overnight Rate], they are coming down to 7 points above.”\r\n\r\nIn referring to the formerly higher volume era that ended when the economy declined, “It eats up a lot of cash when you’re making sales at cost, with high marketing costs. It’s hard when you’re in an expensive marketing business.”\r\n\r\nRip Gellein agreed with that perspective. “For 28 years, we told lenders we were recession-proof, other than right after 9/11, when sales fell apart during the fourth quarter of 2001. Now we know the lesson from that business cycles sometimes get tough. We can’t live at the edge with the leverage we had. We can’t use unsustainable business models any more.”\r\n\r\nBill Ryczek pointed out the funding distinction between experienced developers and new ones. “Virtually no financing is available for startups. So many experienced developers are looking for money that lenders have no need to go to startups.”\r\n\r\n<strong>Ramifications of Negative American Economic Trends</strong>\r\n\r\nDuring the question and answer period, panelists commented on implications of America’s current economic challenges. Bill Ryczek said, “Lenders are concerned that if unemployment remains high, there will be more defaults on timeshare paper.”\r\n\r\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\r\n\r\nJon Fredericks opined on the impact if this happens. “If the net operating income is down too much for a shopping center, it will impact the lender’s ability to lend to timeshare buyers.”\r\n\r\n<strong>Opportunities in the Present Economic Environment</strong>\r\n\r\nBill Ryczek said that “B” quality paper “is not being financed. It has extremely high default rates, so high that developers really haven’t lost much in net sales by not being able to sell” to these lower quality prospects.\r\n\r\n“We’ve become more efficient in marketing,” said Bruce Thompson. “We are saving 5-10 points in product acquisition, which means it is less expensive to build than at this time last year. We had been paying ridiculous prices for land.”\r\n\r\nHe says, “Now, margins are a lot better. One tower we’re building now is costing 25% less than a similar tower 24 months ago.”\r\n\r\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\r\n\r\n“Those lenders who have stayed with us,” he said, “have become more educated. Lenders who are involved like what they see, and terms are getting longer.”\r\n\r\nThe current result, said Starwood’s Rip Gellein, is that “developers are generating more cash at lower cost. When the business gets better, it will be like coming out of boot camp: tighter and leaner.”\r\n\r\nJon Fredericks cautioned, “Some lenders are trying to shorten the lengths of contracts because of concerns about longer term inflation prospects” in the U.S. economy.\r\n\r\n<strong>Legislatively Speaking</strong>\r\n\r\nAs befits the inside-the-Beltway location of ARDA’s Fall Conference, this was a prime element of the Fall Conference. The large State Legislative Committee met for two hours on the opening day of the conference.\r\n\r\nLater that day, Len Lubart, a partner at Greenspoon &amp; Marder, Ft. Lauderdale, reports that the Federal Issues Committee also had a substantial number of attendees and covered many issues. He said a representative from the U.S. Chamber had said that the financial services reform bill in the House had been “like a freight train” that could not be stopped. Efforts to change and slow down efforts down in the Senate could still result in a standalone agency to deal with consumer loans.\r\n\r\nMr. Lubart also said that there were three political speakers. One represented a coalition of 68 moderate Democrats, and a second who consults for ARDA and is Virginia’s former attorney general. The third was a Republican who thought that a result of the Republican gubernatorial victories in New Jersey and Virginia might be a Democratic pullback from current aggressive positions, such as on healthcare reform.\r\n\r\nEfforts to exempt timeshare from potential legislative overkill were proceeding, Mr. Lubart said. The sentiment seemed to be, he noted, that while these efforts were justified, timeshare might be too small an industry to benefit from this position.\r\n\r\n<strong>Congressional Representation</strong>\r\n\r\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\r\n\r\nThis year’s honored guest was Cong. Scott Murphy (D-NY), whose district, New York’s 20th, includes resort areas such as the Catskills, Lake George and Lake Placid. In a special election earlier this year, Murphy, a relative newcomer originally from Missouri, beat Republican Jim Tedisco, the former State Assembly Minority Leader.\r\n\r\nAfter indicating his interest in having more resorts in his area because of their huge positive economic impact, Cong. Murphy, himself a timeshare owner, covered other topics. Indicating that he had created jobs in his former work in venture capital, he supported ARDA’s help in educating him and other Members of Congress about issues critical to ARDA members. Cong. Murphy said that, given the wide ranges of issues he and others he and others deal with, they “have to rely on industry experts,” such as those from ARDA.\r\n\r\nAs to specific issues, his overview was that “the focus on heath care concerns has eaten up all the oxygen in the room” this year. While the House bill did pass shortly after his remarks at the luncheon, the margin was only 220-215 after a major push by President Obama.\r\n\r\nSen. Lindsay Graham (R-SC) said shortly afterward that the huge 1,990 page health care bill was “dead on arrival” in the Senate. The weekend following the Fall Conference, Sen. Lindsay Graham (R-SC) said the $1 trillion estimated cost over the next decade, understated by several hundred billion dollars by questionable accounting and legislative practices, may prove him correct. At the least, observers from both parties, including the keynote the following day, former New Hampshire Sen. John Sununu (R-NH), predict a rough road ahead.\r\n\r\nCandid comments on the financial realities of ObamaCare came from the liberal New Yorker’s John Cassidy. In a recent blog, he wrote, “The U.S. government is making a costly and open-ended commitment to help provide health coverage for the vast majority of its citizens. …{L]et’s not pretend that it isn’t a big deal, or that it will be self-financing, or that it will work out exactly as planned. It won’t...The Obama Administration. is creating a new entitlement program, which, once established, will be virtually impossible to rescind. … Putting on my amateur historian’s cap, I might even claim that some subterfuge is historically necessary to get great reforms enacted.”\r\n\r\n<strong>Immigration Reform, Card Check</strong>\r\n\r\nCong. Murphy predicted that Congress would tackle immigration reform next year. He wants to “get people on the path to citizenship and paying taxes.” This issue died last year, despite a major bipartisan push from Sen. John McCain (R-AZ) and others.\r\n\r\nGiven the time that has passed, and the desire next year to deal with issues beyond health care, we will follow developments in this arena. They have important implications for companies in the shared ownership and travel industries in view of their impact on employment and other issues.\r\n\r\nA separate but related labor topic is that of the euphemistically, but inaccurately, named “Employee Free Choice Act.” Also known as “card check,” ARDA has opposed the legislation, as it would strip the secrecy from ballots as to whether unions should be given authority to represent employees.\r\n\r\nCong. Murphy believes this bill will pass in the House. In the Senate, however, he concedes that it is now “off the radar screen.” The core issue he believes is “how to approach elections fairly, and the need to find balance.” He supports binding arbitration to avoid management’s potential use of delaying tactics.\r\n\r\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\r\n\r\nJohn Sununu, the former Senator from New Hampshire, was Thursday afternoon’s keynote speaker. Known as a strong fiscal conservative, he was author of legislation reforming the regulation of financial institutions. He currently serves as one of five panel members responsible for the oversight of TARP (Troubled Assets Relief Program) funds and has developed numerous proposals for regulatory reform, mortgage issuance, and national insurance oversight.\r\n\r\nDescribed in his introduction as having been labeled “the smartest person in the Senate” and with degrees from MIT and the Harvard Business School, he quipped that it he had been, “it would have been like being the best surfer in Kansas.”\r\n\r\nHe remarked that it was frustrating for him in the Senate, especially because he “had worked in private sector, in technology and finance, a perspective we need more of in the Senate. The more people in Government who have actually made payroll, done hiring, and had similar experience, the better they will be at understanding the consequences of the laws they pass.”\r\n\r\n“Frequently,” he said, “you write legislation that has unintended consequences, and 80% of the debates today are about the unintended consequences of bills passed 20 to 30 years ago.”\r\n\r\nTurning to the economy, he said it has been bad, “but is leveling out somewhat.” Even though there was 3.5% GDP growth in the last quarter, “you need to be more cautious in your optimism. Half of that growth was from ‘Cash for Clunkers,’ and part of it was in an inventory run-up. He believes it is likely we will see some pullback on inventories and consumer spending in the current quarter.\r\n\r\nSen. Sununu cautions, “We shouldn’t look at just one figure and assume the recession is over and recovery has begun. We want to do the best we can without being dishonest about future prospects. Growth will resume as employment and consumer spending rise.”\r\n\r\n<strong>TARP</strong>\r\n\r\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\r\n\r\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\r\n\r\nYet, access to capital isn’t what it was early in 2007-08. He predicted that it would take a long time for that to occur, because there was “too much borrowing by too many people who didn’t have the capacity to repay their loans.”\r\n\r\nHe believes “access to credit needs to be provided to solid, creditworthy businesses, and that isn’t the case in many instances. The real drivers of sustainable econ growth are investment, consumption, wage growth and exports, at least in the foreseeable future.”\r\n\r\n<strong>Recent Elections</strong>\r\n\r\nSen. Sununu pointed to differences between this fall and a year ago. In New Jersey, Republicans lost by 15% in 2008, and this year won the gubernatorial seat by 5%. Virginia’s Republican candidate for governor won by 20%, after the state went to Democrats last year by 5%.\r\n\r\nHe said the economy has to create 100,000 jobs per month for the unemployment rate to be stable. He views this as good news for President Obama, because unemployment will probable be higher next Spring, then go lower in 2011-2012, when the President may start running for re-election.\r\n\r\nHis view of Capitol Hill is that he can’t remember when there were so many major pieces of legislation before Congress, such as healthcare reform, cap and trade “carbon” emissions bills, and financial services reform. As to the last topic, he noted that the House is moving more aggressively than the Senate on legislative controls and a new consumer finance protection agency because House rules allow them to do so.\r\n\r\nSununu said one could argue that democracy is functioning the way the Framers of the Constitution envisioned it: “They wanted to make it difficult to make dramatic changes in the role of government, such as intervention in personal prerogatives, income taxes, carbon taxes and more.”\r\n\r\nBut he does believe we are going to see changes over the next year. Then he quoted Bette Davis in one of her films, “Fasten your seat belts. It’s going to be a bumpy ride.”\r\n\r\nWritten by <a href=\"http://www.resorttrades.com/authors.php?act=bib&amp;authorid=37\">Alan N. Schlaifer</a>, Principal, Law Offices of Alan N. Schlaifer, P.C.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\r\n\r\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\r\nAnyone who reads the newspaper, watches TV, or surfs the Internet is aware that there has been a serious disruption to our financial markets over the past several months. What began as a crisis in the sub-prime mortgage market has impacted nearly every facet of our economy. Companies that provide financing to the timeshare industry get their money through a long chain of conduits, and the chances are good that at least one link has been affected in some way.\r\n\r\nThe timeshare industry is extremely capital-intensive, with requirements for acquisition and development financing, as well as a substantial need for consumer end loan financing. With all the pitfalls out there, here are a few proactive tips for developers to ensure success.\r\n\r\n<strong>Action Tip List</strong>\r\n\r\nFirst, if you have any hesitations about your lender\'s commitment to your company, diversify your sources immediately. Don\'t wait to get the phone call telling you there will be no funding this month, which will force you to scramble and perhaps accept unfavorable terms.\r\n\r\nSecondly, if you want to finance a new project, don\'t wait until the last minute. Some lenders with problems have become less aggressive in pursuing new loans, which, combined with the tightening of the securitization market, has created significant demand for those lenders that are entertaining new proposals. Given the volume of applications, expect that it might take a bit longer to have a new transaction approved and closed.\r\n\r\nThird, learn about the non-timeshare activities of your lender. Problems in other areas may create difficulties for the timeshare lending operation. Institutions that experienced problems with sub-prime loans frequently had liquidity issues that impacted their ability to service their other lines of business. Furthermore, in times of trouble, lenders with limited commitments to the timeshare industry may decide to stick to their core businesses and exit the timeshare market as quickly as they entered it.\r\n\r\nThen, monitor your receivable portfolios with greater vigilance than usual. The focus of the financial difficulty\' is the sub-prime market, which also comprises 10-20% of timeshare purchasers. If you have a \"B\" credit portfolio, your customers may be under pressure from higher mortgage payments and have difficulty honoring their timeshare obligations. The general softness in the economy will also affect your `A\' portfolio. You may want to consider hiring additional loan collectors and making earlier, more frequent contact with your past-due customers. If you now call customers when they\'re 30 days delinquent, think about calling at 15 days. Since a substantial portion of most developers\' profit comes from the equity in their portfolios, now is the time to make a concerted effort to maximize its value.\r\n\r\nLastly, the purchase of vacation ownership products is discretionary, and if consumer confidence lags, it will become increasingly difficult and expensive to generate tours. Developers will need to become more creative and cost-conscious to market effectively Money, like any other commodity, is priced based upon supply and demand. With the supply of funds constricted, prices can be expected to be somewhat higher. \'The recent reduction in interest rates will probably result in lower overall borrowing costs, but the margin over the index (usually the prime rate or LIBOR) may be slightly higher than it has been in recent years.\r\n\r\n<strong>The Big Picture</strong>\r\n\r\nBut, not all the news is bad! Interest rates are at the lowest levels in years. If you have variable rate debt, consider executing an interest rate swap to lock in the effect of\' a fixed rate. Since nearly all consumer receivables bear interest at a fixed rate, developers can generate arbitrage income without interest rate risk.\r\n\r\nOver the past year, the U.S. dollar has taken a beating versus other currencies. This makes your product more attractive to purchasers whose income is generated in foreign countries. Since cost-effective American tours may be more difficult to generate during the next year, it may be advantageous to look to international tourists as prospective purchasers. Before doing so, however, be certain you have a financing source for foreign receivables.\r\n\r\nAttempting to predict economic trends is a risky undertaking. The investors who purchased packages of sub-prime mortgages during the past few years were looking at crystal balls with a few cracks in them. Someone once said that anyone who claims to know the financial future is either a billionaire or a charlatan or one about to become the other.\r\n\r\nTo improve your chances of becoming the former rather than the latter, don\'t panic, but don\'t procrastinate. Think about and act upon the points I address. There are no guaranties of prosperity, but anticipating potential problems and taking action to prevent them from occurring will significantly increase your odds of success.\r\n\r\nWilliam J. Ryczek, RRP, works with Colebrook Financial Company, LLC and is active in ARDA-New England. His <a href=\"mailto:bryczek@colebrookfznancial.com\">E-Mail</a>.\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\r\n\r\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\r\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\r\nTimeshare owners associations need money to manage their finances just like any other business. Some needs may be anticipated, others cannot. For example, funds may be needed for working capital to accommodate cyclical cash flow requirements or to make scheduled physical improvements. These needs are known and can be anticipated with a plan.\r\n\r\nBut others, such as the devastating storms of 2004 and 2005, wreaked havoc on resorts and left in their wake a great number of uninhabitable units and millions of dollars of uninsured damages. Deductibles and uninsured construction costs had to be paid to restore the resorts to operating condition, and in some cases, it made sense to perform renovations that were scheduled for future years while properties were closed and the structure torn apart.\r\n\r\nEven without natural intervention, associations may face unanticipated major failures of resort facilities, have reserve accounts that have not been adequately funded, or have an opportunity to acquire assets such as amenities from the developer.\r\n\r\n<strong>Assessments</strong>\r\n\r\nOne option in these circumstances is to require a large, one-time special assessment from all owners. Another is to spread the special assessment over a period of years. As funds become available, a project can be completed in stages.\r\n\r\nThese options avoid interest expense but may result in other problems. Such assessments, even if spread over several years, can strain the finances of individual owners. Delinquencies are a predictable outcome, and the income stream becomes uncertain. Further, completing a project in stages may be more costly and result in owner dissatisfaction if some units are renovated before others. And, in some cases, assessments must be tendered years before many of the improvements are seen and experienced by the owners.\r\n\r\n<strong>Loans</strong>\r\n\r\nBorrowing can eliminate many of these problems. Funds are advanced by the association as necessary to cover the cost of the work or transaction, and the financial burden on owners is spread over a period of years. They can swim in the new pool, sit on the new couches, and watch the new televisions without having to wait for the special assessment to be collected. The work can be completed in one phase, so benefits are delivered at approximately the same time to all owners. Finally, the flow of funds is predictable, so contracts can be signed and payments made to contractors without worrying about the timing of assessment payments.\r\n\r\nLoans are typically made for a term of three to five years, with annual principal payments coinciding with the receipt of annual maintenance fees. The debt service can be built into the annual fee or structured as an assessment split into several payments. The lender will file a lien against the amounts due the association-both annual maintenance fees and special assessments-as collateral for the loan. In the event of a default, the lender would have the right to use those payments to satisfy the association\'s obligations under the loan.\r\n\r\nMany financial institutions may be reluctant to deal with associations because they are unfamiliar with resort operations and cautious about the viability of the security offered by the lien on assessments. However, there are specialty lenders in the timeshare industry that are comfortable with the risks posed by this type of borrowing. To qualify, an association must demonstrate that it employs good management. The board of directors should meet regularly, have thorough minutes, and provide sound direction to its management team. The resort must be well run with little dissent among its membership, and the collection of assessments should meet or exceed industry averages (with evidence that enforcement is taken when owners are delinquent).\r\n\r\nThe board will also have to produce a business plan and show that the assessments will be sufficient to service the debt. The plan should be based on conservative assumptions and anticipate the impact of delinquencies. If construction is involved, these contracts should be provided as part of the application to show that projects are meeting industry standards.\r\n\r\nFrom a legal perspective, the board must provide evidence that it has obtained all required approvals under the organizational instruments of the association and the governing state law. It is not uncommon for the association\'s legal counsel to give its opinion that all legal requirements have been met.\r\n\r\n<strong>To Borrow or Not to Borrow?</strong>\r\n\r\nBorrowing money is like any other business decision. It requires serious attention and thoughtful, deliberate analysis by boards of directors. Interest and closing expenses may increase the total cost of the project, but the benefits may more than compensate for the increase. Borrowing is a viable option and should be considered among the tools available to manage resorts in the best interests of members.\r\n\r\nW. John Funk Esq., RRP is an attorney with Gallagher, Callahan &amp; Gartrell, and William Ryczek is principal of Colebrook Financial Company, LLC. This article was developed from their session at ARDA -New England in December 2006. They may be reached at these e-mails:\r\n\r\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\r\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-revision-v1','','','2015-02-10 16:29:57','2015-02-10 16:29:57','',118,'http://colebrookfinancial.com/118-revision-v1/',0,'revision','',0),(425,1,'2015-02-10 16:30:10','2015-02-10 16:30:10','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsletters</h1>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2015-02-10 16:30:10','2015-02-10 16:30:10','',172,'http://colebrookfinancial.com/172-revision-v1/',0,'revision','',0),(427,1,'2015-02-26 21:42:17','2015-02-26 21:42:17','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-02-26 21:42:17','2015-02-26 21:42:17','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(429,1,'2015-03-10 16:42:45','2015-03-10 16:42:45','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-03-10 16:42:45','2015-03-10 16:42:45','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(431,1,'2015-03-19 21:16:18','2015-03-19 21:16:18','','Colebrook finances purchase of Hawaii timeshare resort_html_m2e38d723','','inherit','open','open','','colebrook-finances-purchase-of-hawaii-timeshare-resort_html_m2e38d723','','','2015-03-19 21:18:55','2015-03-19 21:18:55','',114,'http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png',0,'attachment','image/png',0),(432,1,'2015-03-19 21:23:02','2015-03-19 21:23:02','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-03-19 21:23:02','2015-03-19 21:23:02','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(434,1,'2015-05-26 15:02:38','2015-05-26 15:02:38','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-05-26 15:02:38','2015-05-26 15:02:38','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(436,1,'2015-06-20 21:33:30','2015-06-20 21:33:30','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsletters</h1>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 7 - June 2015 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2015-06-20 21:33:30','2015-06-20 21:33:30','',172,'http://colebrookfinancial.com/172-revision-v1/',0,'revision','',0),(437,1,'2015-06-20 21:33:51','2015-06-20 21:33:51','','June 15','','inherit','open','open','','june-15','','','2015-06-20 21:33:51','2015-06-20 21:33:51','',0,'http://colebrookfinancial.com/wp-content/uploads/2015/06/June-15.pdf',0,'attachment','application/pdf',0),(438,1,'2015-06-20 21:34:40','2015-06-20 21:34:40','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsletters</h1>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/06/June-15.pdf\">Colebrook Chronicle Issue 7 - June 2015 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','open','open','','172-revision-v1','','','2015-06-20 21:34:40','2015-06-20 21:34:40','',172,'http://colebrookfinancial.com/172-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (441,1,'2015-07-02 00:28:07','2015-07-02 00:28:07','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-07-02 00:28:07','2015-07-02 00:28:07','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(443,1,'2015-08-01 01:26:21','2015-08-01 01:26:21','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','open','open','','114-revision-v1','','','2015-08-01 01:26:21','2015-08-01 01:26:21','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(445,1,'2015-08-25 22:26:31','2015-08-25 22:26:31','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2015-08-25 22:26:31','2015-08-25 22:26:31','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(446,1,'2015-08-25 22:26:52','2015-08-25 22:26:52','','Herbert \"Butch\" Patrick','Herbert \"Butch\" Patrick','inherit','open','closed','','festiva-2','','','2015-08-25 22:29:11','2015-08-25 22:29:11','',114,'http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg',0,'attachment','image/jpeg',0),(447,1,'2015-08-25 22:38:59','2015-08-25 22:38:59','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2015-08-25 22:38:59','2015-08-25 22:38:59','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(448,1,'2015-08-29 00:07:56','2015-08-29 00:07:56','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/4_a.jpg\" alt=\"4_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-355\" /></a>\r\n\r\n<h1>Sample Transactions</h1>\r\n\r\nBelow you\'ll find a sample of some of the transactions Colebrook has been involved in during the past twelve years. A common thread is the growth of relationships from a relatively small amount to levels of $20 million or $30 million. Most of our competitors prefer either small loans or big loans, and none has Colebrook’s ability to stay with a client as they grow, maintaining the continuity of the relationship.\r\n<hr>\r\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\r\nThis relationship began in 2003 with a $1 million dollar loan and has grown to a total of more than $30 million in outstanding loans and commitments. As the company grew, so did its relationship with Colebrook. At various times during the course of the relationship we have extended inventory financing for specific needs, and provided financing for portfolios and companies the customer was acquiring. Our familiarity with the company, its products and its history enables us to work efficiently and effectively to provide the financing they need.  We have provided two facilities that have enabled the company to fix the interest rate on a portion of its loans, and have assisted them in the finance of two complex acquisitions that required some creative and flexible thinking on the part of Colebrook. \r\n<hr>\r\n<strong>Loan Purchase Facility to a Western US Developer</strong>\r\nDuring the financial crisis of 2008 and 2009, Colebrook was approached by a number of companies whose lenders had elected not to renew their facilities and who were in immediate need of a new funding source. In this instance, Colebrook established a $4 million dollar receivable purchase facility which allowed the company to continue its sales efforts without interruption. As is the case with so many of Colebrook’s relationships, this one expanded to include an increase to the line for the initial resort, the establishment of a purchase line for an affiliated resort, the takeout of two portfolios held by the company’s previous lender, a hypothecation loan encompassing the two initial projects, a separate loan for an affiliated project, and the extension of two small construction loans for additional inventory. The relationship now totals $16 million and has grown from one to four properties.     \r\n<hr>\r\n<strong>Hypothecation Loan to a Large Private Developer</strong>\r\nThis developer has relationships with other lenders but, having been caught short during the last financial crisis, has maintained a relationship with Colebrook to ensure that, should their bank lender terminate the relationship, they would be able to look to Colebrook to maintain the continuity of their funding.  Developers appreciate our continuing market presence, and the consistency of our approach under different economic environments.    \r\n<hr>\r\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\r\nOne of the most significant developments in the timeshare industry during the past several years has been the growth of clubs that own inventory in a number of different resorts. Colebrook was among the first lenders to understand the club concept and lend against the receivables under a structure that protects the owners and the lender. This relationship began as a $3 million loan to a relatively new company.  The company has expanded and effected acquisitions, and the relationship with Colebrook is now $32 million.  We were there in the early days, nurturing the relationship, providing feedback on operations, and watching the company prosper and grow.','Sample Transactions','','inherit','closed','closed','','20-revision-v1','','','2015-08-29 00:07:56','2015-08-29 00:07:56','',20,'http://colebrookfinancial.com/20-revision-v1/',0,'revision','',0),(450,1,'2015-09-29 22:06:11','2015-09-29 22:06:11','','Joe Berry, President, River Run Company','Joe Berry, President, River Run Company','inherit','open','closed','','news_colebrook-finances-river-run_sep-2015','','','2015-09-29 22:08:56','2015-09-29 22:08:56','',114,'http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg',0,'attachment','image/jpeg',0),(451,1,'2015-09-29 22:19:10','2015-09-29 22:19:10','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2015-09-29 22:19:10','2015-09-29 22:19:10','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(453,1,'2015-10-30 01:59:25','2015-10-30 01:59:25','','News_King\'s Creek Plantation receives increase from Colebrook_Oct 2015','Joe Cantrell, King\'s Creek Plantation','inherit','open','closed','','news_kings-creek-plantation-receives-increase-from-colebrook_oct-2015','','','2015-10-30 02:04:03','2015-10-30 02:04:03','',114,'http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg',0,'attachment','image/jpeg',0),(454,1,'2015-10-30 01:59:38','2015-10-30 01:59:38','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2015-10-30 01:59:38','2015-10-30 01:59:38','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(455,1,'2015-10-30 02:08:22','2015-10-30 02:08:22','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2015-10-30 02:08:22','2015-10-30 02:08:22','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(456,1,'2015-10-30 02:09:59','2015-10-30 02:09:59','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2015-10-30 02:09:59','2015-10-30 02:09:59','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(458,1,'2016-01-07 01:58:25','2016-01-07 01:58:25','','ColeChron_web_Jan2016','','inherit','open','closed','','colechron_web_jan2016','','','2016-01-07 01:58:25','2016-01-07 01:58:25','',0,'http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf',0,'attachment','application/pdf',0),(459,1,'2016-01-07 01:59:51','2016-01-07 01:59:51','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\n\n<h1>Newsletters</h1>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\">Colebrook Chronicle Issue 8 - January 2016 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/06/June-15.pdf\">Colebrook Chronicle Issue 7 - June 2015 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\n\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','closed','closed','','172-autosave-v1','','','2016-01-07 01:59:51','2016-01-07 01:59:51','',172,'http://colebrookfinancial.com/172-autosave-v1/',0,'revision','',0),(460,1,'2016-01-07 01:59:56','2016-01-07 01:59:56','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" class=\"aligncenter size-full wp-image-356\" />\r\n\r\n<h1>Newsletters</h1>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\">Colebrook Chronicle Issue 8 - January 2016 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/06/June-15.pdf\">Colebrook Chronicle Issue 7 - June 2015 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/ColeChronicle_Fall2014_web.pdf\">Colebrook Chronicle Issue 6 - Fall 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/04/ColebrookChronicle_Spring2014_Web.pdf\">Colebrook Chronicle Issue 5 - Spring 2014 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/11/fall_2013.pdf\">Colebrook Chronicle Issue 4 - November 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/06/june_2013.pdf\">Colebrook Chronicle Issue 3 - June 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/jan_2013.pdf\" target=\"_blank\">Colebrook Chronicle Issue 2 - Winter 2013 (pdf)</a>\r\n\r\n<a href=\"http://colebrookfinancial.com/pdf/CC1.pdf\" target=\"_blank\">Colebrook Chronicle Issue 1  - May 2012 (pdf)</a>','Newsletters','','inherit','closed','closed','','172-revision-v1','','','2016-01-07 01:59:56','2016-01-07 01:59:56','',172,'http://colebrookfinancial.com/172-revision-v1/',0,'revision','',0),(462,1,'2016-01-23 19:35:05','2016-01-23 19:35:05','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\"\" target=\"_blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\"\" target=\"_blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2016-01-23 19:35:05','2016-01-23 19:35:05','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(463,1,'2016-01-23 19:40:53','2016-01-23 19:40:53','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2016-01-23 19:40:53','2016-01-23 19:40:53','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(467,1,'2016-04-28 00:22:16','2016-04-28 00:22:16','l - R, Bill Ryczek and John Gordon','l - R, Bill Ryczek and John Gordon','l - R, Bill Ryczek and John Gordon','inherit','open','closed','','billandjohn','','','2016-04-28 00:32:58','2016-04-28 00:32:58','',114,'http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg',0,'attachment','image/jpeg',0),(468,1,'2016-06-01 23:44:24','2016-06-01 23:44:24','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare Lender Colebrook Offering Loans to Mexican & Caribbean Resorts (June 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"214\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"214\" height=\"300\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n<em>Middletown, CT – June 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced they have funds available for financing receivables in Mexico and the Caribbean.\r\n\r\n“We’ve done a number of transactions with developers whose resorts are located outside the U.S., and who are selling a membership product to Americans,” says Colebrook Financial Principal Bill Ryczek. “Typically in the past, lenders were reluctant to provide receivables financing for products that did not have a real estate component or were located in foreign countries. We decided to step up several years ago to finance foreign projects that are well capitalized and have reputations for sound sales practices. The demographics of foreign travelers tend to be strong, which is reflected in the excellent performance we’ve seen in the receivables.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Colebrook to Finance staySky® Vacation Clubs (April 2016)\"]\r\n\r\n[caption id=\"attachment_467\" align=\"alignright\" width=\"264\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" rel=\"attachment wp-att-467\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" alt=\"L - R, Bill Ryczek and John Gordon\" width=\"264\" height=\"150\" class=\"size-full wp-image-467\" /></a> L - R, Bill Ryczek and John Gordon[/caption] \r\n\r\n<em>Middletown, CT – April 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced that they recently provided receivable financing for staySky® Vacation Clubs. Launched in 2014, staySky® Vacation Clubs is a points-based vacation ownership product that features four properties, each in the heart of Orlando’s thriving tourism “The staySky organization is relatively new to the timeshare scene, and we are very pleased to get in on the ground floor with the intention of growing along with them over the next several years,” said Colebrook’s Bill Ryczek.\r\n\r\n“We have a fairly complex business model, and Colebrook was able to come up with a financing proposal to accommodate our structure,” says staySky CEO John Gordon. “We’re very pleased with the relationship.” \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" rel=\"attachment wp-att-470\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" alt=\"Stay Sky Press Release\" width=\"190\" height=\"110\" class=\"alignleft size-full wp-image-470\" /></a>\r\n\r\n<strong>About staySky Vacation Clubs</strong>\r\nstaySky® Vacation Clubs is a dynamic points-based program offering members the ultimate flexibility and control over their vacation lifestyle. Members can use their staySky® Points in a variety of ways, including accessing vacation resorts worldwide through staySky® Vacation Clubs’ partnership with Interval International’s global points system; banking their points for use in the following year; borrowing points for more vacation time in the current year; or earning staySky® Escapes reward credits to enhance their vacation experience. For more information, visit <a href=\"http://staySkyVacationClubs.com.\" target=\"_blank\">staySkyVacationClubs.com</a>.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-autosave-v1','','','2016-06-01 23:44:24','2016-06-01 23:44:24','',114,'http://colebrookfinancial.com/114-autosave-v1/',0,'revision','',0),(469,1,'2016-04-28 02:18:05','2016-04-28 02:18:05','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare Lender Colebrook to Finance staySky® Vacation Clubs (April 2016)\"]\r\n\r\n[caption id=\"attachment_467\" align=\"alignright\" width=\"264\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" rel=\"attachment wp-att-467\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" alt=\"L - R, Bill Ryczek and John Gordon\" width=\"264\" height=\"150\" class=\"size-full wp-image-467\" /></a> L - R, Bill Ryczek and John Gordon[/caption] \r\n\r\n<em>Middletown, CT – April 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced that they recently provided receivable financing for staySky® Vacation Clubs. Launched in 2014, staySky® Vacation Clubs is a points-based vacation ownership product that features four properties, each in the heart of Orlando’s thriving tourism “The staySky organization is relatively new to the timeshare scene, and we are very pleased to get in on the ground floor with the intention of growing along with them over the next several years,” said Colebrook’s Bill Ryczek.\r\n\r\n“We have a fairly complex business model, and Colebrook was able to come up with a financing proposal to accommodate our structure,” says staySky CEO John Gordon. “We’re very pleased with the relationship.” \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About staySky Vacation Clubs</strong>\r\nstaySky® Vacation Clubs is a dynamic points-based program offering members the ultimate flexibility and control over their vacation lifestyle. Members can use their staySky® Points in a variety of ways, including accessing vacation resorts worldwide through staySky® Vacation Clubs’ partnership with Interval International’s global points system; banking their points for use in the following year; borrowing points for more vacation time in the current year; or earning staySky® Escapes reward credits to enhance their vacation experience. For more information, visit <a href=\"http://staySkyVacationClubs.com.\" target=\"_blank\">staySkyVacationClubs.com</a>.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2016-04-28 02:18:05','2016-04-28 02:18:05','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0),(470,1,'2016-04-28 21:04:25','2016-04-28 21:04:25','','Stay Sky Press Release','','inherit','open','closed','','stay-sky-press-release','','','2016-04-28 21:04:58','2016-04-28 21:04:58','',114,'http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg',0,'attachment','image/jpeg',0),(471,1,'2016-04-28 21:05:19','2016-04-28 21:05:19','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare Lender Colebrook to Finance staySky® Vacation Clubs (April 2016)\"]\r\n\r\n[caption id=\"attachment_467\" align=\"alignright\" width=\"264\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" rel=\"attachment wp-att-467\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" alt=\"L - R, Bill Ryczek and John Gordon\" width=\"264\" height=\"150\" class=\"size-full wp-image-467\" /></a> L - R, Bill Ryczek and John Gordon[/caption] \r\n\r\n<em>Middletown, CT – April 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced that they recently provided receivable financing for staySky® Vacation Clubs. Launched in 2014, staySky® Vacation Clubs is a points-based vacation ownership product that features four properties, each in the heart of Orlando’s thriving tourism “The staySky organization is relatively new to the timeshare scene, and we are very pleased to get in on the ground floor with the intention of growing along with them over the next several years,” said Colebrook’s Bill Ryczek.\r\n\r\n“We have a fairly complex business model, and Colebrook was able to come up with a financing proposal to accommodate our structure,” says staySky CEO John Gordon. “We’re very pleased with the relationship.” \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" rel=\"attachment wp-att-470\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" alt=\"Stay Sky Press Release\" width=\"190\" height=\"110\" class=\"alignleft size-full wp-image-470\" /></a>\r\n\r\n<strong>About staySky Vacation Clubs</strong>\r\nstaySky® Vacation Clubs is a dynamic points-based program offering members the ultimate flexibility and control over their vacation lifestyle. Members can use their staySky® Points in a variety of ways, including accessing vacation resorts worldwide through staySky® Vacation Clubs’ partnership with Interval International’s global points system; banking their points for use in the following year; borrowing points for more vacation time in the current year; or earning staySky® Escapes reward credits to enhance their vacation experience. For more information, visit <a href=\"http://staySkyVacationClubs.com.\" target=\"_blank\">staySkyVacationClubs.com</a>.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. It’s just another indication that they are interested in talking to you.”\r\n\r\nColebrook principals take pride in the attentive, personal service they provide clients throughout the relationship. “Most of our clients have started with a small relationship that has grown over the years as we both become more comfortable with each other,” says Ryczek. “Like timeshare developers, we believe our existing customers are our best prospects and if we treat them well, they will expand the relationship.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]','Press Releases','','inherit','closed','closed','','114-revision-v1','','','2016-04-28 21:05:19','2016-04-28 21:05:19','',114,'http://colebrookfinancial.com/114-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (473,1,'2016-06-01 23:44:40','2016-06-01 23:44:40','<img class=\"aligncenter size-full wp-image-356\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/5_a.jpg\" alt=\"5_a\" width=\"914\" height=\"300\" />\r\n<h1>Press Releases</h1>\r\n\r\n[expand title=\"Timeshare Lender Colebrook Offering Loans to Mexican & Caribbean Resorts (June 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"214\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"214\" height=\"300\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n<em>Middletown, CT – June 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced they have funds available for financing receivables in Mexico and the Caribbean.\r\n\r\n“We’ve done a number of transactions with developers whose resorts are located outside the U.S., and who are selling a membership product to Americans,” says Colebrook Financial Principal Bill Ryczek. “Typically in the past, lenders were reluctant to provide receivables financing for products that did not have a real estate component or were located in foreign countries. We decided to step up several years ago to finance foreign projects that are well capitalized and have reputations for sound sales practices. The demographics of foreign travelers tend to be strong, which is reflected in the excellent performance we’ve seen in the receivables.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Colebrook to Finance staySky® Vacation Clubs (April 2016)\"]\r\n\r\n[caption id=\"attachment_467\" align=\"alignright\" width=\"264\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" rel=\"attachment wp-att-467\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/billandjohn.jpg\" alt=\"L - R, Bill Ryczek and John Gordon\" width=\"264\" height=\"150\" class=\"size-full wp-image-467\" /></a> L - R, Bill Ryczek and John Gordon[/caption] \r\n\r\n<em>Middletown, CT – April 2016</em> - Colebrook Financial Company, a lending institution specializing in the timeshare industry, announced that they recently provided receivable financing for staySky® Vacation Clubs. Launched in 2014, staySky® Vacation Clubs is a points-based vacation ownership product that features four properties, each in the heart of Orlando’s thriving tourism “The staySky organization is relatively new to the timeshare scene, and we are very pleased to get in on the ground floor with the intention of growing along with them over the next several years,” said Colebrook’s Bill Ryczek.\r\n\r\n“We have a fairly complex business model, and Colebrook was able to come up with a financing proposal to accommodate our structure,” says staySky CEO John Gordon. “We’re very pleased with the relationship.” \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" rel=\"attachment wp-att-470\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2016/04/Stay-Sky-Press-Release.jpg\" alt=\"Stay Sky Press Release\" width=\"190\" height=\"110\" class=\"alignleft size-full wp-image-470\" /></a>\r\n\r\n<strong>About staySky Vacation Clubs</strong>\r\nstaySky® Vacation Clubs is a dynamic points-based program offering members the ultimate flexibility and control over their vacation lifestyle. Members can use their staySky® Points in a variety of ways, including accessing vacation resorts worldwide through staySky® Vacation Clubs’ partnership with Interval International’s global points system; banking their points for use in the following year; borrowing points for more vacation time in the current year; or earning staySky® Escapes reward credits to enhance their vacation experience. For more information, visit <a href=\"http://staySkyVacationClubs.com.\" target=\"_blank\">staySkyVacationClubs.com</a>.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook publishes industry newsletter (January 2016)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; January 2016</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, issued their eighth edition of their newsletter <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a> – providing in-depth information about the direction of the industry.\r\n\r\nBill Ryczek and his team always manage to inject a note of humor while covering important and interesting information, theming this issue “Something Old, Something New, Something Borrowed, and Something Blue.”\r\n\r\n“In our lineup of articles,” read the Editor’s Note, “we have something old, if he will pardon the label, in industry veteran Herb Hirsch; something new, dynamic young Patton Hospitality CEO Will Horton; something borrowed as discussed in Bill Ryczek’s article on hypothecation loans; and finally, we have beautiful Blue Water Resort in Nassau.”   \r\n\r\n“There are a couple of other articles that don’t fit the theme, and we utilized the old trick of getting your attention by using a photo of a beautiful actress who is only peripherally connected to the subject matter.” The photo is of Herb Hirsch, together with Bo Derek, circa 1985. To find out more, check out the January 2016 edition of <a href=\"http://colebrookfinancial.com/wp-content/uploads/2016/01/ColeChron_web_Jan2016.pdf\" target=\"blank\">The Colebrook Chronicle</a>. \r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook increases line for King’s Creek Plantation (October 2015)\"]\r\n\r\n[caption id=\"attachment_246\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption] \r\n\r\n<em>Middletown, CT; October 2015</em> - Colebrook Financial Company, a lending institution specializing strictly in the timeshare industry, announced they had increased their line of credit for the Williamsburg, Virginia, timeshare developer King’s Creek Plantation from $10 to $13 million, including a second fixed-rate tranche.  \r\n\r\n“We’ve worked with King’s Creek since 2012,” says Colebrook Principal Bill Ryczek. “I have great confidence in the management team; they’re hard-working, straightforward, and have built a superior product.” \r\n\r\n[caption id=\"attachment_453\" align=\"alignleft\" width=\"144\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/10/News_Kings-Creek-Plantation-receives-increase-from-Colebrook_Oct-2015.jpg\" alt=\"Joe Cantrell, King&#039;s Creek Plantation\" width=\"144\" height=\"180\" class=\"size-full wp-image-453\" /></a> Joe Cantrell, King\'s Creek Plantation[/caption]   \r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We greatly value our relationship with Colebrook. They’ve been great partners over the past several years, and we’re looking forward to continuing what has proven to be a mutually satisfying relationship.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396. \r\n\r\n<strong>About King\'s Creek Plantation</strong>\r\nSituated in Williamsburg, Virginia, King\'s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburg to historic Jamestown and Yorktown.  The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king&#039;s_creek\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-313\" /></a>  \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company extends River Run Company loan (August 2015)\"]\r\n\r\n[caption id=\"attachment_450\" align=\"alignright\" width=\"135\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/09/News_Colebrook-finances-River-Run_Sep-2015.jpg\" alt=\"Joe Berry, President, River Run Company\" width=\"135\" height=\"156\" class=\"size-full wp-image-450\" /></a> Joe Berry, President, River Run Company[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, a prominent lender relied upon by timeshare resort companies, announced the two-year extension of a line of credit to River Run Company, located in North Conway, New Hampshire.  \r\n\r\n“Colebrook became our lender in 2009 at the height of the recession after our previous lender exited the business,” says River Run Company President Joe Berry. “They placed their faith in us and we’ve had a great relationship ever since. Due in part to their continuing support we’ve been able to build new inventory at the Eastern Slope Inn and at our Attitash Mountain Village properties. I’m happy to say we are recognizing a steady rate of sales at both locations.” \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]   \r\n\r\n“Joe Berry is one of the legendary figures of the New England vacation ownership industry, and we are delighted to be a part of his continuing development of the Eastern Slope Inn and Attitash Mountain Village,” says Colebrook Financial Principal Bill Ryczek.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About River Run</strong>\r\nFor more than 30 years, River Run Company, Inc. has been serving the commercial development needs of the Mount Washington Valley in New Hampshire. River Run Co. also develops and manages timeshare and whole ownership vacation properties including the Eastern Slope Inn Resort, located in North Conway, New Hampshire, and condominiums in Attitash Mountain Village. River Run Company’s residential and commercial land development initiatives division is involved in premier projects, including master-planned communities and commercial interests.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company provides fixed rate $7.5mm loan to Festiva Resorts (August 2015)\"]\r\n\r\n[caption id=\"attachment_446\" align=\"alignright\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/08/Butch_Patrick-2012-214x300.jpg\" alt=\"Herbert &quot;Butch&quot; Patrick\" width=\"160\" height=\"\" class=\"size-medium wp-image-446\" /></a> Herbert \"Butch\" Patrick[/caption]\r\n\r\n<em>Middletown, CT; August 2015</em> - Colebrook Financial Company, specializing in making loans to timeshare resort operators, says they were able to re-finance a $7.5 million loan to Festiva Resort Group, LLC, by offering a very competitive fixed rate.  \r\n\r\n“We very much appreciate working with Colebrook to lock in our margins to refinance a portfolio that was associated with our earlier acquisition of the Kosmas Group International properties,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook has been a solid company with which to work since 2003 when they lent us our first million.”    \r\n\r\n[caption id=\"attachment_246\" align=\"alignleft\" width=\"160\"]<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Bill Ryczek\" width=\"160\" class=\"size-medium wp-image-246\" /></a> Bill Ryczek, Colebrook Financial Company[/caption]\r\n\r\n“We’re pleased to continue to expand our lending to Festiva,” said Colebrook’s Bill Ryczek.  “We’ve worked with the management team there for well over a decade, and it’s a good, comfortable relationship.  One of the things I’ve always enjoyed about lending is watching customers grow and evolve, and it’s been great having a front row seat as Butch Patrick and his staff have gone from a two-man show and a marketing company to a dynamic multi-division company.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"Festiva Resorts\" width=\"148\" height=\"112\" class=\"size-full wp-image-303\" /></a>   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders’ Timeshare Education Seminar scheduled for Thursday, September 24th in Connecticut (July 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" class=\"alignright size-medium wp-image-315\" /></a>\r\n\r\n<em>Middletown, CT; July 2015</em> - Colebrook Financial Company, a provider of financing for timeshare resort developers, has set the date for its seventh annual “Timeshare Lender Education Seminar.\" The event features influential professionals whose organizations focus on the timeshare industry and will be held on September 24, 2015, at the Inn at Middletown in Middletown, Connecticut. \r\n\r\nMore than 50 bankers, accountants and attorneys are expected to attend the by-invitation-only event.  Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the six prior sessions, will inform the audience of developments in the timeshare industry during the past year.    \r\n\r\nOther speakers include Gold Key/PHR Hotels & Resorts Chief Investment Officer Robert “Bob” Howard, digital transaction experts eOriginal CEO Stephen Bisbee and President & CEO of Welk Resorts Jonathan P. Fredricks RRP*.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"160\" class=\"alignleft size-medium wp-image-246\" /></a>\r\n\r\n“Attendees at prior events tell us our annual seminar provides an excellent introduction to the timeshare industry,” says Colebrook Financial Company Principal Bill Ryczek RRP* (pictured right). “In fact, many of our banking partners and other interested parties return year after year to get an update on the industry, as well as to network among their peers. Colebrook acts proactively to nurture banking relationships of this sort.  The increased capacity enables us to structure larger financing packages on more competitive terms. \r\n\r\nRyczek, Jim Bishop, Fred Dauch, Tom Petrisko, and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Fredricks and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook announces loan to FantaSea Resorts (June 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"214\" height=\"300\" class=\"alignright size-medium wp-image-246\" /></a>\r\n\r\n<em>Middletown, CT; June 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced the finalization of a loan to FantaSea Resorts for acquisition of inventory at Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook finances all three of FantaSea Resorts’ Atlantic City properties—Flagship, LaSammana and Atlantic Palace.\r\n\r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Colebrook Financial Partner Bill Ryczek (pictured here). “We’re delighted to assist him in expanding his operation.”   \r\n\r\n“The principals at Colebrook have been terrific partners for us since 2009 and were particularly supportive throughout the recent recession,” says FantaSea Resorts CEO Bruce Kaye. “They go the extra mile to make themselves available to answer questions or to help solve any problems. We look forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea  Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include three unique resorts that include 700+ units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n\r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 37,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International.   \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook provides fixed rate loan to Global for points-based club timeshare receivables (May 2015)\"]\r\n\r\n<em>Middletown, CT; May 2015</em> - Colebrook Financial Company, a lender specializing in the timeshare or vacation ownership industry, announced they recently closed a loan with Global Exchange Development Corporation (GEDC) in which they converted a portion of Global’s variable rate loan to a fixed rate.\r\n\r\n“The partners at Colebrook take the time to truly look at our business model and are willing to go that extra mile,” says GEDC President Rick Sargent. “They are attentive to our needs and together, we are able to make money while putting people on vacation.”  \r\n\r\n“Developers like Rick are concerned about the possibility of rising interest rates,” said Colebrook’s Bill Ryczek, “and we move a portion of his loan to a fixed rate on a regular basis.  Rick has a lot of exciting new marketing initiatives and we look forward to growing with him over the next several years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Global Exchange Development Corporation (GEDC)</strong>\r\nA leader in the timeshare club industry, GEDC has developed Global Exchange Vacation Club (GEVC), which is powered by RCI points and offers a variety of flexible getaway opportunities for timeshare club members. The company provides members with a lifetime of memorable vacation experiences and enhances the quality of their lives through the flexibility of its customized points based vacation ownership system. Their commitment to the highest standards of quality and service is what has made GEDC a leader in the global timeshare club industry.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finances purchase of Hawaii timeshare resort inventory for Vacation Internationale (March 2015)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\"><img src=\"http://colebrookfinancial.com/wp-content/uploads/2015/03/Colebrook-finances-purchase-of-Hawaii-timeshare-resort_html_m2e38d723.png\" alt=\"Vacation Internationale\" width=\"449\" class=\"alignright size-full wp-image-431\" /></a>\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company announced they recently provided financing to enable Vacation Ownership Sales, Inc. (VOS) to acquire 44 one- and two-bedroom condominium units in the Sea Village Resort at Kailua-Kona on the Big Island.  The units were acquired for Vacation Internationale (VI), the oldest points-based, multi-site vacation club in North America, which was started in Hawaii in 1974.  VOS has been the management and sales company for VI since 2003.  The club currently has over 44,000 members and a resort network of over 40 destinations in the US, Canada, and Mexico.\r\n\r\n“We are very pleased with our long-term relationship with Colebrook and its ability to help us grow VI over the past ten years,” said Stuart Allen and Mike Vasey, owners of Vacation Ownership Sales.  \r\n\r\nAllen and Vasey added that the VI owners association had targeted the inventory at the Sea Village Resort for many years as part of its economic sustainability and growth strategy.  Hawaii is a much-desired destination for VI owners, and the additional inventory provides more opportunities for owners to visit the islands.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Vacation Ownership Sales, Inc.</strong>\r\nVacation Ownership Sales, Inc. provides management, marketing and sales services to Vacation Internationale, the oldest points-based multi-site vacation club in North America.  Based in Bellevue, Washington, VOS and VI have created a uniquely successful business model of a non-profit owner-controlled club working together with a privately held management, marketing and sales company to grow the club more than 25 percent in the past 10 years.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook increases loan to FantaSea Resorts (March 2015)\"]\r\n\r\n<em>Middletown, CT; March 2015</em> - Timeshare development/vacation ownership specialty lender Colebrook Financial Company recently finalized an increase of an existing loan to FantaSea Resorts that includes a fixed rate tranche to finance sales at the Atlantic Palace Resort in Atlantic City, New Jersey.  Colebrook Financial’s Bill Ryczek says they have had a relationship with the organization since 2009.\r\n \r\n“Bruce Kaye and his companies have been the leaders in the Atlantic City timeshare market for over 20 years,” says Ryczek. “He has continued to prosper through numerous gaming cycles, and the strength of his organization enables him to succeed even in difficult times.  We’re delighted to have the opportunity to expand our relationship with an excellent customer.”\r\n   \r\n“We have enjoyed working with the team at Colebrook over the years,” says FantaSea Resorts CEO Bruce Kaye. “They are always very accessible; you can always get any questions answered readily and thoughtfully. I’m looking forward to continuing our relationship for many more years.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About FantaSea Resorts</strong>\r\nFantaSea Resorts is proud to be the premier independent provider of Vacation Ownership products and services in the Northeast.  Since coming to Atlantic City in 1992, our portfolio of properties has grown to include two unique resorts that include 500 units, making us the largest non-casino hospitality provider in the entire city.  Whether you choose Flagship or La Sammana, one of our properties will be certain to satisfy your unique tastes.        \r\n                                   \r\nAs the largest private employer in Atlantic City and one of the largest in all of Atlantic County, we are committed to delivering a high level of personal service to each of our  over 30,000 owners.  We are dedicated to delivering memorable vacation experiences both in Atlantic City and throughout the world with our global exchange partners, RCI and Interval International. \r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook’s Bill Ryczek to participate on ARDA World panel on April 14, 2015\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\" alt=\"Bill Ryczek\" width=\"120\" /><em>Middletown, CT; March 2015</em> - Colebrook Financial Company Principal Bill Ryczek says he will provide a lender’s perspective on short-term vacation ownership products as a panel member during the upcoming ARDA World Convention being held in Orlando. The session “Short-term Fever: Variable-term Vacation Products - Time for a New Approach?” will be presented on April 14, 2015 from 2:45 p.m. - 4:00 p.m. EST. Colebrook is a well-known provider of receivables financing for timeshare resorts/vacation ownership companies. During the educational session, Ryczek joins a panel of experts drawn from various disciplines within the industry and will take a look short-term, fixed term and diminishing-use timeshare products and travel clubs.\r\n\r\n“The use of variable and limited duration offerings confirms the concept that timeshare is a vacation product and not a real estate investment,” said Ryczek. “I think we’re going to see greater use of such products, and we’ve tried to get on the cutting edge of the financing part of the equation.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook finalizes a $10mm, fixed rate loan to Starpoint (January 2015)\"]\r\n\r\n<em>Middletown, CT; January 2015</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they are providing a $10 million receivable traunche, fixed-rate refinancing loan to Starpoint Resort Group, Inc. Starpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada.\r\n\r\n“We have enjoyed having a long and stable relationship with Starpoint,” says Colebrook Financial Principal Bill Ryczek. “This will be our eleventh year to provide end-loan receivables financing for them.”\r\n\r\n“Colebrook has always been a supportive and creative partner to us,” says Starpoint CEO Mike Muldoon. “Their business philosophy is similar to ours; we strive to deliver an excellent product and to exceed customer expectations. Over the years, we’ve witnessed this attitude in the professionals at Colebrook; they are always accessible and collaborative.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint, a subsidiary of BQ Resorts LLC, is the developer of Sapphire Resorts which is a multi-site timeshare club comprised of 21 resorts based in Las Vegas, Nevada. The company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>About BQ Resorts LLC</strong>\r\nBQ Resorts, a privately held company, is focused on the timeshare/hospitality space and owns companies including Starpoint Resorts, GeoHoliday Club, GetAways Resort Management and Sapphire Resorts. Leveraging its strategic partnership with TZP Group, a New York based private equity firm, it continues to expand its core business platforms through organic growth and strategic acquisition. Under its ownership umbrella are four timeshare clubs, 22 resorts under management, two resort and property management companies, an active sales and marketing company, and approximately 50,000 timeshare members throughout Canada, Costa Rica, the U.S. and the Caribbean.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\n<a href=\"mailto:ADickler@StarpointResorts.com\">ADickler@StarpointResorts.com</a>\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company builds lending relationship with London Bridge Resort (September 2014)\"]\r\n\r\n<img class=\"size-full wp-image-242 alignright\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_1bb8bfa9.jpg\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014\" width=\"221\" height=\"154\" /><em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for vacation ownership/timeshare resort companies, announced they have established a new lending relationship with the London Bridge Resort, in Lake Havasu City, Arizona. Colebrook will be underwriting a portfolio of timeshare resort receivables.\r\n\r\n“London Bridge is a mature resort with a long history of successful operations,” says Colebrook Principal Bill Ryczek. “We’re delighted to have them as a customer.”\r\n\r\n“It’s been awhile since we’ve done receivable financing, and Colebrook’s attorney was extremely helpful in walking us through the process,” says London Bridge Resort President Tom Flatley.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About London Bridge Resort</strong>\r\nLondon Bridge Resort is an all-suite property on Lake Havasu’s Bridgewater Channel. Located between Phoenix and Las Vegas, this waterfront resort offers on-site restaurants and nightclubs, 12,000 square feet of event space, 122 diverse suites, diverse Arizona vacation packages and many on-site amenities. Whether guests are traveling for business or leisure, with a large group or alone, they’re sure to find the perfect accommodations to suit their needs at this Lake Havasu resort. More information about London Bridge Resort is available at: <a href=\"http://www.londonbridgeresort.com\" target=\"blank\">www.londonbridgeresort.com</a>.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\"><img class=\"alignnone size-full wp-image-287\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/News_Colebrook-lends-to-London-Bridge-Resort_Oct-2014_html_76483bfd.png\" alt=\"News_Colebrook lends to London Bridge Resort_Oct 2014_html_76483bfd\" width=\"114\" height=\"93\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Company increases Starpoint Resort Group loan to $15mm; total commitments now $32mm (September 2014)\"]<strong>Colebrook Financial Company expedited deal to finance end-loan receivables for large vacation ownership marketing, sales and management company.</strong>\r\n\r\n<em>Middletown, CT; September 2014</em> - Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.\r\n\r\n“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”\r\n\r\nStarpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.\r\n\r\n“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Starpoint Resort Group</strong>\r\nStarpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n<strong>Contact for Starpoint Resort Group Inc.:</strong>\r\nAlan Dickler, COO\r\nADickler@StarpointResorts.com\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial and Festiva enhance long-term lending relationship (July 2014)\"]\r\n\r\n<em>Middletown, CT; July 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.\r\n\r\n“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”\r\n\r\n“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Amber Group, Inc. announce HOA Financing (June 2014)\"]<strong>Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area.</strong>\r\n\r\n<em>Middletown, CT; June 2014</em> - Colebrook Financial Company, which provides financing for timeshare resort entities, announced recently they had closed a deal with a timeshare resort homeowners association (HOA) to assist in refurbishing two conjoining resorts – Alhambra at Poinciana and Alhambra Villas – near Kissimmee, Florida. The loan was facilitated by the Amber Group, Inc., which manages both properties.\r\n\r\n“The loan enabled what had been a piecemeal renovation to take place in one phase, without burdening the owners with a special assessment,” said Colebrook Financial Principal Bill Ryczek. “A key reason for us to make the loan was the fact that the projects are professionally managed by Amber, which was able to provide us with complete information on the scope and timing of the renovation project. Many older resorts (or ‘legacy’ as they are often called) are in a similar condition and contemplating renovation projects. If a project is healthy, we may be able to help them.”\r\n\r\n“The principals at Colebrook made the process pretty much wrinkle-free for us,” said Amber Group, Inc. COO Nick Gray. “We met with them in Orlando to discuss the process and there was very little red tape to go through since they understand timeshare and appreciated our business model.”\r\n\r\nGray explained that when they began managing the resorts, the reserves had been depleted and the units were in need of extensive maintenance. “We brought the resorts back to health by refurbishing them gradually,” he added. “There came a point at which RCI would have given them Gold Crown status, but we wanted to wait until they had been completely renovated. We calculated that by borrowing the $25,000 per unit to refurbish all the units, we would be spending the same dollars, including interest, as we would by continuing to renovate them gradually over the same period of time.”\r\n\r\n<strong>About Amber Group, Inc.</strong>\r\nEstablished in 1994, the Amber Group manages Amber Vacation Club and Amber Resort Management, which provide central reservations, owner services and resort management to 16,000 owners at three resort locations as well as three additional affiliate sites. Currently, Amber is actively seeking affiliate sites and management opportunities, and developing a plan for expansion of Amber Vacation Club benefits. (www.ambervacations.com)\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial agrees to finance sales for Highlands Resorts at The Christie Lodge (February 2014)\"]<strong>Colebrook to finance up to $10M in timeshare sales at Colorado Resort</strong>\r\n\r\n<em>Middletown, CT; February 2014</em> – Colebrook Financial Company, providing timeshare receivable financing for timeshare resort companies, agreed to lend up to $10,000,000 to Highlands Resorts to finance re-sales at The Christie Lodge in Avon, Colorado.\r\n\r\nThe Christie Lodge has been a successful timeshare in the Vail Valley for 31 years. Located within minutes of two world-class ski resorts, The Christie Lodge is in a prime location to access year-round mountain activities.\r\n\r\n“We’re thrilled to have partnered with Todd Herrick and Highlands Resorts, as their strength and success in sales is a perfect match for our experience and passion for hospitality,” says Lisa Siegert-Free, Managing Director and General Manager of The Christie Lodge.\r\n\r\nThe Highlands Resorts companies, owned and operated by Todd Herrick, develop and sell vacation ownership resorts at the Sedona Pines in Sedona, Arizona, Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California. Todd Herrick is also the managing partner of The Peaks Resort in Telluride, Colorado. Colebrook has been providing financing for the Sedona Pines and Verde Ridge projects for the past four years. Highlands has immediate plans to expand further in the Southwest and Colebrook looks forward to partnering on these projects.\r\n\r\n“The Christie Lodge is a mature, well-managed property in a terrific location,” says Colebrook Partner Bill Ryczek. “Todd Herrick has been a great customer, and when he had the opportunity to enter into a relationship with the Christie Lodge, we were delighted to be a part of it. Todd operates the way we do—he’s focused, direct, and gets right to the point. We really enjoy working with him.”\r\n\r\n“We feel fortunate to have aligned with The Christie Lodge,” says Herrick, “which has a similar history of long-term employee retention, business practices and longevity in the industry, and with Colebrook, which has been a terrific lending partner for us over the years. We are one of the few developers in the United States to be developing new products at this time, and appreciate working with a finance company flexible enough to handle our growth. Plus, the partners at Colebrook are totally hands-on and available whenever we call on them.”\r\n\r\n<strong>About The Christie Lodge</strong>\r\n\r\nThe Christie Lodge is a timeshare and rental resort located in Avon, Colorado. Two miles from Beaver Creek Resort and ten miles from Vail Mountain, The Christie Lodge is centrally located to two world-class mountain resorts. A long-time associate of the RCI Weeks program, more recently The Christie Lodge has affiliated with RCI Points Platinum to add additional value and flexibility to their owners.\r\n\r\n<strong>About Colebrook Financial Company</strong>\r\n\r\nColebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396.\r\n\r\n<strong>About Highlands Resorts</strong>\r\n\r\nHighlands Resorts is owned and operated by Todd Herrick and has enjoyed strong success in the Southwestern United States. HR is currently developing and selling Sedona Pines Resort in Sedona, Arizona; Highlands Resort at Verde Ridge in Cornville, Arizona, and the Dunes Club in Palm Springs, California.\r\n\r\n<strong>Media Contact for Christie Lodge:</strong>\r\nTom Butz\r\nDirector of Resort Sales and Marketing\r\n1-970-845-4527; tbutz@christielodge.com\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes transaction with Starpoint Resort Group, Inc. (December 2013)\"]\r\n<strong>Colebrook Financial Company announces they have signed a deal to finance end-loan receivables for large vacation ownership resorts marketing, sales, and management company.</strong>\r\n\r\n<em>Middletown, CT; December 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.\r\n\r\n“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”\r\n\r\nStarpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.\r\n\r\n“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”\r\n\r\n<strong>About Starpoint Resort Group, Inc.</strong>\r\n\r\nStarpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint.png\"><img class=\"alignnone size-medium wp-image-305\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/starpoint-300x154.png\" alt=\"starpoint\" width=\"300\" height=\"154\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook and Festiva expand lending relationship (October 2013)\"]\r\n<strong>Colebrook Financial Company announces they have increased one of their loans to Festiva Development Group, LLC.</strong>\r\n\r\n<em>Middletown, CT; October 2013</em> – Colebrook Financial Company, which provides receivables financing for timeshare resort developers, announced that they just closed a new transaction with Festiva Development Group, LLC, located in Asheville, NC.\r\n\r\n“We’ve had a great relationship with Festiva and their management over the past ten years,” says Colebrook Principal Bill Ryczek. “In 2003 we were both small companies just starting out, and it’s been so gratifying to see Butch and Don build a not just a timeshare company, but a terrific, diversified hospitality organization.”\r\n\r\n“Festiva and Colebrook are pleased to see this latest development in growing a mutually beneficial and long-term relationship,” says Festiva’s President Herbert (Butch) Patrick. “Our association with them began with a $1 million loan in 2003 and they are now one of our key lenders with a relationship of more than $20 million. Colebrook has been a great partner; they’ve been a great help and a strong, consistent ally.”\r\n\r\n<strong>About Festiva Development Group, LLC</strong>\r\n\r\nFestiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 as Festiva Resorts and is based in Asheville, North Carolina.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\"><img class=\"alignnone size-full wp-image-303\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg\" alt=\"festiva\" width=\"148\" height=\"112\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook becomes lender to CLC World Resorts &amp; Hotels (August 2013)\"]\r\n<strong>Colebrook Financial Company announces they have closed a loan for timeshare receivables for CLC World’s first U.S.-based resort.</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the closing of a transaction with CLC World Resorts &amp; Hotels, a major European timeshare developer, to finance American purchasers at the company’s first U.S. timeshare project, Encantada Resort in Kissimmee, Florida. In addition to starting sales at Encantada in April of this year, CLC World will soon be selling timeshare at another Orlando area-based resort it is developing, Regal Oaks in Kissimmee, FL.\r\n\r\n“We were very impressed with what Club La Costa has accomplished in Europe, and with the caliber of their executive management,” says Colebrook Principal Bill Ryczek. “This is their first fractional venture into the U.S. market. We feel we are a good fit for them because we are willing to start from a small base and grow with a company. We look forward to talking with them about future projects.”\r\n\r\n“Colebrook’s principals impressed us with their accessibility and emphasis on building a long-term relationship,” says CLC USA Chief Executive Officer Marty Kandel. “As a European developer, this was crucial to our decision and we are happy to be working with them. We have a unique business model and strategy enabling us to leverage our global marketing opportunities to sell fractional or whole product to both U.S. and European citizens. The results are already very promising.”\r\n\r\n<strong>About CLC World Resorts &amp; Hotels</strong>\r\n\r\nCLC World Resorts &amp; Hotels is a leading provider of mixed use holiday products in Europe. The private members\' club that began in 1984 has over 50,000 members and 28 mixed use resorts worldwide, including the UK, Spain, Tenerife, Austria, Turkey, Australia and the USA, as well as the Club La Costa Yacht Club. The company has its own resort management team, a rapidly expanding freehold property division and an in-house travel department serving its members.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world.jpg\"><img class=\"alignnone size-medium wp-image-311\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/clc_world-300x190.jpg\" alt=\"Print\" width=\"200\" height=\"auto\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Tom Petrisko joins Colebrook Financial (July 2013)\"]\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02.jpg\"><img class=\"alignright size-medium wp-image-244\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Petrisko_T_02-214x300.jpg\" alt=\"petrisko\" width=\"214\" height=\"300\" /></a>\r\n<em>Middletown, CT; July 2013</em> – Colebrook Financial Company, a premier lending institution in the timeshare industry, announced Tom Petrisko has joined the firm as a partner. His responsibilities include working with existing clients, as well as forging new relationships with resort and club developers.\r\n\r\n“Colebrook’s team was impressed with Tom’s capabilities when we worked together at another timeshare lending institution,” says Colebrook Principal Bill Ryczek. “His aptitude for seeing the ‘big picture’ when it came to putting a financing deal together was readily apparent then and now, 14 years later, his experience enables him to handle all aspects of this business.”\r\n\r\nPrior to joining Colebrook, Petrisko was employed by Capital One as a vice president in their vacation ownership division. “It is a delight for me to return to an environment in which I can touch the deal from start to finish,” says Petrisko. “Working with Colebrook allows me to build relationships with the developers. It’s conducive to understanding their needs and being able to put together win-win deals.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare lender Colebrook signs finance deal with King’s Creek Plantation (June 2013)\"]\r\n<strong>Colebrook Financial Company extends an existing facility to $8mm for receivables financing</strong>\r\n\r\n<em>Middletown, CT; June 2013</em> –  Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced the expansion of their lending relationship with Williamsburg, Virginia, timeshare developer – King’s Creek Plantation.\r\n\r\n“George David of Realty Financial Resources, Inc. introduced us to the team at King’s Creek and helped facilitate the arrangement,” says Colebrook Principal William “Bill” Ryczek. “We inked our first deal together in March of last year and were happy to extend it to $8 million earlier this spring. The project has been successful in making $18 million in sales per year, has 15,000 owners and continues to grow. So, we are excited to continue working with them going forward.”\r\n\r\nKing’s Creek Plantation Executive VP/COO/CFO Joe Cantrell says, “We are extremely fortunate to work with Colebrook. Their team is very professional and easy to work with. If any issue were to emerge, they are great problem-solvers, too. We are glad to have them as our lending partners.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek.jpg\"><img class=\"alignnone size-medium wp-image-313\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/kings_creek-300x60.jpg\" alt=\"king\'s_creek\" width=\"300\" height=\"60\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Timeshare Lender Education Seminar to take place June 11 in Connecticut (March 2013)\"]\r\n<strong>Colebrook Financial Company’s fifth annual seminar will teach banking professionals about timeshare resort receivables financing.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar.jpg\"><img class=\"alignleft size-medium wp-image-315\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/seminar-300x225.jpg\" alt=\"seminar\" width=\"200\" height=\"auto\" /></a>\r\n<em>Middletown, CT; March 2013</em> – Colebrook Financial Company, which provides timeshare receivables financing for timeshare resort developers, announced they will present their fifth annual “Timeshare Lender Education Seminar\" on June 11, 2013 at the Crowne Plaza Hotel in Cromwell, Connecticut.\r\n\r\nApproximately 60-75 bankers, accountants and attorneys are expected to attend the by-invitation-only event. Howard Nusbaum (pictured left), CEO of ARDA, who has spoken at each of the four prior sessions, will inform the audience of developments in the timeshare industry during the past year. Following Howard will be the chief executives of three leading timeshare development companies, Stuart Allen of Vacation\r\nOwnership Sales, Butch Patrick of Festiva Resorts and Kevin Jones of King’s Creek Plantation. Each will speak about a specific facet of the timeshare business.\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02.jpg\"><img class=\"alignright size-medium wp-image-246\" src=\"http://colebrookfinancial.com/wp-content/uploads/2013/07/Ryczek_B_02-214x300.jpg\" alt=\"Ryczek_B_02\" width=\"150\" height=\"auto\" /></a>\r\nAccording to Bill Ryczek RRP* (shown right), “The previous four educational forums have provided an excellent introduction to the timeshare industry for many institutions and have been an informative update for those already doing business with Colebrook. In addition, the session is an opportunity for networking among the institutions and allows them to share experiences.”\r\n\r\nColebrook now has 15 banking partners, several of which have established a relationship during the past two years. The increased capacity enables Colebrook to structure larger financing packages on more competitive terms.\r\n\r\nRyczek, Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and will be available to answer questions afterward. Any lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook extending loan to RWGroup in Lake Tahoe (February 2013)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, recently announced they will increase their commitment from $5mm to $8mm.</strong>\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort.jpg\"><img class=\"alignright size-medium wp-image-308\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_resort-300x191.jpg\" alt=\"rw_resort\" width=\"300\" height=\"191\" /></a>\r\n<em>Middletown, CT; February 2013</em> – Colebrook Financial Company, lenders specializing in the timeshare resort industry, report they recently expanded their relationship with the RWGroup to underwrite receivables financing for consumers purchasing club interests in four resorts located in Lake Tahoe, Nevada.\r\n\r\n“One of the benefits of working with Colebrook is that they understand and appreciate our product,” says RWGroup CFO Bob Dunbar. “We have dealt with them since Colebrook’s inception and are very satisfied with the relationship.”\r\n\r\nRWGroup’s partners Ron Wilhite, Lex Adams and Bob sell a non-deeded interest in a club product which provides its members with access to the Ridge Tahoe, Ridge View, Ridge Crest and Ridge Pointe properties, located in Lake Tahoe, Nevada. “My relationship with the principals of the RWGroup goes back nearly 25 years,” said Colebrook principal Bill Ryczek, “and the fact that we continue to do business together speaks to the quality of their product, their integrity and their business acumen. We look forward to many more years of working together.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\"><img class=\"alignnone size-full wp-image-307\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/rw_logo.jpg\" alt=\"rw_logo\" width=\"176\" height=\"62\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Lends $6mm to Timeshare Entity (December 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink deal to underwrite receivables with Vacation Ownership Sales, Inc.</strong>\r\n\r\n<em>Middletown, CT; December 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they recently closed a $6 million receivables hypothecation loan with Vacation Ownership Sales, Inc. (VOS). VOS is the development and sales company affiliated with Vacation Internationale (VI), the oldest points-based vacation club in North America. VOS will use the loan proceeds in its ongoing and successful efforts to expand VI in the US, Mexico and Canada.\r\n\r\nVOS President Stuart Allen said, \"VOS is very appreciative of its financial relationship with Colebrook. This association dates back to 2005, when VOS was founded to foster growth for VI. Colebrook and its principals have aided VOS and VI immeasurably by their support of VI\'s strategic plan. We look forward to more transactions like this in the future.\"\r\n\r\n“We’ve been delighted to work with Stu and his partner Mike Vasey,” says Colebrook Senior Partner Bill Ryczek. “Vacation Internationale practically invented the points-based model that is so prevalent in the timeshare industry today, and the fact that the club continues to thrive is a testament to the quality of the product and the soundness of the management. Stu and Mike are a great combination of administrative and marketing talent who complement each other well. ”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook completes loan transaction with Manhattan Club (October 2012)\"]\r\n<strong>Timeshare resort industry lenders, Colebrook Financial Company, ink $5 million lending transaction with New York City timeshare developers.</strong>\r\n\r\n<em>Middletown, CT; October 2012</em> – Colebrook Financial Company, boutique lenders in the timeshare resort industry, report they have completed a $5 million receivables hypothecation loan to the Manhattan Club, which is located in the heart of New York City.\r\n\r\n“We’ve known Colebrook’s Principal Bill Ryczek for a number of years and were delighted to find that his company could address our needs,” says Operating Partner Scott Lager. “We were very impressed by Bill’s competent handling of the due diligence process leading up to completing the transaction. It was the least-pressured of any of these processes we’ve ever experienced. Bill’s knowledge and experience was clearly evident. He had very few questions, which we were able to satisfy easily and quickly. I’ve dealt with many lenders in the past and the procedures were never so easy.”\r\n\r\n“We are very pleased to initiate this new lending relationship with The Manhattan Club,” says Bill Ryczek. “The fact that it is one of the few urban timeshare projects in the U.S. makes it very attractive. Plus, the demand for usage is very high because of the desirable location.”\r\n\r\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club.jpg\"><img class=\"alignnone size-medium wp-image-317\" src=\"http://colebrookfinancial.com/wp-content/uploads/2014/10/manhattan_club-300x217.jpg\" alt=\"manhattan_club\" width=\"200\" height=\"117\" /></a>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Lenders and investment groups learn about timeshare finance (June 2012)\"]\r\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference .</strong>\r\n\r\n<em>Middletown, CT; June 2012</em> – Lenders attending an educational seminar presented by timeshare receivables financiers Colebrook Financial Company heard ‘the good, the bad and the not-so-bad’ from Howard Nusbaum, RRP*, CEO of the American Resort Development Association (ARDA); Interval Leisure Group CEO Craig Nash; Michael Hug, Exec. VP and CFO of Wyndham Vacation Ownership and Bluegreen Services CEO David Pontius, last week.\r\n\r\nApproximately 60 financial professionals at Colebrook’s “Timeshare Lender Education Seminar” learned about the new “Fee for Service Marketing” model whereby several larger, well established timeshare veteran companies are partnering with smaller resorts and leveraging their expertise to provide management, sales and marketing. Attendees heard first-hand about the state of the industry, the increase of timeshare transactions in the asset-backed securitization markets, how timeshare portfolio performance is improving at the present time and how the role of the exchange company has evolved to keep pace with the market.\r\n\r\nColebrook Financial professionals Bill Ryczek RRP*, Jim Bishop, Fred Dauch and Mark Raunikar were available immediately following the event to answer questions. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry. A limited number of conference handouts are available on a first-come, first-served basis. Please contact Bill Ryczek at bryczek@colebrookfinancial.com to request a copy.\r\n\r\n<em>*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook hosts lenders’ timeshare finance education event (June 2012)\"]\r\n<strong>Colebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals</strong>\r\n\r\n<em>Middletown, CT – May 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced they will present their annual “Timeshare Lender Education Seminar\" on June 7, 2012 at the Crowne Plaza Hotel in Cromwell, Connecticut, from 9:00 a.m.-1:00 p.m. before a group of by-invitation-only lenders and professionals. Colebrook works in concert with a number of financial institutions to provide financing for the resort industry.\r\n\r\nBill Ryczek RRP* (pictured), Jim Bishop, Fred Dauch and Mark Raunikar from Colebrook Financial Company will officiate at the event and be available to answer questions afterward. Craig Nash, CEO of Interval Leisure Group, Miami, FL, will discuss the role of exchange organizations in an evolving industry. Howard Nusbaum, president of the American Resort Development Association (ARDA), Washington, DC, will provide an overview on the state of the timeshare industry. Michael Hug, CFO of Wyndham Vacation Ownership, Orlando, FL, will provide the current status of timeshare receivables securitizations and will discuss portfolio performance; while Bluegreen Services, Boca Raton, FL, President David Pontius will describe the latest concept in timeshare marketing – the fee-for-service model. After their remarks, panelists will be available to answer questions in a Q and A session, as well as during the networking luncheon.\r\n\r\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\r\n\r\n<em>*Ryczek is a registered resort professional with the American Resort Development Association (ARDA), Washington, DC.</em>\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial reports seeing increased liquidity for timeshare developers (April 2012)\"]\r\n<strong>Colebrook Financial Company executive Bill Ryczek tells timeshare industry conference attendees “We’re seeing funds become more available.”</strong>\r\n\r\n<em>April 17, 2012</em> – Colebrook Financial Company principal, Bill Ryczek, recently shared good news about the financial outlook for resort developers who offer their consumers end-loan financing. In Ryczek’s remarks as part of a panel presentation – “NEW Fundamentals of Finance” – at the American Resort Development Association (ARDA) convention held earlier this month, he reported seeing a rebound in the financial markets for the industry.\r\n\r\n“Timeshare financing, like nearly every element of business, runs in cycles,” says Ryczek (pictured above). “We are now on the upward slope, with more lenders, more funding, somewhat more liberal terms and lower rates.”\r\n\r\nSeveral of Colebrook Financial Company’s principals began their involvement in the resort industry as early as 1979. “Money is fungible,” says Ryczek, “and pricing is easily compared. We try to add value with a little more flexible structure and by acting as a conduit to aid networking among our developers, whether it is to swap inventory, develop strategic alliances or simply discover a better way of doing things.”\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Bill Ryczek on Fundamentals of Timeshare Finance Panel at ARDA World 2012 (March 2012)\"]\r\n<strong>Colebrook Financial Company executive to address timeshare industry conference April 3, 2012</strong>\r\n\r\n<em>Middletown, CT – March 2012</em>; Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced that Principal Bill Ryczek will participate on the panel entitled, “NEW Fundamentals of Finance,” April 3, from 9:00 to 10:15 a.m. during the ARDA World 2012 Las Vegas convention (www.ARDA.org).\r\n\r\n“The timeshare lending environment has changed dramatically over the past year,” says Ryczek (pictured). “There have been new entrants to the market and the availability of funding has increased, but the terms and types of loans have changed from the years before the financial crisis of 2008. We will talk about those changes and our expectations for the coming year. Our first conference call among the panelists produced some very interesting observations, and I think the session will have value even to those who have many years of experience in the industry.”\r\n\r\nAttendees at the session will learn about the types of finance available for timeshare operators and how to go about obtaining it, after which they will have an opportunity to ask questions of the panelists.\r\n\r\n<strong>Media Contact for Colebrook Financial Company:</strong>\r\nSharon Drechsler-Scott, RRP\r\n<a href=\"mailto:Sharon@SharonINK.com\">Sharon@SharonINK.com</a>; 310-923-1269\r\n[/expand]\r\n\r\n&nbsp;\r\n\r\n[expand title=\"Colebrook Financial Agrees to Purchase $30 million in Receivables from Highlands Resorts (February 2012)\"]\r\n<strong>Colebrook Financial Company extends purchase agreement to timeshare resort development company.</strong>\r\n\r\n<em>Middletown, Connecticut; February 28, 2012</em> – Colebrook Financial Company, providing timeshare receivables financing for single-site and multi-site timeshare resort developers, announced recently it had extended an existing facility for Highlands Resorts to $30 million.\r\n\r\n“Highlands Resorts will be using the financing for consumers purchasing vacation ownership in their projects in Sedona, Arizona,” says Colebrook principal Bill Ryczek. “We made our first commitment to Highlands in 2009 and have been very pleased with the relationship since that time. Highlands’ management team is highly professional and the resort projects, themselves, are well-maintained, well-managed properties in high-demand locations. We enjoy working with Todd Herrick who is an energetic, decisive and competent developer.”\r\n\r\n“Colebrook has been a terrific lending partner for us,” says Highlands Resorts Owner Todd Herrick. “As one of the few timeshare developers in the United States to be developing new product at this time, we needed a company that would be flexible enough to handle our growth. Colebrook has more than risen to the occasion. Plus, I like the fact that whenever I call their office, I get a real person on the phone – a principal – rather than voice mail. 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