0byt3m1n1

Path: /data/0/0/69/47/69862/meta/71103/mysql.backup/ [ Home ]
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INSERT INTO `wp_comments` VALUES (1,1,'Mr WordPress','','http://wordpress.org/','','2012-08-21 18:34:25','2012-08-21 18:34:25','Hi, this is a comment.<br />To delete a comment, just log in and view the post&#039;s comments. There you will have the option to edit or delete them.',0,'1','','',0,0),(2,1,'Jon James','jonjamesguru8127@gmail.com','http://LinkBlasts.net','50.31.110.87','2012-11-05 21:47:00','2012-11-05 21:47:00','Hi, I just wondered whether you outsource your SEO? You can outsource it for as little as $10/month allowing you to free up your own time, spend more time generating great content and less time worrying about building links. Check out these guys: <a href=\"http://LinkBlasts.net\" rel=\"nofollow\">http://LinkBlasts.net</A>',0,'0','Mozilla/5.0 (Windows; U; Windows NT 5.1; en-US; rv:1.9.0.14) Gecko/2009082707 Firefox/3.0.14 (.NET CLR 3.5.30729)','',0,0),(3,1,'Trossigionogy','WDUKvwhBzdJsvuIP@mail.ru','http://vnwnrfrr.com','93.182.134.142','2012-12-06 16:20:02','2012-12-06 16:20:02','http://wvrxhlpk.com - MeNzCcEbEVVpQ , <a href=\"http://lkgwrcr.com\" rel=\"nofollow\">wMNZTfX</a> - http://zqrakzc.com',0,'0','Mozilla/5.0 (Windows NT 5.1) AppleWebKit/536.5 (KHTML, like Gecko) Chrome/19.0.1084.56 Safari/536.5','',0,0),(4,1,'Agoggevoins','SsFroYBlscZAaIVI@hotmail.com','http://mtstlmak.com','93.182.134.142','2012-12-15 02:14:51','2012-12-15 02:14:51','http://ivlkrwnnz.com - iLbpHbsFuyZCDO , <a href=\"http://osumikogw.com\" rel=\"nofollow\">ytzpaQbvMWEsCL</a> - http://hhmgziigpu.com',0,'0','Mozilla/5.0 (Windows; U; Windows NT 6.1; ru; rv:1.9.2.16) Gecko/20110319 Firefox/3.6.16 WebMoney Advisor','',0,0),(5,1,'Bemibrilinini','culjgvCs@aol.com','http://dwayzmspen.com','93.182.137.3','2013-02-16 13:19:14','2013-02-16 13:19:14','http://aluejxfttk.com - dAoMHijEodHer - <a href=\"http://aaqdagae.com\" rel=\"nofollow\">XVTuNObfrrGhvoPc</a> , http://pyfnknfrtw.com',0,'0','Opera/9.80 (Windows NT 5.1; U; ru) Presto/2.10.229 Version/11.62','',0,0),(6,1,'Geri','Mumma17@yahoo.com','http://voxseo.com/traffic/','194.71.224.140','2013-04-29 19:03:21','2013-04-29 19:03:21','We have decided to open our POWERFUL and PRIVATE web traffic system to the public for a limited time! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it deserves. Visit us today: http://voxseo.com/traffic/',0,'0','','',0,0),(7,118,'google','','http://www.google.com','64.31.40.114','2013-05-19 23:45:05','2013-05-19 23:45:05','<strong>google...</strong>\n\nGoogle http://www.google.com...',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; TencentTraveler)','trackback',0,0),(8,1,'Ricki','Ivan301@yahoo.com','http://nsru.net/fdse','46.227.68.33','2013-06-02 00:07:18','2013-06-02 00:07:18','This is a comment to the admin. Your website is missing out on at least 300 visitors per day. I have found a company which offers to dramatically increase your traffic to your site: http://nsru.net/fdse They offer 1,000 free visitors during their free trial period and I managed to get over 30,000 visitors per month using their services, you could also get lot more targeted traffic than you have now. Hope this helps :) Take care.',0,'0','','',0,0),(9,118,'laser cutters','','http://www.gnlaser.com/?l2/','64.31.40.115','2013-06-11 06:49:56','2013-06-11 06:49:56','<strong>laser cutters...</strong>\n\nLaser cutting machine...',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','trackback',0,0),(10,118,'google','','http://images.google.com.hk','64.31.40.116','2013-07-02 12:09:03','2013-07-02 12:09:03','<strong>google...</strong>\n\nG http://images.google.com.hk/...',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','trackback',0,0),(11,1,'Barbara','hmiprnb@gmail.com','http://bit.ly/WuJy6b','151.237.180.194','2013-07-30 16:00:35','2013-07-30 16:00:35','This is a memo to the webmaster. I discovered your page via Google but it was difficult to find as you were not on the front page of search results. I know you could have more visitors to your website. I have found a website which offers to dramatically improve your rankings and traffic to your site: http://bit.ly/WuJy6b I managed to get close to 1000 visitors/day using their service, you could also get many more targeted traffic from search engines than you have now. Their service brought significantly more traffic to my site. I hope this helps!',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) )','',0,0),(12,1,'Kathy','ywxflphfh@gmail.com','http://nsru.net/018a','151.237.180.200','2013-08-02 20:23:17','2013-08-02 20:23:17','I came to your page and noticed you could have a lot more visitors. I have found that the key to running a website is making sure the visitors you are getting are interested in your niche. There is a company that you can get traffic from and they let you try their service for free. I managed to get over 300 targetted visitors to day to my website. Visit them today: http://nsru.net/018a',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','',0,0),(13,1,'fakeraybanspc','dfkcxti@linjianhui.me','','91.236.75.84','2013-08-08 21:09:23','2013-08-08 21:09:23','oakley oil rig polarized\r\ndiscount oakleys for police officers\r\noakley frogskins 2011\r\n \r\n \r\na notice posted on a central bulletin board inside Shands\r\nstress as an individual sort of experience which affects\r\nungendered human being meat? Other than the few muscles\r\n \r\n \r\nreplies \"I passed a bullet to the toilet\". The woman comforts her and\r\ncounter. Put your pecker on the counter. He\'ll know what you long for. \"\r\n\"Just simmer down\"\r\n \r\n \r\nMERTON: Oh yes. Interesting what you can get, if you have an amount of a poke.\r\nNow he was seasonal affective disorder of what he\'d completed,\r\nllncs. aux the auxiliary document\r\n \r\n \r\nSeveral women were playing the game of golf one sunny Saturday early morning. The first of the particular two-some teed-off and watched in horror because the ball headed directly to a foursome of men playing the subsequent hole. Indeed, the ball hit among the list of men and he immediately clasped his hands together at his crotch, fell towards ground and proceeded that will roll around in anguish. The woman rushed because of the man and quickly began to apologize. She then explained that she was a physical therapist and wanted to help ease his problems. Please allow me to help, I\'m a physical therapist and I recognize I could relieve your current pain if you\'d just allow me, she shared with him earnestly. Ummph, oooh, nnooo, I\'ll be alright... I\'ll be fine in a few momemts, he replied as he remained while in the fetal position still clasping his hands together at his / her crotch. The woman will take it upon herself in order to\r\nboth.\r\nThe Pope proceeds lower Silverado, and starts accelerating to discover what\r\n \r\n<a href=\"http://coach-outletonline.blogspot.com/\" / rel=\"nofollow\">coach outlet online</a>\r\n \r\nSAVILLE: That\'s right.\r\nQueen: What kind of household furniture does a Goddess worshipper opt for?\r\n\\paragraphExample \\leavevmode\r\n \r\n<a href=\"http://coach-outletonline.blogspot.com/\" / rel=\"nofollow\">coach outlet online</a>\r\n \r\nendemic that will women today. A problem currently facing\r\nSobal, J. &amp; Stunkard, Your. J. (1989). Socioeconomic status\r\nThe following null hypotheses shall be tested in this\r\n \r\n<a href=\"http://coach-outletonline.blogspot.com/\" / rel=\"nofollow\">coach outlet online</a>',0,'0','Mozilla/5.0 (Windows NT 6.1; WOW64) AppleWebKit/535.19 (KHTML, like Gecko) Chrome/18.0.1025.1634 Safari/535.19 YI','',0,0),(14,1,'Tomika','fylswuyy@gmail.com','http://nsru.net/098s','178.32.183.43','2013-08-12 22:15:23','2013-08-12 22:15:23','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for a limited time! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it needs. Visit us today: http://nsru.net/098s',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(15,1,'Olivia','crqtcl@gmail.com','http://nsru.net/188x','178.33.203.157','2013-08-19 20:34:10','2013-08-19 20:34:10','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for a limited time! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it deserves. Visit us today: http://nsru.net/188x',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(16,1,'cheap oakleys','kpnokznk@gmail.com','http://www.eliminateglasses.com/','192.184.60.103','2013-08-25 09:45:37','2013-08-25 09:45:37','Hello world! «  Colebrook Financial Company',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(17,1,'Chloie','ixysrzsne@gmail.com','http://nsru.net/268m','178.33.203.157','2013-08-30 18:28:01','2013-08-30 18:28:01','I have found the best kept secret in internet traffic and I want to share it with you. Most people think the best website visitors comes from Google but the real quality traffic comes from paid traffic. The guys that I know that make the high 6 and 7 figures all buy their traffic. Go here to see the service they shared with me: http://nsru.net/268m',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(18,1,'Jennifer','wtidwxnmls@gmail.com','http://2hams.com/612b','151.237.177.108','2013-12-15 05:56:49','2013-12-15 05:56:49','You need targeted traffic to your website so why not try some for free? There is a VERY POWERFUL and POPULAR company out there who now lets you try their traffic service for 7 days free of charge. I am so glad they opened their traffic system back up to the public! Sign up before it is too late: http://2hams.com/612c',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(19,1,'Nicole','ottsjdvp@gmail.com','http://2hams.com/1612n','151.237.177.80','2013-12-17 06:55:25','2013-12-17 06:55:25','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for a limited time! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it needs. Visit us today: http://2hams.com/1612u',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) )','',0,0),(20,1,'Jennifer','cheamrer@gmail.com','http://2hams.com/1612n','151.237.180.100','2013-12-17 19:16:29','2013-12-17 19:16:29','I came to your page and noticed you could have a lot more visitors. I have found that the key to running a popular website is making sure the visitors you are getting are interested in your niche. There is a company that you can get traffic from and they let you try the service for free. I managed to get over 300 targeted visitors to day to my website. Check it out here: http://2hams.com/1612n',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(21,1,'Karen','wgirsyzye@gmail.com','http://2hams.com/1612n','151.237.177.7','2013-12-21 04:10:26','2013-12-21 04:10:26','I discovered your page and noticed you could have a lot more visitors. I have found that the key to running a website is making sure the visitors you are getting are interested in your subject matter. There is a company that you can get visitors from and they let you try the service for free. I managed to get over 300 targeted visitors to day to my website. Check it out here: http://2hams.com/1612n',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','',0,0),(22,1,'Jennifer','bxebddrc@gmail.com','http://2hams.com/2312t','151.237.177.156','2013-12-31 10:04:48','2013-12-31 10:04:48','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for just a few days! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it deserves. Visit us today: http://2hams.com/2312o',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(23,1,'Kathy','qeewjxv@gmail.com','http://2hams.com/2312e','151.237.177.7','2014-01-01 06:09:07','2014-01-01 06:09:07','You need targeted traffic to your website so why not get some for free? There is a VERY POWERFUL and POPULAR company out there who now lets you try their website traffic service for 7 days free of charge. I am so glad they opened their traffic system back up to the public! Check it out here: http://2hams.com/2312t',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','',0,0),(24,1,'Pauline','xrpbsxgx@gmail.com','http://2hams.com/2312h','151.237.177.73','2014-01-03 04:00:53','2014-01-03 04:00:53','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for a limited time! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it needs. Visit us today: http://2hams.com/2312t',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(25,1,'Sandra','axxpnaqbow@gmail.com','http://2hams.com/2312t','151.237.177.30','2014-01-04 14:12:25','2014-01-04 14:12:25','We have decided to open our POWERFUL and PRIVATE website traffic system to the public for just a few days! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it deserves. Visit us today: http://2hams.com/2312o',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','',0,0),(26,1,'Stacey','rbmmpymbpn@gmail.com','http://2hams.com/51e','151.237.180.100','2014-01-10 07:13:04','2014-01-10 07:13:04','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for just a few days! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it deserves. Visit us today: http://2hams.com/51d',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(27,1,'Donna','jjqssljop@gmail.com','http://nsru.net/121i','151.237.177.158','2014-01-13 16:20:02','2014-01-13 16:20:02','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for a limited time! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it needs. Visit us today: http://nsru.net/121b',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(28,1,'Margaret','jxbkrrqi@gmail.com','http://seob7.com/161e','151.237.177.7','2014-01-17 06:22:02','2014-01-17 06:22:02','You need targeted visitors for your website so why not get some for free? There is a VERY POWERFUL and POPULAR company out there who now lets you try their traffic service for 7 days free of charge. I am so glad they opened their traffic system back up to the public! Check it out here: http://seob7.com/161a',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(29,1,'Patricia','vjgarkdpjvs@gmail.com','http://seob7.com/161s','151.237.177.157','2014-01-19 04:27:55','2014-01-19 04:27:55','I came to your page and noticed you could have a lot more visitors. I have found that the key to running a popular website is making sure the visitors you are getting are interested in your niche. There is a company that you can get traffic from and they let you try their service for free. I managed to get over 300 targeted visitors to day to my website. Visit them today: http://seob7.com/161e',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) )','',0,0),(30,1,'Patricia','tqkwrsgukzh@gmail.com','http://seob7.com/211f','151.237.177.157','2014-01-23 12:29:24','2014-01-23 12:29:24','You need targeted traffic to your website so why not try some for free? There is a VERY POWERFUL and POPULAR company out there who now lets you try their website traffic service for 7 days free of charge. I am so glad they opened their traffic system back up to the public! Sign up before it is too late: http://seob7.com/211k',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','',0,0),(31,1,'Britt','oigwnt@gmail.com','http://seob7.com/211a','151.237.180.10','2014-01-26 02:13:04','2014-01-26 02:13:04','We have made the decision to open our POWERFUL and PRIVATE website traffic system to the public for just a few days! You can sign up for our UP SCALE network with a free trial as we get started with the public\'s orders. Imagine how your bank account will look when your website gets the traffic it deserves. Visit us today: http://seob7.com/211c',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(32,1,'Mary','nyqvztzwmpz@gmail.com','http://derPir.at/gm1','151.237.177.156','2014-01-31 05:28:43','2014-01-31 05:28:43','This is a message to the admin. Your website is missing out on at least 300 visitors per day. I have found a company which offers to dramatically increase your traffic to your website: http://crown.im/1581 They offer 1,000 free visitors during their free trial period and I managed to get over 30,000 visitors per month using their services, you could also get lot more targeted traffic than you have now. Hope this helps :) Take care.',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(33,1,'Chloie','nkxymwwlve@gmail.com','http://monurl.ca/85kk','23.81.201.80','2014-02-15 14:41:02','2014-02-15 14:41:02','I came to your page and noticed you could have a lot more visitors. I have found that the key to running a website is making sure the visitors you are getting are interested in your niche. There is a company that you can get visitors from and they let you try their service for free. I managed to get over 300 targeted visitors to day to my site. Check it out here: http://monurl.ca/85kk',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(34,1,'Katie','obgurlojo@gmail.com','http://is.gd/qINWgK','23.81.201.78','2014-02-23 07:26:08','2014-02-23 07:26:08','This is a comment to the webmaster. Your website is missing out on at least 300 visitors per day. I have found a company which offers to dramatically increase your traffic to your site: http://derPir.at/gm1 They offer 1,000 free visitors during their free trial period and I managed to get over 30,000 visitors per month using their services, you could also get lot more targeted visitors than you have now. Hope this helps :) Take care.',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 2.0.50727 ; .NET CLR 4.0.30319)','',0,0),(35,1,'Kathy','sqlyfns@gmail.com','http://crown.im/1581','23.81.201.79','2014-02-25 11:27:11','2014-02-25 11:27:11','I discovered your page and noticed you could have a lot more visitors. I have found that the key to running a popular website is making sure the visitors you are getting are interested in your subject matter. There is a company that you can get visitors from and they let you try their service for free. I managed to get over 300 targeted visitors to day to my site. Visit them today: http://regisztralj.be/tj',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(36,1,'Bsezmtzw','usqkcugo@fqhifzff.com','http://sonsofhedin.org','94.242.255.199','2014-03-10 02:09:49','2014-03-10 02:09:49',', <a href=\"http://sonsofhedin.org\" rel=\"nofollow\">Pay Day UK</a>,  3801, <a href=\"http://cashadvancesyp.co.uk\" rel=\"nofollow\">cashadvancesyp.co.uk</a>,  747, <a href=\"http://paydayloanzio.co.uk\" rel=\"nofollow\">UK Pay Day Loans</a>,  670,',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(37,1,'Wtujxokj','kferfrlc@tevhcuja.com','http://theyoungestwitnesses.com','94.242.255.199','2014-03-21 21:59:56','2014-03-21 21:59:56',', <a href=\"http://www.thepaydayloanhouse.com\" rel=\"nofollow\">Payday Loans Today</a>, [url=http://www.thepaydayloanhouse.com]Payday Loans Today[/url],  381, <a href=\"http://theyoungestwitnesses.com\" rel=\"nofollow\">Payday Loans</a>, [url=http://theyoungestwitnesses.com]Payday Loans[/url],  31577,',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(38,1,'Irdujtpr','hgzpivqp@qxmwehft.com','http://younggreens.nl','94.242.255.199','2014-03-23 04:04:20','2014-03-23 04:04:20',', <a href=\"http://150jaarsophia.nl\" rel=\"nofollow\">autoverzekering berekenen</a>, [url=http://150jaarsophia.nl]autoverzekering berekenen[/url],  zqj, <a href=\"http://younggreens.nl\" rel=\"nofollow\">auto verzekering</a>, [url=http://younggreens.nl]auto verzekering[/url],  evp,',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(39,1,'Patricia','lwazhmsr@gmail.com','http://url.sorgol.com/3s','23.81.201.77','2014-04-03 05:48:18','2014-04-03 05:48:18','In the competitive market of Google results owning and maintaining a website can be difficult and tiresome. As webmasters we all could use more traffic and increased Google rankings, but we must also be wary of the penguin and panda updates that Google has recently rolled out. Luckily I have found an SEO company that is penquin and panda proof, that is will not incur penalties based on the new algorithm updates. They also offer a 7 day free trial to try the product out and I saw a dramatic increase in my web traffic once I signed up. In fact I am so happy with their company I am spreading the word to all of the webistes I visit frequently. Check them out here: http://ppbw.de/p79az',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) )','',0,0),(40,1,'Abigail','awqextezxwe@gmail.com','http://s-url.me/c30','23.81.201.87','2014-04-05 09:15:53','2014-04-05 09:15:53','Are you tired of your site not giving you the results you hoped it would like I once was? If so I am spreading the word about my recent experience with an SEO service that has taken my website to the next level! Their SEO package is a must-have for websites of any age and the best part is that their seo is Penguin and Panda proof. I was skeptical at first but since they offer a seven day free trial I tried it. Now my site is on the first page of Google and getting a lot of search engine traffic! Visit them today: http://jasonchua.me/qcnaz',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(41,1,'Fczcdywk','hkbneobt@ktunsach.com','http://newuksinglereleases.co.uk/','113.212.69.114','2014-04-10 18:42:00','2014-04-10 18:42:00',', <a href=\"http://climate1stop.net/\" rel=\"nofollow\">Garcinia Cambogia Side Effects</a>, [url=\"http://climate1stop.net/\"]Garcinia Cambogia Side Effects[/url],  lfuh, <a href=\"http://newuksinglereleases.co.uk/\" rel=\"nofollow\">Payday Loan UK</a>, [url=\"http://newuksinglereleases.co.uk/\"]Payday Loan UK[/url],  wevaju, <a href=\"http://garciniabac.com/\" rel=\"nofollow\">Garcinia Cambogia Reviews</a>, [url=\"http://garciniabac.com/\"]Garcinia Cambogia Reviews[/url],  fxn, <a href=\"http://www.elysium-lounge.com/\" rel=\"nofollow\">Garcinia Cambogia for Weight Loss</a>, [url=\"http://www.elysium-lounge.com/\"]Garcinia Cambogia for Weight Loss[/url],  717959, <a href=\"http://janpaydayloans.co.uk/\" rel=\"nofollow\">Payday Loans</a>, [url=\"http://janpaydayloans.co.uk/\"]Payday Loans[/url],  jrflnr,',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(42,118,'chaussures louboutin','','http://www.blackmoldremovalsymptoms.com','112.111.172.232','2014-05-08 01:57:51','2014-05-08 01:57:51','<strong>chaussures louboutin...</strong>\n\nArticles « Colebrook Financial Company...',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','trackback',0,0),(43,1,'Jennifer','yyyyqpwk@yahoo.com','http://dnsfreak.de/2ruy','23.81.201.79','2014-05-15 08:19:29','2014-05-15 08:19:29','I came to your page and noticed you could have a lot more traffic. I have found that the key to running a website is making sure the visitors you are getting are interested in your subject matter. There is a company that you can get traffic from and they let you try the service for free. I managed to get over 300 targeted visitors to day to my website. Check it out here: http://view-free.info/tfr',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1)','',0,0),(44,1,'zapsib2001@mail.ru','nk-tv.net@mail.ru','','176.10.100.230','2014-06-13 08:39:32','2014-06-13 08:39:32','<a href=\"http://nk-tv.net/\" rel=\"nofollow\">Проститутки Новокузнецка</a>',0,'0','Mozilla/5.0 (Windows NT 6.2; WOW64; rv:25.0) Gecko/20100101 Firefox/27.0','',0,0),(45,1,'Jennifer','qauhqovujw@gmail.com','http://www.domeny.findit.pl/10dy','192.40.94.17','2014-06-14 21:16:37','2014-06-14 21:16:37','You need targeted traffic to your website so why not get some for free? There is a VERY POWERFUL and POPULAR company out there who now lets you try their traffic service for 7 days free of charge. I am so glad they opened their traffic system back up to the public! Check it out here: http://jasonchua.me/yx794',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) ; .NET CLR 1.0.3705)','',0,0),(46,1,'Alma','hfdsakfiica@yahoo.com','http://yourls.endinahosting.com/2uf1','192.40.94.53','2014-06-29 20:18:02','2014-06-29 20:18:02','You need targeted visitors for your Hello world! «  Colebrook Financial Company website so why not get some for free? There is a VERY POWERFUL and POPULAR company out there who now lets you try their traffic service for 7 days free of charge. I am so glad they opened their traffic system back up to the public! Check it out here: http://we.cx/3pk',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)','',0,0),(47,1,'Teresia','atipusgw@yahoo.com','http://yourls.endinahosting.com/2uf1','192.40.94.51','2014-07-02 01:49:28','2014-07-02 01:49:28','I came to your Hello world! «  Colebrook Financial Company page and noticed you could have a lot more visitors. I have found that the key to running a popular website is making sure the visitors you are getting are interested in your subject matter. There is a company that you can get traffic from and they let you try their service for free. I managed to get over 300 targeted visitors to day to my website. Visit them today: http://technohistoire.info/yourls/2x65',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) )','',0,0),(48,118,'nike air jordan 1 retro','','http://www.jittersduluth.com/','140.237.5.182','2014-07-08 02:43:35','2014-07-08 02:43:35','<strong>nike air jordan 1 retro...</strong>\n\nnike jordan flight...',0,'0','Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1) )','trackback',0,0);
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Aenean massa.</p>\r\n</div>\";s:10:\"c3_timeout\";i:5000;s:13:\"c3_text_color\";s:6:\"FFFFFF\";s:19:\"c3_slider_text_size\";s:3:\"1.2\";s:26:\"c3_slider_text_line_height\";s:3:\"1.7\";s:20:\"portfolio_categories\";s:0:\"\";s:34:\"show_portfolio_postmetadata_author\";N;s:32:\"show_portfolio_postmetadata_tags\";N;s:24:\"show_postmetadata_author\";N;s:22:\"show_postmetadata_tags\";N;s:23:\"show_archive_for_string\";N;s:19:\"remove_blog_sidebar\";N;s:22:\"remove_archive_sidebar\";N;s:21:\"remove_single_sidebar\";N;s:28:\"enable_custom_featured_image\";N;s:21:\"force_image_dimention\";N;s:33:\"display_post_image_in_single_post\";N;s:15:\"NA_phone_format\";N;s:17:\"recaptcha_enabled\";s:2:\"no\";}','yes'),(161,'notifier-cache','<?xml version=\"1.0\" encoding=\"UTF-8\"?>\n<notifier>\n	<latest>2.5.1</latest>\n	<changelog>\n<![CDATA[\n\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 - 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I kept thinking it would be awesome to have a way to access the latest Genesis tutorials or articles without hunting them down on social media or in my RSS reader,&#8221; Whitmer said.</p>\n<p>I asked Whitmer if she plans to manually curate articles so the site contains more content dedicated to Genesis, &#8220;I created the site after polling my mailing list several months ago and they seemed interested in all the content coming from the community. So as of right now, I don’t plan to cull the other posts. However, I may remove some sites if they consistently publish articles about non-Genesis topics.&#8221;</p>\n<p>You can subscribe to the site via <a title=\"http://dailybolt.com/feed/\" href=\"http://dailybolt.com/feed/\">RSS</a> or email. Those who subscribe by email will receive a daily digest of headlines. Aside from being a cool domain, it&#8217;s a convenient way to keep tabs on the Genesis WordPress community which has become a cottage industry. Are there any sites you&#8217;d like to see added to The Dailybolt? Give us a link in the comments.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 19 Nov 2014 20:37:23 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:2;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:75:\"WPTavern: New WordPress Plugin Boilerplate Generator Speeds Plugin Creation\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33934\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:85:\"http://wptavern.com/new-wordpress-plugin-boilerplate-generator-speeds-plugin-creation\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:2937:\"<p>When <a href=\"http://wptavern.com/wordpress-plugin-boilerplate-3-0-released-with-new-community-website\">version 3.0</a> of the <a href=\"https://github.com/tommcfarlin/WordPress-Plugin-Boilerplate\" target=\"_blank\">WordPress Plugin Boilerplate</a> was released, it came with a brand new <a href=\"http://wppb.io/\" target=\"_blank\">community website</a>. After three years of continual improvement, creator Tom McFarlin felt that the project had finally matured enough to warrant its own branding and website.</p>\n<p>As the boilerplate gained traction, McFarlin started receiving numerous requests for a generator to simplify the process of searching and replacing text strings throughout the boilerplate&#8217;s codebase. Although the boilerplate greatly speeds the process of structuring a new plugin to use a standardized, object-oriented foundation, it still requires the developer to manually replace strings for the plugin name, slug, URI and author info.</p>\n<p>Fans of the boilerplate have tried different approaches while attempting to come up with a generator, including one that uses a <a href=\"http://wptavern.com/a-generator-for-the-wordpress-plugin-boilerplate\" target=\"_blank\">grunt-init template to generate a plugin from the boilerplate</a>. While this solution generates a plugin in about 30 seconds flat, grunt isn&#8217;t necessarily a part of every developer&#8217;s workflow.</p>\n<p>Today, McFarlin introduced a new generator option created by <a href=\"https://enriquechavez.co/\" target=\"_blank\">Enrique Chavez</a>, which provides the simplest approach to date. The <a href=\"http://wppb.me/\" target=\"_blank\">WordPress Plugin Boilerplate Generator</a> is a web app that generates a plugin without you having to replace any text strings.</p>\n<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/wpb-generator.jpg\" rel=\"prettyphoto[33934]\"><img src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/wpb-generator.jpg?resize=902%2C638\" alt=\"wpb-generator\" class=\"aligncenter size-full wp-image-33970\" /></a></p>\n<p>Simply enter your plugin information into the form on the site. When you click the &#8220;Build&#8221; button, the app will pull the code from the Boilerplate&#8217;s master branch on GitHub and will automatically replace all the necessary text strings. The result is your customized plugin delivered in a tidy zip file. If you use the WordPress Plugin Boilerplate as a starting point for your new plugins, this generator is a handy site to bookmark.</p>\n<p>The <a href=\"https://github.com/tommcfarlin/WordPress-Plugin-Boilerplate\" target=\"_blank\">WordPress Plugin Boilerplate</a> has now been starred more than 2,400 times on GitHub and has been forked more than 600 times. The project currently boasts 46 contributors and continues to grow. McFarlin plans to add more helpful resources to the boilerplate&#8217;s community site in early 2015 along with detailed documentation.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 19 Nov 2014 20:02:23 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:3;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:37:\"WPTavern: WP eCommerce Has a New Home\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33796\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:47:\"http://wptavern.com/wp-ecommerce-has-a-new-home\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:6302:\"<p>In what has been a long time coming, WP eCommerce has changed the URL of its website from <a title=\"https://wpecommerce.org/\" href=\"https://wpecommerce.org/\">GetShopped.org</a> to <a title=\"https://wpecommerce.org/\" href=\"https://wpecommerce.org/\">WPEcommerce.org</a>. Between the <a title=\"https://shopplugin.net/\" href=\"https://shopplugin.net/\">Shopp</a> e-commerce plugin and Getshopped.org, it was confusing as to which product the site represented. The move to a more recognizable URL is the pinnacle of a series of improvements the project has undergone in the past few years.</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/WPEcommerceWebsite.png\" rel=\"prettyphoto[33796]\"><img class=\"size-full wp-image-33941\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/WPEcommerceWebsite.png?resize=1025%2C815\" alt=\"WP Ecommerce Website\" /></a>WP eCommerce Has a New Home\n<h2>A Multi-Year Rewrite of WP eCommerce</h2>\n<p>At nearly a decade old, WP eCommerce has gone through its share of ups and downs. It has a reputation among some developers in the WordPress community as being bloated and poorly coded. &#8220;The purpose of the rewrite is to bring us back up to latest WP coding standards,&#8221; Dan Milward, Founder of WP eCommerce, told the Tavern. &#8220;When we first released WP eCommerce, WordPress had sketchy coding standards at best (WordPress was at v1.5). As such, making a complex eCommerce Plugin back in the day was difficult and we had to do things in ways that are now frowned upon.&#8221;</p>\n<p>To put this in perspective, custom post types, taxonomies, and many of the hooks and filters developers rely on today simply didn’t exist. The legacy code has plagued the project from the beginning and is largely responsible for its negative reputation.</p>\n<p>Not having a robust set of WordPress coding standards to develop from allowed other eCommerce plugins to enter the market and leap frog over WP eCommerce. &#8220;We feel like those days are behind us and that it&#8217;s our turn to do some leap frogging.&#8221; Milward said. The alignment with today&#8217;s coding standards means WP eCommerce has a smaller footprint, runs faster, and is easier to maintain.</p>\n<h2>A Team Effort</h2>\n<p>Gary Cao, who previously lead the development of WP eCommerce, helped pave the way towards aligning it with today&#8217;s <a title=\"https://make.wordpress.org/core/handbook/coding-standards/\" href=\"https://make.wordpress.org/core/handbook/coding-standards/\">coding standards</a>. Justin Sainton, co-founder of WP eCommerce, has taken over the role and is leading the development of WP eCommerce. Sainton is a well known developer in the WordPress community and has an impressive array of core contributions to WordPress.</p>\n<p>Sainton and Milward approach problems from very different yet, complimentary angles. The relationship has helped create a better business allowing each to focus on their core strengths. The WP eCommerce support team has been instrumental in being the front line of the company. &#8220;These folks are the front line and they are turning public opinion around in the WordPress.org forums and in premium support. They are doing a great job at serving the WP community,&#8221; Milward said.</p>\n<a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/PippinContributesToWPECommerce.png\" rel=\"prettyphoto[33796]\"><img class=\"size-full wp-image-33940\" src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/PippinContributesToWPECommerce.png?resize=1002%2C440\" alt=\"Pippin Williamson of EDD With 45 Commits to WP eCommerce\" /></a>Pippin Williamson of EDD With 45 Commits to WP eCommerce\n<p>Contributions have come from non WP eCommerce core developers as well, including the competition. Pippin Williamson, founder of <a title=\"https://easydigitaldownloads.com/\" href=\"https://easydigitaldownloads.com/\">Easy Digital Downloads</a>, has <a title=\"https://github.com/wp-e-commerce/WP-e-Commerce/commits?author=pippinsplugins\" href=\"https://github.com/wp-e-commerce/WP-e-Commerce/commits?author=pippinsplugins\">45 commits</a> to the project since 2013. In early 2013, <a title=\"https://pippinsplugins.com/why-i-contribute-to-wpec/\" href=\"https://pippinsplugins.com/why-i-contribute-to-wpec/\">Williamson explained</a> in detail why he contributes to WP eCommerce.</p>\n<blockquote><p>I empathize with projects attempting to overcome a bad reputation when they clearly want to <strong>earn</strong> a better reputation. If you write bad code and never actually try to improve your project then I have a hard time believing you actually care about your users’ experience. The team behind WP e-Commerce is NOT one of those teams that doesn’t care about improving their plugin. They are one of the most down to earth, caring team of developers I’ve met. They really, really care about their users and customers, and they truly want to make WPEC a kick ass plugin again.</p></blockquote>\n<p>Ben Huson, Lee Willis, Jeff Shutzman, and Curtis McHale, <a title=\"https://github.com/wp-e-commerce/WP-e-Commerce/graphs/contributors\" href=\"https://github.com/wp-e-commerce/WP-e-Commerce/graphs/contributors\">among others</a> also contribute to the project.</p>\n<h2>The Future of WP eCommerce</h2>\n<p>With the launch of the new site complete, Milward says the next feature they&#8217;re working on is implementing a theme engine based on the work John James Jacoby put into bbPress and BuddyPress. New object-oriented APIs and integration with the upcoming WP-API are among some of the other features planned for a future release. There will also be improvements to the WP eCommerce marketplace ecosystem for developers.</p>\n<h2>Time to Give it Another Chance?</h2>\n<p>WP eCommerce is nine years old and continues to chip away at legacy code, but has made substantial improvements over the past two years. Perhaps it&#8217;s time developers and users give it another chance. WP eCommerce is free to use and <a title=\"https://wordpress.org/plugins/wp-e-commerce/\" href=\"https://wordpress.org/plugins/wp-e-commerce/\">available</a> in the WordPress plugin directory. If you&#8217;ve recently launched a project or use WP eCommerce, feel free to share your experience in the comments.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 19 Nov 2014 18:30:18 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:4;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:65:\"WPTavern: Automattic Open Sources Its DMCA Process Docs on GitHub\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33856\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:75:\"http://wptavern.com/automattic-open-sources-its-dmca-process-docs-on-github\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:2791:\"<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/05/automattic-offices.jpg\" rel=\"prettyphoto[33856]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/05/automattic-offices.jpg?resize=1025%2C478\" alt=\"photo credit: Peter Slutsky\" class=\"size-full wp-image-22370\" /></a>photo credit: <a href=\"http://peterslutsky.com/2013/05/14/pics-touring-automattics-new-office/\">Peter Slutsky</a>\n<p>A couple months ago, <a href=\"http://automattic.com/\" target=\"_blank\">Automattic</a> made headlines with its public dismissal of Janet Jackson&#8217;s spurious claims of trademark and copyright infringement. Jackson is now a fixture in the company&#8217;s <a href=\"http://transparency.automattic.com/2014/09/01/sorry-ms-jackson/\" target=\"_blank\">Hall of Shame</a>, along with others who have issued abusive takedown demands. Automattic considers these a threat to freedom of speech and has even taken to the courts to <a href=\"http://en.blog.wordpress.com/2013/11/21/striking-back-against-censorship/\" target=\"_blank\">protect users from DMCA abuse</a>.</p>\n<p>Today, the company is <a href=\"http://transparency.automattic.com/2014/11/18/open-sourcing-our-dmca-process/\" target=\"_blank\">open sourcing its DMCA process docs</a> under the <a href=\"https://github.com/Automattic/legalmattic\" target=\"_blank\">Legalmattic</a> repository on GitHub, which sports the tagline <em>&#8220;Democratizing WordPress.com legalese since 2014.&#8221;</em> This collection of documents contains more than two dozen &#8216;predefined replies&#8217; that Automattic uses when corresponding to various parties in the event of a complaint. It also includes a copy of the <a href=\"http://automattic.com/dmca-notice/\" target=\"_blank\">DMCA Takedown Notice</a> and <a href=\"http://automattic.com/dmca-counter-notice/\" target=\"_blank\">Counter Notice</a> documents.</p>\n<p>The team at Automattic hopes that the open source <a href=\"https://github.com/Automattic/legalmattic\" target=\"_blank\">DMCA process docs</a> will help others to more easily implement their own processes for dealing with takedown notices. These documents are a valuable resource for small businesses and individuals who don&#8217;t have a legal team at their disposal to draft up appropriate replies to complaints. The DMCA process docs are released under the <a href=\"http://creativecommons.org/licenses/by-sa/3.0/legalcode\" target=\"_blank\">Creative Commons Attribution-ShareAlike 3.0 license</a> and users are encouraged to re-use and edit them for their own purposes.</p>\n<p>Whether you administer a large blogging network or simply maintain a small  blog of your own, Automattic&#8217;s predefined responses may provide a good starting point for getting a grasp on the language and the process of dealing with DMCA complaints.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 23:04:44 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:5;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:73:\"WPTavern: I18n and RTL Support Are Top Priorities For Web Savvy Marketing\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33898\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:83:\"http://wptavern.com/i18n-and-rtl-support-are-top-priorities-for-web-savvy-marketing\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3461:\"<a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/06/globe.jpg\" rel=\"prettyphoto[33898]\"><img class=\"size-full wp-image-23969\" src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/06/globe.jpg?resize=800%2C368\" alt=\"photo credit: Sarah Elizabeth Altendorf - cc\" /></a>photo credit: <a href=\"http://www.flickr.com/photos/sarah_elizabeth_simpson/6263928301/\">Sarah Elizabeth Altendorf</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc/2.0/\">cc</a>\n<p>This year&#8217;s <a title=\"http://wptavern.com/matt-mullenwegs-state-of-the-word-highlights-internationalization-mobile-and-new-tools-for-wordpress-contributors\" href=\"http://wptavern.com/matt-mullenwegs-state-of-the-word-highlights-internationalization-mobile-and-new-tools-for-wordpress-contributors\">State of the Word</a> at WordCamp San Francisco emphasized WordPress going global through improvements to internationalization. This year also marks the first time non-English downloads of WordPress have surpassed its English counterpart.</p>\n<h2>Catering to Customer&#8217;s Needs</h2>\n<p>With WordPress raising the bar, it won&#8217;t be long until users and customers <strong>expect</strong> themes and plugins to be translatable and available in multiple languages. Rebecca Gill, of Web Savvy Marketing, <a title=\"http://www.web-savvy-marketing.com/2014/11/wordpress-internationalization/\" href=\"http://www.web-savvy-marketing.com/2014/11/wordpress-internationalization/\">announced</a> its catalog of themes are now translatable and coded for localization and multilingual use.</p>\n<p>In her post, Gill explains the thought process behind the move.</p>\n<blockquote><p>If 50% of our product sales are internationally based, then I need to spend time making sure these buyers are being taken care of and clearly I wasn’t. I was expecting this to be handled by Genesis, the WordPress core, or translation plugins.</p>\n<p>I didn’t realize how badly I was ignoring the needs of our international customer base. And for that, I am truly sorry.</p></blockquote>\n<p>The work was completed through a collaborated effort between Carrie Dils, Nir Rosenbaum, and Gary Jones. Each theme has been updated to include <a title=\"http://codex.wordpress.org/I18n_for_WordPress_Developers\" href=\"http://codex.wordpress.org/I18n_for_WordPress_Developers\">I18n</a> and <a title=\"http://codex.wordpress.org/Right-to-Left_Language_Support\" href=\"http://codex.wordpress.org/Right-to-Left_Language_Support\">RTL</a> (Right to Left) support. Files included in each theme are:</p>\n<ul>\n<li><strong> POT File</strong> – A file with i18n ready strings.</li>\n<li><strong>en_US.po File</strong> – A file with translated strings and English strings.</li>\n<li><strong>en_US.mo File</strong> – A file converted to a format optimized to be read by machines.</li>\n<li><strong>RTL Style Sheet</strong> – Overwrites horizontal positioning attributes of your CSS stylesheet in a separate stylesheet file named rtl.css.</li>\n</ul>\n<p>Ever theme is an opportunity to learn techniques, code, and best-practices. I believe the quickest way to make an impact and to raise awareness is for commercial theme companies to support and advertise I18n and RTL as cool features.</p>\n<p>The fact these improvements are part of a smart business move doesn&#8217;t detract from their importance. The more theme developers and companies who place I18n and RTL near the top of the priority list, the better.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 23:02:11 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:6;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:41:\"WPTavern: 20 Reasons To Attend a WordCamp\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33784\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:51:\"http://wptavern.com/20-reasons-to-attend-a-wordcamp\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:1832:\"<p>Ask twenty people why you should go to a WordCamp and you&#8217;ll likely receive 20 different answers. A <a title=\"http://www.cloudways.com/blog/wordpress-thought-leaders-wordcamps/\" href=\"http://www.cloudways.com/blog/wordpress-thought-leaders-wordcamps/\">recent post</a> by Waseem Abbas, of <a title=\"http://www.cloudways.com/blog/wordpress-thought-leaders-wordcamps/\" href=\"http://www.cloudways.com/blog/wordpress-thought-leaders-wordcamps/\">Cloudways</a>, is proof positive. He asked 20 different members of the WordPress community, including yours truly, why you should attend a WordCamp. He&#8217;s compiled the answers into a slidehsare document.</p>\n<p> </p>\n<div></div>\n<p>Like <a title=\"http://bluesteelesolutions.com/\" href=\"http://bluesteelesolutions.com/\">Heather Baker Steele</a>, I view WordCamps as family reunions with family members <strong>I want</strong> to socialize with! The WordPress family continues to grow rapidly every year and WordCamps are opportunities to not only strengthen relationships but also to create new ones.</p>\n<p>Check out the <a title=\"http://central.wordcamp.org/schedule/\" href=\"http://central.wordcamp.org/schedule/\">official WordCamp schedule</a> to see if there&#8217;s an event near you. Also check <a title=\"http://www.meetup.com/\" href=\"http://www.meetup.com/\">Meetup.com</a> to see if there&#8217;s a WordPress meetup close by. WordPress meetups are like WordCamps but on a much smaller scale.</p>\n<p>Last but not least, if you&#8217;re planning on going to your first WordCamp, read this <a title=\"http://www.carriedils.com/wordcamp-tips/\" href=\"http://www.carriedils.com/wordcamp-tips/\">survival guide</a> by Carrie Dils. The guide contains advice that improves the chance you&#8217;ll have a great experience.</p>\n<p>What&#8217;s your reason for attending a WordCamp?</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 20:59:12 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:7;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:78:\"WPTavern: Postmatic Now Supports 1-Click Migration of Subscribers from Jetpack\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33854\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:88:\"http://wptavern.com/postmatic-now-supports-1-click-migration-of-subscribers-from-jetpack\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:2990:\"<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/postmatic1.jpg\" rel=\"prettyphoto[33854]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/postmatic1.jpg?resize=810%2C378\" alt=\"postmatic\" class=\"aligncenter size-full wp-image-33866\" /></a></p>\n<p><a href=\"http://gopostmatic.com/\" target=\"_blank\">Postmatic</a> is hoping to revolutionize WordPress comments by giving readers a way to subscribe to new posts/comments via email and leave a comment by simply hitting reply. Since email is usually the way most people find out about comments, having the ability to reply without leaving your inbox in convenient, especially when you&#8217;re on the go.</p>\n<p>Postmatic&#8217;s post and comment subscriptions feature is quite similar to <a href=\"http://jetpack.me/support/subscriptions/\" target=\"_blank\">Jetpack&#8217;s subscriptions module</a>. Jetpack is the plugin&#8217;s strongest competitor. While both plugins are free and perform similar functions, Postmatic includes the added ability to reply by email, subscription invitations, and a mobile-friendly email template that is fully customizable.</p>\n<p>Today, Postmatic&#8217;s co-founder Jason Lemieux <a href=\"http://gopostmatic.com/2014/11/beta6/\" target=\"_blank\">announced</a> that the plugin now supports single-click migration of subscribers from Jetpack. The beta 6 version of the plugin introduces a secure importer that will copy over all of your new post notification Jetpack subscribers in a matter of seconds.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/postmatic-jetpack-import.png\" rel=\"prettyphoto[33854]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/postmatic-jetpack-import.png?resize=929%2C340\" alt=\"postmatic-jetpack-import\" class=\"aligncenter size-full wp-image-33876\" /></a></p>\n<p>Beta 6 adds a native Postmatic exporter to allow users to export their subscribers, along with subscription preferences, to a CSV file. Postmatic&#8217;s creators are also gradually adding to a <a href=\"http://gopostmatic.com/faq/postmatic-render-shortcodes/\" target=\"_blank\">shortcode whitelist</a> that will allow the display of third-party shortcode content in emails.</p>\n<p>The <a href=\"https://wordpress.org/plugins/postmatic/\" target=\"_blank\">plugin</a> is available on WordPress.org and is production ready but is still in limited-release beta. Postmatic is releasing a few hundred API keys per week to those who <a href=\"http://gopostmatic.com/beta/\" target=\"_blank\">sign up for beta access</a>.</p>\n<p>In the future, the Postmatic creators hope to monetize the plugin by offering paid delivery of outgoing mail for larger sites, Lemieux told Post Status in a recent <a href=\"http://www.poststat.us/postmatic-wordpress-email/\" target=\"_blank\">interview</a>. They also have an extensive list of planned features. The basic Postmatic plugin, however, will remain free for any number of blogs with any number of posts and subscribers.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 20:08:55 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:8;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:85:\"WPTavern: Gigaom’s Blazing Fast WordPress Search is Enhanced by Sphinx and Scriblio\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33789\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:92:\"http://wptavern.com/gigaoms-blazing-fast-wordpress-search-is-enhanced-by-sphinx-and-scriblio\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:5021:\"<p><a href=\"https://gigaom.com\" target=\"_blank\">Gigaom</a> has been pumping out a steady stream of news and analysis on technology since 2006. The WordPress-powered site attracts 6.5 million monthly unique visitors with topics ranging from science and energy to cloud businesses, media and mobile.</p>\n<p>With years of articles buried in its archives, it&#8217;s important for Gigaom to have a solid search experience. The site&#8217;s engineering team, led by <a href=\"https://profiles.wordpress.org/misterbisson/\" target=\"_blank\">Casey Bisson</a>, opted to utilize Sphinx in order to improve upon WordPress&#8217; native searching capabilities.</p>\n<p>The result is a super fast dedicated search page at <a href=\"http://search.gigaom.com/\" title=\"Gigaom Search\" target=\"_blank\">search.gigaom.com</a> that features the ability to further narrow results based on available terms.</p>\n<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/gigaom-search.png\" rel=\"prettyphoto[33789]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/gigaom-search.png?resize=1025%2C1023\" alt=\"gigaom-search\" class=\"aligncenter size-full wp-image-33809\" /></a></p>\n<p>The advanced search feature was built using a combination of several open source plugins built by Bisson. These plugins integrate Sphinx and taxonomy filtering to help users more easily explore Gigaom&#8217;s wealth of content. All the tools are open source and were contributed back to the community for anyone to use.</p>\n<h4>What is Sphinx?</h4>\n<p><a href=\"http://sphinxsearch.com/\" target=\"_blank\">Sphinx</a> is a GPL-licensed full text search server that was created to be highly performant while returning the most relevant results. In order to integrate it with WordPress, Bisson developed <a href=\"https://wordpress.org/plugins/go-sphinx/\" target=\"_blank\">Gigaom Sphinx</a>. The plugin pulls WordPress posts into Sphinx and then queries them using the standard <a href=\"https://developer.wordpress.org/reference/classes/wp_query/\" target=\"_blank\">WP_Query</a> class.</p>\n<p>Gigaom Sphinx requires that you first <a href=\"http://sphinxsearch.com/docs/current/installation.html\" target=\"_blank\">install Sphinx</a> and then set it up with the sample config file, which includes parameters to index the site&#8217;s content. Once the site is fully indexed in Sphinx, WordPress query performance will be greatly improved.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/sphinx-config.png\" rel=\"prettyphoto[33789]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/sphinx-config.png?resize=700%2C531\" alt=\"sphinx-config\" class=\"aligncenter size-full wp-image-33825\" /></a></p>\n<h4>Scriblio</h4>\n<p>In order to further filter results, Gigaom uses <a href=\"https://wordpress.org/plugins/scriblio/\" title=\"Scriblio plugin\" target=\"_blank\">Scriblio</a>, a plugin that provides faceted searching and browsing of WordPress posts, pages, and custom post types. This enables users to further narrow down results based on taxonomies and their available terms. The facets are easily added via configurable widgets, which you can include on your site&#8217;s search, tag and category archives, and other archive pages.</p>\n<p>Search results can be filtered using multiple terms. This allows visitors to quickly nail down the most relevant content.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/example-search.png\" rel=\"prettyphoto[33789]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/example-search.png?resize=1025%2C821\" alt=\"example-search\" class=\"aligncenter size-full wp-image-33833\" /></a></p>\n<p>The facets can be displayed as either tag clouds or lists, as shown above. Scriblio&#8217;s search editor widget will show the selected search terms and allows the user to easily add or remove terms while automatically updating results.</p>\n<p>The plugin also includes live search suggestions as you type. These recommendations are based on all available taxonomies as well as post titles.</p>\n<h4>bCMS</h4>\n<p>The last plugin required to create Gigaom&#8217;s unique search experience is <a href=\"https://wordpress.org/plugins/bcms/\" target=\"_blank\">bCMS</a>, which was also developed by Bisson. It enhances WordPress&#8217; CMS capabilities in a number of ways and includes a setting to enable full text keyword indexing.</p>\n<p>For a full rundown of Gigaom&#8217;s searching capabilities, check out the <a href=\"http://search.gigaom.com/faq/\" target=\"_blank\">FAQ item devoted to search</a>. Thanks to Bisson and the Gigaom team, these tools are available for any WordPress site administrator to use. If you need more fine-grained sorting capabilities for search results, the combination of <a href=\"https://wordpress.org/plugins/go-sphinx/\" target=\"_blank\">Gigaom Sphinx</a>, <a href=\"https://wordpress.org/plugins/scriblio/\" target=\"_blank\">Scriblio</a> and <a href=\"https://wordpress.org/plugins/bcms/\" target=\"_blank\">bCMS</a> is a solid option.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 05:56:26 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:9;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:109:\"WPTavern: Installatron Partners With Clef to Add Two-Factor Authentication to Automated Installs of WordPress\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33735\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:119:\"http://wptavern.com/installatron-partners-with-clef-to-add-two-factor-authentication-to-automated-installs-of-wordpress\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:2729:\"<p>In a bid to protect as many users as possible by default, <a title=\"https://getclef.com/\" href=\"https://getclef.com/\">Clef</a> has partnered with <a title=\"http://installatron.com/\" href=\"http://installatron.com/\">Installatron</a>. Founded in 2004, Installatron is one of the most popular script installers used on the web. Similar to <a title=\"https://www.netenberg.com/fantastico.php\" href=\"https://www.netenberg.com/fantastico.php\">Fantastico</a> and <a title=\"http://www.softaculous.com/\" href=\"http://www.softaculous.com/\">Softaculous</a>, Installatron is a script installer that enables users to quickly install more than <a title=\"http://installatron.com/apps\" href=\"http://installatron.com/apps\">170 different applications </a>including, WordPress, Drupal, and Joomla.</p>\n<a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/InstallatronApps.png\" rel=\"prettyphoto[33735]\"><img class=\"size-full wp-image-33780\" src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/InstallatronApps.png?resize=650%2C200\" alt=\"Installatron Apps\" /></a>Installatron Apps\n<p><a title=\"https://getclef.com/\" href=\"https://getclef.com/\">Clef</a> is a mobile app that replaces usernames and passwords, enabling users to log in easily with their smartphones. The <a title=\"https://wordpress.org/plugins/wpclef/\" href=\"https://wordpress.org/plugins/wpclef/\">Clef WordPress plugin</a> is growing rapidly in popularity, with over 130,000 downloads and over 15,000 sites using the service. The partnership enables automated WordPress installs from Installatron to have Clef support out of the box. The partnership also enables webhosts that use Installatron to be added to Clef&#8217;s <a title=\"http://getclef.com/safer-hosts\" href=\"http://getclef.com/safer-hosts\">Safer Hosts Program</a>.</p>\n<p>“Making two-factor accessible around the web is a critical step in securing our lives online,” said Brennen Byrne, CEO at Clef. “Protecting new users by default, instead of requiring research and expertise, is how we will build a safer Internet. Installatron has been a leader in providing secure infrastructure for their huge customer base and we’re excited to be a big part of it.”</p>\n<p>Earlier this year, <a title=\"http://wptavern.com/clef-partners-with-softaculous-to-provide-2-step-authentication-for-automated-wordpress-installs\" href=\"http://wptavern.com/clef-partners-with-softaculous-to-provide-2-step-authentication-for-automated-wordpress-installs\">Clef partnered with Softaculous</a> to provide two-factor authentication to automated WordPress installs. By leveraging partnerships with companies like Softaculous and Installatron, Clef is rapidly making a huge impact in securing the web by default.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 00:21:19 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:10;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:49:\"WPTavern: SIDEKICK Delays The Release of Composer\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33730\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:59:\"http://wptavern.com/sidekick-delays-the-release-of-composer\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:5566:\"<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SIDEKICKBalanceFeaturedImage.png\" rel=\"prettyphoto[33730]\"><img class=\"size-full wp-image-33731\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SIDEKICKBalanceFeaturedImage.png?resize=632%2C298\" alt=\"SIDEKICK Balance Featured Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/dandiffendale/3342770174/\">diffendale</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc-sa/2.0/\">cc</a>\n<p>Among the festivities at <a title=\"http://2014.toronto.wordcamp.org/\" href=\"http://2014.toronto.wordcamp.org/\">WordCamp Toronto 2014,</a> was the planned release of <a title=\"http://www.sidekick.pro/composer/\" href=\"http://www.sidekick.pro/composer/\">Composer</a> by <a title=\"http://www.sidekick.pro/\" href=\"http://www.sidekick.pro/\">SIDEKICK</a>. Instead, Composer has been delayed and the release date is <em>to be determined</em>. According to the <a title=\"http://www.sidekick.pro/blog/learn-through-doing/launching-composer-tomorrow/\" href=\"http://www.sidekick.pro/blog/learn-through-doing/launching-composer-tomorrow/\">announcement</a>, the plugin and its architecture are not ready for customers just yet. In a FAQ accompanying the post, SIDEKICK Co-founder, Ben Fox, gives more details on what&#8217;s not ready.</p>\n<blockquote><p>A little bit of everything really. The new architecture which is going to power SIDEKICK Composer and the new version of our Player is kick-ass and working but the integration between it, the new account centre, the billing system and Composer itself is still “fragile”.  Add to that the fact that the new version of our website, which is necessary to power the front-end of the new Account Center, isn’t complete yet and we have a recipe for launch disaster.</p></blockquote>\n<p>Although it is disappointing to those who expected to purchase Composer over the weekend, at least one person cites the news as a good example of what to do when you&#8217;re not ready to launch a product.</p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p>This is what you do when your software isn’t quite ready to go by launch date: <a href=\"http://t.co/pEkKNbPvUw\">http://t.co/pEkKNbPvUw</a></p>\n<p>&mdash; Aaron Hockley (@ahockley) <a href=\"https://twitter.com/ahockley/status/533427677831901184\">November 15, 2014</a></p></blockquote>\n<p></p>\n<p>Since the news broke, SIDEKICK has received an unexpected outpouring of support. &#8220;Something like 30 direct emails, numerous tweets and FaceBook messages plus we were approached at WordCamp Toronto by many people who offered their support for our choice,&#8221; Fox told the Tavern. Several people have commended SIDEKICK for its transparency. &#8220;What really got me though was not just the understanding our customers and community have shown but also the praise for our direct and transparent communication.&#8221;</p>\n<h2>Finding The Balance Between Good Enough and Don&#8217;t Ship</h2>\n<p>Despite a lot of talk in the WordPress community around the idea of &#8220;<a title=\"http://wordpress.tv/2014/10/28/keynote-speaker-cory-miller-what-it-means-to-click-publish/\" href=\"http://wordpress.tv/2014/10/28/keynote-speaker-cory-miller-what-it-means-to-click-publish/\">just ship it</a>&#8220;, SIDEKICK decided to hold off to fix a few loose ends. In an essay by Matt Mullenweg entitled &#8220;<a title=\"http://ma.tt/2010/11/one-point-oh/\" href=\"http://ma.tt/2010/11/one-point-oh/\">1.0 Is The Loneliest Number</a>,&#8221; he uses Apple as an example of a company that&#8217;s not afraid to ship a rudimentary version 1.0 to the public. The essay goes on to describe the idea of <em>ship early, iterate often</em> and how it&#8217;s the approach used to develop WordPress.</p>\n<blockquote><p>By shipping early and often you have the unique competitive advantage of hearing from real people what they think of your work, which in best case helps you anticipate market direction, and in worst case gives you a few people rooting for you that you can email when your team pivots to a new idea. Nothing can recreate the crucible of real usage.</p>\n<p>You think your business is different, that you’re only going to have one shot at press and everything needs to be perfect for when Techcrunch brings the world to your door. But if you only have one shot at getting an audience, you’re doing it wrong.</p></blockquote>\n<p>The challenge of releasing the first version of a product or service is one many companies are familiar with. Composer is not ready for prime time but the question is, how will Fox and his team determine when it&#8217;s ready? &#8220;SIDEKICK will never be perfect in our eyes and we waited until the last possible moment to make the call because we wanted to make sure we weren&#8217;t releasing simply out of a need for perfection,&#8221; Fox told the Tavern. &#8220;I can&#8217;t speak for the entire community or other startups but I can tell you that while we&#8217;re not afraid to release a product that&#8217;s not &#8216;perfect&#8217;, we will never release something that doesn&#8217;t work as advertised just for the sake of making a release date.&#8221;</p>\n<h2>Where is The Happy Medium?</h2>\n<p>When it comes to releasing a product, there appears to be a happy medium of being good enough for consumer adoption but not bad enough to delay the release. As a product developer or service provider, how do you determine when your product or service has reached the happy medium and what factors go into the decision? Let us know in the comments.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 18 Nov 2014 00:09:16 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:11;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:16:\"Matt: Peak Beard\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44527\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:32:\"http://ma.tt/2014/11/peak-beard/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:537:\"<p>&#8220;If, like me, you are a staunch pogonophile and do not believe there is a single man who cannot be improved with a beard, these are happy times indeed.&#8221; The Guardian asks <a href=\"http://www.theguardian.com/fashion/2013/jul/24/have-we-reached-peak-beard\">Have we reached peak beard?</a>. Also check out <a href=\"http://www.theguardian.com/commentisfree/2014/nov/14/lumbersexual-beard-plaid-male-fashion\">their take on the lumbersexual</a>, which a closet full of plaid shirts might indicate I&#8217;m trending toward.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Mon, 17 Nov 2014 19:53:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:12;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:93:\"WPTavern: WP Slack Plugin Sends Notifications to Slack Based on Events Triggered in WordPress\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33712\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:103:\"http://wptavern.com/wp-slack-plugin-sends-notifications-to-slack-based-on-events-triggered-in-wordpress\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:5580:\"<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/wp-slack.png\" rel=\"prettyphoto[33712]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/wp-slack.png?resize=1025%2C483\" alt=\"wp-slack\" class=\"aligncenter size-full wp-image-33724\" /></a></p>\n<p>In a matter of months, <a href=\"https://slack.com/\" target=\"_blank\">Slack</a> has managed to become the favorite communication tool for thousands of businesses, boasting more than <a href=\"http://techcrunch.com/2014/10/23/slack-is-raising-another-round-at-up-to-a-1b-valuation/\" target=\"_blank\">250,000 daily active users</a>, with roughly 30% of them paying for the service. The company recently acquired $120 million to fund further growth and is now valued at $1.1 billion dollars.</p>\n<p>While Slack helps teams get things done together, much of the actual work happens outside of the app. That&#8217;s why the <a href=\"https://api.slack.com/\" target=\"_blank\">Slack API</a> offers the ability to add new <a href=\"https://my.slack.com/services/new/incoming-webhook\" target=\"_blank\">Incoming WebHooks</a> to integrate outside services. With WordPress powering 23%+ of the world&#8217;s websites, it&#8217;s important to have an easy way to bring in notices from those sites.</p>\n<p>Self-hosted WordPress installations have the option of using the <a href=\"https://wordpress.org/plugins/slack/\" target=\"_blank\">Slack plugin</a>, created by <a href=\"http://gedex.web.id/\" target=\"_blank\">Akeda Bagus</a>, a developer with X-team. Last week we featured the <a href=\"http://wptavern.com/bbpress-slack-integration-send-new-topics-and-replies-to-a-slack-channel\" target=\"_blank\">bbPress Slack Integration</a> plugin, which allows you to send notifications of new bbPress topics and replies to your Slack channel of choice. WP Slack performs a similar function for general WordPress events.</p>\n<p>The plugin is capable of notifying Slack, based on a few basic events:</p>\n<ul>\n<li>When a post needs review (status transitioned to &#8216;pending&#8217;)</li>\n<li>When a post is published</li>\n<li>When there&#8217;s a new comment</li>\n</ul>\n<p>Additionally, it includes a <code>slack_get_events</code> filter for adding more events. The <a href=\"http://gedex.web.id/wp-slack/\" target=\"_blank\">documentation</a> provides an example of creating a new event that will notify Slack when a user is logged in:</p>\n<pre class=\"brush: php; light: true; title: ; notranslate\">add_filter( \'slack_get_events\', function( $events ) {\n    $events[\'user_login\'] = array(\n        \'action\'      =&gt; \'wp_login\',\n        \'description\' =&gt; __( \'When user logged in\', \'slack\' ),\n        \'message\'     =&gt; function( $user_login ) {\n            return sprintf( \'%s is logged in\', $user_login );\n        }\n    );\n\n    return $events;\n} );</pre>\n<p>Configuration inside the WordPress admin is simple. Once you&#8217;ve set up the webhook with Slack, you simply paste it into the Service URL field when setting up an integration:</p>\n<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/slack-integration.png\" rel=\"prettyphoto[33712]\"><img src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/slack-integration.png?resize=843%2C524\" alt=\"slack-integration\" class=\"aligncenter size-full wp-image-33756\" /></a></p>\n<p>WP Slack allows you to set up multiple integrations so you can send notices to different channels. Notices can also be temporarily deactivated and turned back on a later time. When you finish setting up an integration, the plugin allows you to fire off a test notification to ensure that it&#8217;s working correctly.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/channel-notification.png\" rel=\"prettyphoto[33712]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/channel-notification.png?resize=843%2C227\" alt=\"channel-notification\" class=\"aligncenter size-full wp-image-33758\" /></a></p>\n<p>Bagus has also developed a suite of free extensions that notify Slack based on events triggered by other plugins:</p>\n<ul>\n<li><a href=\"http://wordpress.org/plugins/slack-edd\" target=\"_blank\">Slack EDD</a></li>\n<li><a href=\"http://wordpress.org/plugins/slack-woocommerce\" target=\"_blank\">Slack WooCommerce</a></li>\n<li><a href=\"http://wordpress.org/plugins/slack-contact-form-7\" target=\"_blank\">Slack Contact Form 7</a></li>\n<li><a href=\"http://wordpress.org/plugins/slack-gravityforms\" target=\"_blank\">Slack Gravity Forms</a></li>\n</ul>\n<p>These plugins make it possible to keep your team notified of new orders on a WooCommerce or EDD-powered store, or even website inquiries from your site&#8217;s contact form. Each extension requires the Slack plugin to be installed first.</p>\n<p>While the plugin author hasn&#8217;t announced plans to add this feature, it might be useful to have support for <a href=\"https://my.slack.com/services/new/outgoing-webhook\" target=\"_blank\">Outgoing Webhooks</a> as well. That would make it possible for WordPress to get information back from Slack based on public triggers used in the channel. The possibilities for this could be interesting. For example, you could set up a trigger that automatically creates a new draft or perhaps publishes a one-sentence summary of a quick meeting.</p>\n<p>The <a href=\"https://wordpress.org/plugins/slack/\" title=\"WordPress Slack plugin\" target=\"_blank\">Slack plugin for WordPress</a> is available in the official Plugin Directory. You can also find the project on <a href=\"https://github.com/gedex/wp-slack\" target=\"_blank\">GitHub</a> where pull requests are welcome.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Mon, 17 Nov 2014 18:35:15 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:13;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:39:\"Matt: Munchery is Eating the Restaurant\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44307\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:55:\"http://ma.tt/2014/11/munchery-is-eating-the-restaurant/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:285:\"<p><a href=\"http://stavreas.com/munchery-is-eating-the-restaurant/\">Munchery is Eating the Restaurant</a>, a cool write-up of Munchery which I&#8217;ve been a long-time fan of and is an <a href=\"http://audrey.co/\">Audrey</a> company. Whenever I&#8217;m in SF I order from Munchery.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Sun, 16 Nov 2014 18:32:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:14;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:34:\"Matt: Government Going Open Source\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44520\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:50:\"http://ma.tt/2014/11/government-going-open-source/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:195:\"<p><a href=\"http://www.techrepublic.com/article/as-open-source-goes-mainstream-institutions-collaborate-differently/\">As open source goes mainstream, institutions collaborate differently</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Sat, 15 Nov 2014 16:56:50 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:15;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:56:\"WPTavern: WordPress 4.1 Beta 1 Now Available for Testing\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33564\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:66:\"http://wptavern.com/wordpress-4-1-beta-1-now-available-for-testing\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3042:\"<p>WordPress 4.1 beta 1 was <a href=\"https://wordpress.org/news/2014/11/wordpress-4-1-beta-1/\" target=\"_blank\">released</a> into the hands of eager testers today, just in time for the weekend. John Blackbourn announced the beta and outlined a list of features and improvements that you&#8217;ll want to put through the paces. The most visible items include the following:</p>\n<ul>\n<li>The new Twenty Fifteen default theme</li>\n<li>New distraction-free writing mode for the editor, enabled by default for beta</li>\n<li>The ability to automatically install new language packs right from the General Settings screen (available as long as your site&#8217;s file system is writable).</li>\n<li>A new inline formatting toolbar for images embedded into posts.</li>\n</ul>\n<p>The items listed do not include everything that&#8217;s coming in 4.1, but rather the features that require the most testing before the official release. There are also many improvements under the hood for developers to test:</p>\n<ul>\n<li><a href=\"https://make.wordpress.org/core/2014/10/20/update-on-query-improvements-in-4-1/\" target=\"_blank\">Improvements to meta, date, comment, and taxonomy queries</a>, including complex (nested, multiple relation) queries; and querying comment types</li>\n<li>A single term shared across multiple taxonomies is now split into two when updated.</li>\n<li>A new and better way for themes to handle <a href=\"http://wptavern.com/wordpress-4-1-to-introduce-theme-support-for-the-title-tag\" target=\"_blank\">title tags</a>.</li>\n<li><a href=\"https://make.wordpress.org/core/2014/10/27/toward-a-complete-javascript-api-for-the-customizer/\" target=\"_blank\">Improvements to the Customizer API</a>, including contextual panels and sections, and JavaScript templates for controls.</li>\n</ul>\n<p>The <a href=\"http://wptavern.com/focus-project-and-session-ui-approved-for-merge-into-wordpress-4-1\" target=\"_blank\">Focus project (the new DFW) was merged into core along with the user session UI</a>. So far, reaction to the new distraction-free writing mode has been mixed, with the most vocal feedback coming from those who are not looking forward to turning the feature off on multiple sites. WordPress core contributors will be gathering feedback during the beta period in order to determine whether or not the new DFW mode will be shipped as &#8220;on&#8221; by default. Having it off by default decreases users&#8217; ability to discover the new DFW mode, but it would also help it to be more universally well-received.</p>\n<p>If you want to jump in and help test 4.1 beta 1 with all its exciting improvements, the easiest way is to get hooked up with the <a href=\"https://wordpress.org/plugins/wordpress-beta-tester/\" target=\"_blank\">WordPress Beta Tester</a> plugin. This will allow you to update your test install to use the “bleeding edge nightlies.&#8221; The other option is to download the zip file from Blackbourn&#8217;s <a href=\"https://wordpress.org/news/2014/11/wordpress-4-1-beta-1/\" target=\"_blank\">beta 1 announcement</a> post.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 23:15:21 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:16;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:19:\"Matt: Embrace HTTPS\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44518\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:35:\"http://ma.tt/2014/11/embrace-https/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:139:\"<p><a href=\"http://open.blogs.nytimes.com/2014/11/13/embracing-https/\">9 Reasons Why News Media Sites Should Embrace HTTPS in 2015</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 22:09:01 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:17;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:83:\"WPTavern: DevriX and Emil Uzelac Team Up to Produce Masonry, A Free WordPress Theme\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33643\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:92:\"http://wptavern.com/devrix-and-emil-uzelac-team-up-to-produce-masonry-a-free-wordpress-theme\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:5454:\"<p><a href=\"https://wordpress.org/themes/masonry\" target=\"_blank\">Masonry</a> is a new free WordPress theme with an elegant 1-column design. You&#8217;d be hard-pressed to find a theme that is easier to set up. It offers just a handful of options built into the native customizer, including the ability to customize the header colors and header background image.</p>\n<p>The theme is mobile-friendly, with a hidden sidebar that houses the primary navigation and widgets. It also has support for a footer menu and a social links menu at the top. With the help of the <a href=\"https://wordpress.org/plugins/regenerate-thumbnails/\" target=\"_blank\">Regenerate Thumbnails</a> plugin, you can have an existing site looking just like the Masonry demo in a matter of a couple minutes.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/masonry.png\" rel=\"prettyphoto[33643]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/masonry.png?resize=880%2C660\" alt=\"masonry\" class=\"aligncenter size-full wp-image-33648\" /></a></p>\n<h3>The Story Behind Masonry: A WordPress.org Theme Collaboration</h3>\n<p>There&#8217;s a unique story behind the creation of this theme. Masonry was started as a collaboration project between WordPress theme designer <a href=\"http://uzelac.com/\" target=\"_blank\">Emil Uzelac</a> and <a href=\"http://devrix.com/\" target=\"_blank\">DeviX</a>, a development company founded by Mario Peshev and Stanko Metodiev.</p>\n<p>Uzelac is most well-known for his work on the <a href=\"http://wptavern.com/a-day-in-the-life-of-a-wordpress-theme-reviewer\" target=\"_blank\">WordPress.org Theme Review Team</a> and his popular free <a href=\"http://wordpress.org/themes/responsive\" target=\"_blank\">Responsive theme</a> that was eventually <a href=\"http://mattreport.com/trent-lapinski-cyberchimps/\" target=\"_blank\">acquired by CyberChimps</a>. He put out a tweet, announcing his availability:</p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p>You have a WordPress project and I have 2 weeks free, let’s talk! <a href=\"https://twitter.com/hashtag/WordPress?src=hash\">#WordPress</a></p>\n<p>&mdash; Emil Uzelac (@emiluzelac) <a href=\"https://twitter.com/emiluzelac/status/508451598620979200\">September 7, 2014</a></p></blockquote>\n<p></p>\n<p>Uzelac was Peshev&#8217;s mentor for the Theme Review Team in 2011 before he promoted him to a reviewer. This was back in the days when you had to pass more than a dozen test reviews before moving on. &#8220;Emil is super dedicated to the WPTRT and a great person and should not be left unemployed at any time,&#8221; Peshev said. He responded to his tweet, and a theme collaboration was born.</p>\n<p>DevriX set out some ideas for the theme and then hired Uzelac to design and develop it. &#8220;We have added several things and will keep maintaining it, but we paid him for a full zip file that was (almost) ready to go on WordPress.org,&#8221; Peshev said. &#8220;Since he&#8217;s one of the TRT admins, it was the easiest way to cover the hundreds of requirements there.&#8221;</p>\n<p>Peshev said that DevriX gets no practical business benefit from the theme, as the company doesn&#8217;t perform customization or installation services. He saw it as a good way to give back to the community while also helping volunteers to find more work for their expertise.</p>\n<h3>Making the Theme Review Team More Visible</h3>\n<p>As a result of this collaboration experience, Peshev discovered that there is no easy way for people to find and hire those who are skilled at preparing a theme for approval on WordPress.org. He suggested that a directory of Theme Review team members might be a good idea for promoting the folks who have  these abilities.</p>\n<blockquote><p>There is no clear way to hire any of them for theme reviews or building a theme following the WordPress.org guidelines. I assume that small and medium agencies would be willing to pay for professional reviews or getting themes built for any reason, which would support both parties. I&#8217;ve had several clients paying for code reviews and fixing themes in order to get them in the WordPress.org Theme Directory.</p></blockquote>\n<p>In the past, themes have sometimes taken months to go through the process, after getting rejected a few times and then finally gaining approval. Hiring someone to help prepare a theme to pass WordPress.org guidelines can save a company a good chunk of time. <strong>&#8220;Given the 4-6 week period to get a theme reviewed, that&#8217;s a valuable service,&#8221;</strong> Peshev said.</p>\n<p>A directory would help people in the community to be able to identify the qualified Theme Review Team volunteers available to hire for code review, even for products that are marketed outside of WordPress.org. &#8220;Same goes for all the other teams that don&#8217;t get props in the Core releases, such as docs, polyglots and accessibility&#8221; Peshev said. &#8220;In this case, theme reviewers are not listed anywhere and not publicly available for hire (for new themes or professional reviews).&#8221;</p>\n<p>In the case of Uzelac and Peshev&#8217;s collaboration, the end result is a nice free theme for the community to enjoy. With all the volunteer hours put into reviewing themes for WordPress.org, do you think reviewers could benefit from being listed in a directory? Or would this needlessly complicate the relationship between reviewers and submissions on WordPress.org?</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 22:09:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:18;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:80:\"WPTavern: Flynn O’Connor on Organizing and Marketing a WordCamp for Developers\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33505\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:87:\"http://wptavern.com/flynn-oconnor-on-organizing-and-marketing-a-wordcamp-for-developers\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:7717:\"<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/WordCampVancouver2014FeaturedImage.png\" rel=\"prettyphoto[33505]\"><img class=\"aligncenter size-full wp-image-33641\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/WordCampVancouver2014FeaturedImage.png?resize=680%2C296\" alt=\"WordCamp Vancouver Featured Image\" /></a></p>\n<p>One topic to come out of the discussion surrounding the <a title=\"http://wptavern.com/loopconf-sparks-controversy-with-tickets-priced-at-800\" href=\"http://wptavern.com/loopconf-sparks-controversy-with-tickets-priced-at-800\">cost to attend LoopConf</a> is the idea that WordCamps can&#8217;t be developer focused. One of the most exciting aspects of LoopConf is the chance to dive deep into technical discussions. WordCamps generally cater to a wide range of skill levels, which some feel prevent these types of discussions from occurring.</p>\n<p>There&#8217;s nothing in the <a title=\"http://plan.wordcamp.org/\" href=\"http://plan.wordcamp.org/\">WordCamp guidelines</a> that state WordCamps have to cater to all experience levels, it&#8217;s just what most organizers do based on the needs of their local community. In 2011, <a title=\"http://mor10.com/\" href=\"http://mor10.com/\">Morten Rand-Hendriksen</a> organized an event called <a title=\"https://web.archive.org/web/20110926234935/http://wordcampdevelopers.com/\" href=\"https://web.archive.org/web/20110926234935/http://wordcampdevelopers.com/\">WordCamp Developers</a> held in Vancouver, BC. WordPress developers and designers interested in learning about practical, applied WordPress development by industry leaders and local WordPress practitioners attended the event.</p>\n<p>Earlier this year, Flynn O&#8217;Connor co-organized <a title=\"http://2014.vancouver.wordcamp.org/\" href=\"http://2014.vancouver.wordcamp.org/\">WordCamp Vancouver, BC Developer Edition</a>. It was a one day event <a title=\"http://2014.vancouver.wordcamp.org/sessions/\" href=\"http://2014.vancouver.wordcamp.org/sessions/\">filled with WordPress developer topics</a> including, an introduction to the command line, advanced custom fields, and getting started with unit tests. I interviewed O&#8217;Connor to find out how he marketed the event and what he did to achieve a relevant audience.</p>\n<h2>Interview With Flynn O&#8217;Connor</h2>\n<p><strong>At what point did you realize you needed to have a Developer Edition of WordCamp Vancouver?</strong></p>\n<p>This is something that our team discussed after the previous year&#8217;s WordCamp completed. There was a desire to not only create a camp for WordPress developers but also a WordPress focused event that would be of interest to the larger tech community within Vancouver to see what WordPress could do. While attending other events like <a title=\"http://2014.cascadiajs.com/\" href=\"http://2014.cascadiajs.com/\">CascadiaJS</a> conference, I found myself correcting a lot of people&#8217;s old pre-conceived notions of what WordPress is and can do now.</p>\n<p><strong>How did you market WordCamp Vancouver Developer Edition so that a majority of the attendees are developer or designer oriented?</strong></p>\n<p>We tried to be clear with our content that this event was going to focus on building with WordPress and not necessarily about end user topics. In emails, on the website, social media and in community posts like the one <a title=\"http://wptavern.com/wordcamp-vancouver-to-hold-developer-edition-in-july\" href=\"http://wptavern.com/wordcamp-vancouver-to-hold-developer-edition-in-july\">WPTavern published</a> about our event we tried to get the message out that if you can or wanted to know how to build on WordPress, this would be an event for you.</p>\n<p>We also connected with other tech related meet up groups and asked for the assistance in getting the word out about our event and reached out to several schools that offered web development programs and offered their students discount tickets. Even so, there are some people who are going to attend because they&#8217;re aware of WordPress and want to see what it&#8217;s all about but don&#8217;t know how to design or develop for it. From our experience, we&#8217;ve found you can&#8217;t really stop that.</p>\n<p><strong>What type of feedback did you get after the event? Did some attendees complain that the content was over their head?</strong></p>\n<p>Yes, we did get some people who said some of the talks were advanced for them. But from the ones I talked to that brought this up, quite of a few of them were not discouraged by this. We can’t cater to everyone and make everyone happy but if we provide our attendees content that will challenge them, then hopefully, we are encouraging them to learn more and helping them to become better developers.</p>\n<p><strong>What advice can you give to organizers who want to put on a developer focused WordCamp?</strong></p>\n<p>Reach out to the tech community beyond WordPress, not only for attendees but also speakers. Many of them will be happy to help. Don’t be afraid of the content being too advanced for some attendees but try to balance out the talks so that less experienced developers don’t feel overwhelmed the entire time.</p>\n<p>Talk to meet up and smaller local event planners to get a sense for your community&#8217;s general skill level so you can better anticipate likely attendance levels for the more advanced talks. I am one of the co-organizers for the Vancouver meet up and I focus on the dev branch, so I had a decent idea of how many high level developers in our community would actually attend these events.</p>\n<h2>Understanding The Needs Of The Local Community</h2>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/LocalImage.png\" rel=\"prettyphoto[33505]\"><img class=\"size-full wp-image-33651\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/LocalImage.png?resize=640%2C126\" alt=\"Local Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/arimoore/1232161364/\">arimoore</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc-sa/2.0/\">cc</a>\n<p>Organizers are <a title=\"https://make.wordpress.org/community/2013/08/20/organizing-a-non-wordcamp/\" href=\"https://make.wordpress.org/community/2013/08/20/organizing-a-non-wordcamp/\">encouraged to experiment</a> and break from the mold while still following the guidelines. WordCamp Vancouver Developer Edition proves it&#8217;s possible and if you look at <a title=\"http://i0.wp.com/2014.vancouver.wordcamp.org/files/2014/07/WordCamp-Vancouver-2014-Public-Budget-Sheet11.png\" href=\"http://i0.wp.com/2014.vancouver.wordcamp.org/files/2014/07/WordCamp-Vancouver-2014-Public-Budget-Sheet11.png\" rel=\"prettyphoto[33505]\">their budget sheet</a>, it cost just over $18,000. So not only can organizers create a WordPress developer centric event using the WordCamp branding, the financial support of doing so makes it much more affordable.</p>\n<p>One of the keys to the success of WordCamp Vancouver for developers and designers is understanding the needs of the local WordPress community. If there is sufficient demand and the community is large enough, consider organizing an event in your area. There&#8217;s also no rules in the guidelines that limit the amount of WordCamps per year in a given city. This means organizers can continue to have traditional WordCamps while organizing a separate event catered to developers.</p>\n<p>I want to know from those who have organized 500-1,000 person WordCamps if you plan to branch out and create smaller, niche events while using the WordCamp branding? If so, please let us know in the comments. Also feel free to share concerns, ideas, or ask questions related to organizing a niche event.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 20:33:59 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:19;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:67:\"WPTavern: WPWeekly Episode 170 – I’ve Got Your Drama Right Here\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:44:\"http://wptavern.com?p=33629&preview_id=33629\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:70:\"http://wptavern.com/wpweekly-episode-170-ive-got-your-drama-right-here\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3719:\"<p>Since our guest couldn&#8217;t make it due to illness, <a title=\"http://marcuscouch.com/\" href=\"http://marcuscouch.com/\">Marcus Couch</a> and I took the opportunity to thank all of the wonderful listeners who responded to our call to action in <a title=\"http://wptavern.com/wpweekly-episode-169-wordpress-is-now-a-verb\" href=\"http://wptavern.com/wpweekly-episode-169-wordpress-is-now-a-verb\">episode 169</a>. I followed up the first segment with a 10-15 minute rant beginning at <strong>13:25</strong> on WP Drama. Marcus and I agree that it&#8217;s a dismissive term and doesn&#8217;t offer anything productive to the WordPress ecosystem. After the rant, we discuss the news of the week and Marcus gives his two-word review of Ghost.</p>\n<h2>Stories Discussed:</h2>\n<p><a title=\"http://wptavern.com/wooconf-the-first-ever-conference-dedicated-to-woocommerce-deemed-a-success\" href=\"http://wptavern.com/wooconf-the-first-ever-conference-dedicated-to-woocommerce-deemed-a-success\">WooConf, The First Ever Conference Dedicated to WooCommerce Deemed a Success</a><br />\n<a title=\"http://wptavern.com/why-wordpress-doesnt-need-to-fear-ghost-yet\" href=\"http://wptavern.com/why-wordpress-doesnt-need-to-fear-ghost-yet\">Why WordPress Doesn’t Need to Fear Ghost, Yet</a><br />\n<a title=\"http://wptavern.com/john-james-jacoby-launches-indiegogo-campaign-to-fund-buddypress-bbpress-and-glotpress-development\" href=\"http://wptavern.com/john-james-jacoby-launches-indiegogo-campaign-to-fund-buddypress-bbpress-and-glotpress-development\">John James Jacoby Launches Indiegogo Campaign to Fund BuddyPress, bbPress, and GlotPress Development</a><br />\n<a title=\"http://wptavern.com/happy-joe-uses-wordpress-to-train-and-help-veterans-find-careers-in-web-technology\" href=\"http://wptavern.com/happy-joe-uses-wordpress-to-train-and-help-veterans-find-careers-in-web-technology\">Happy Joe Uses WordPress to Train and Help Veterans Find Careers in Web Technology</a></p>\n<h2>Plugins Picked By Marcus:</h2>\n<p><a title=\"https://wordpress.org/plugins/google-webfont-optimizer/\" href=\"https://wordpress.org/plugins/google-webfont-optimizer/\">Google Webfont Optimizer</a> finds every Google Fonts request and bulks them together so the site only asks Google once for the fonts instead of multiple times.</p>\n<p><a title=\"https://wordpress.org/plugins/note/\" href=\"https://wordpress.org/plugins/note/\">Note</a> is a simple and easy to use widget for editing bits of text, live, in your WordPress front-end Customizer. Note was <a title=\"http://wptavern.com/note-by-slocum-studio-is-a-real-time-customizable-text-widget\" href=\"http://wptavern.com/note-by-slocum-studio-is-a-real-time-customizable-text-widget\">recently reviewed</a> on WP Tavern.</p>\n<p><a title=\"https://wordpress.org/plugins/baw-login-logout-menu/\" href=\"https://wordpress.org/plugins/baw-login-logout-menu/\">BAW Login/Logout menu</a> enables you to add a real login/logout item menu that autoswitches when a user is logged in or out. You can also configure a redirect for the login/logout action.</p>\n<h2>WPWeekly Meta:</h2>\n<p><strong>Next Episode:</strong> Wednesday, November 19th 9:30 P.M. Eastern</p>\n<p><strong>Subscribe To WPWeekly Via Itunes: </strong><a href=\"https://itunes.apple.com/us/podcast/wordpress-weekly/id694849738\" target=\"_blank\">Click here to subscribe</a></p>\n<p><strong>Subscribe To WPWeekly Via RSS: </strong><a href=\"http://www.wptavern.com/feed/podcast\" target=\"_blank\">Click here to subscribe</a></p>\n<p><strong>Subscribe To WPWeekly Via Stitcher Radio: </strong><a href=\"http://www.stitcher.com/podcast/wordpress-weekly-podcast?refid=stpr\" target=\"_blank\">Click here to subscribe</a></p>\n<p><strong>Listen To Episode #170:</strong><br />\n</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 15:01:53 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:20;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:29:\"Matt: US Internet Competition\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44355\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:45:\"http://ma.tt/2014/11/us-internet-competition/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:741:\"<blockquote><p>In the United States, the Federal Communications Commission in 2002 reclassified high-speed Internet access as an information service, which is unregulated, rather than as telecommunications, which is regulated. Its hope was that Internet providers would compete with one another to provide the best networks. That didn’t happen. The result has been that they have mostly stayed out of one another’s markets.\n</p></blockquote>\n<p><a href=\"http://www.nytimes.com/2014/10/31/upshot/why-the-us-has-fallen-behind-in-internet-speed-and-affordability.html?_r=1&abt=0002&abg=0\">Why the U.S. Has Fallen Behind in Internet Speed and Affordability</a>. Also has one of my favorite animated GIFs I&#8217;ve seen in a Times story.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 02:05:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:21;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:63:\"WPTavern: Get Jetpack’s Markdown Module Without Using Jetpack\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=18338\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:70:\"http://wptavern.com/get-jetpacks-markdown-module-without-using-jetpack\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3464:\"<p><a href=\"http://about.me/ahspw/\" target=\"_blank\">Anas H. Sulaiman</a> is a WordPress plugin developer who has created several extensions that extract modules from <a href=\"http://jetpack.me/\" target=\"_blank\">Jetpack</a> so that they can be used independently. He recently renamed his WordPress.org profile to &#8220;JP Bot&#8221; and is gradually adding to his collection of Jetpack-extractions:</p>\n<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/jp-bot-plugins.jpg\" rel=\"prettyphoto[18338]\"><img src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/jp-bot-plugins.jpg?resize=700%2C222\" alt=\"jp-bot-plugins\" class=\"aligncenter size-full wp-image-33603\" /></a></p>\n<p>One of his most popular plugins is <a href=\"https://wordpress.org/plugins/jetpack-markdown/\" target=\"_blank\">JP Markdown</a>, which essentially duplicates Jetpack&#8217;s <a href=\"http://jetpack.me/support/markdown/\" target=\"_blank\">Markdown module</a>. It allows you to compose WordPress content in Markdown and have it published as HTML. I gave the plugin a test run and found that it works as advertised:</p>\n<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/markdown-test.jpg\" rel=\"prettyphoto[18338]\"><img src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/markdown-test.jpg?resize=660%2C540\" alt=\"markdown-test\" class=\"aligncenter size-full wp-image-33614\" /></a></p>\n<p>JP Markdown even includes the &#8220;Use Markdown for Comments&#8221; feature that you can enable under <strong>Settings > Discussion</strong>. This plugin is a solid option if you like the Markdown module in Jetpack but don&#8217;t want everything else that comes with it.</p>\n<p>The JP Bot family of plugins extracted from Jetpack currently includes:</p>\n<ul>\n<li><a href=\"http://wordpress.org/plugins/jetpack-sharing/\" target=\"_blank\">JP Sharing</a> &#8211; Share content with Facebook, Twitter, et al.</li>\n<li><a href=\"http://wordpress.org/plugins/jetpack-widget-visibility/\" target=\"_blank\">JP Widget Visibility</a> &#8211; Control what pages your widgets appear on.</li>\n<li><a href=\"http://wordpress.org/plugins/jetpack-markdown/\" target=\"_blank\">JP Markdown</a> &#8211; Write in Markdown, publish in HTML.</li>\n<li><a href=\"http://wordpress.org/plugins/jp-custom-css/\" target=\"_blank\">JP Custom CSS</a> &#8211; Customize your site’s CSS without modifying your theme.</li>\n<li><a href=\"https://wordpress.org/plugins/jetpack-gravatar-hovercards/\" target=\"_blank\">JP Gravatar Hovercards</a> &#8211; Show a pop-up business card of your users&#8217; gravatar profiles in comments.</li>\n<li><a href=\"https://wordpress.org/plugins/jetpack-omnisearch/\" target=\"_blank\">JP Omnisearch</a> &#8211; A single search box, that lets you search many different things.</li>\n</ul>\n<p>Using Jetpack requires being connected to WordPress.com. While some users appreciate the convenience and professional support they receive from the Jetpack team, there are many who have reservations about hooking their site up to another third-party service. JP Bot&#8217;s <a href=\"https://profiles.wordpress.org/wpjp/\" target=\"_blank\">collection of Jetpack-extraction plugins</a> offer you an alternative to many of Jetpack&#8217;s most popular modules. For more alternatives to Jetpack, check out <a href=\"http://wptavern.com/15-plugins-to-get-jetpack-functionality-without-using-jetpack\" target=\"_blank\">15+ Plugins To Get Jetpack Functionality Without Using Jetpack</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 14 Nov 2014 00:22:18 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:22;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:86:\"WPTavern: Taxonomy Filter: A Simple Plugin to Filter Taxonomies in the WordPress Admin\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33566\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:95:\"http://wptavern.com/taxonomy-filter-a-simple-plugin-to-filter-taxonomies-in-the-wordpress-admin\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3323:\"<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/06/postit-notes.jpg\" rel=\"prettyphoto[33566]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/06/postit-notes.jpg?resize=1024%2C532\" alt=\"photo credit: H. Michael Arrighi - cc\" class=\"size-full wp-image-25350\" /></a>photo credit: <a href=\"http://www.flickr.com/photos/arrighi/8562416557/\">H. Michael Arrighi</a> &#8211; <a href=\"http://creativecommons.org/licenses/by/2.0/\">cc</a>\n<p>When WordPress is used heavily as a content management system, taxonomies play a very important role for grouping information. While your standard blog might only have a handful of categories, more content-heavy sites can include hundreds of terms within custom taxonomies.</p>\n<p>Scrolling through an impossibly long list of categories or terms can be a clunky experience in the post editor. <a href=\"https://wordpress.org/plugins/taxonomy-filter/\" target=\"_blank\">Taxonomy Filter</a> is a new solution for this, created by Andrea Landonio, a software engineer at Condé Nast in Milan.</p>\n<p>The plugin allows users to filter hierarchical term taxonomies inside the WordPress admin. Specifically, it adds a custom input field for filtering taxonomies when a user is assigning them in the post editor. Here&#8217;s an example with the default category taxonomy:</p>\n<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/category-filter.jpg\" rel=\"prettyphoto[33566]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/category-filter.jpg?resize=282%2C357\" alt=\"category-filter\" class=\"aligncenter size-full wp-image-33578\" /></a></p>\n<p>Categories are automatically narrowed down as you type, so that you can easily locate the one you&#8217;re looking for.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/category-filtering.jpg\" rel=\"prettyphoto[33566]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/category-filtering.jpg?resize=282%2C279\" alt=\"category-filtering\" class=\"aligncenter size-full wp-image-33579\" /></a></p>\n<p>The Taxonomy Filter plugin has a settings page that allows you configure which taxonomies you want to make filterable. Currently, it only works with hierarchical taxonomies, including default categories and <a href=\"http://codex.wordpress.org/Custom_Taxonomies\" target=\"_blank\">custom taxonomies</a>. (It does not support non-hierarchical tags.)</p>\n<p>The settings page gives you two options:</p>\n<ul>\n<li>Enable on post management pages (allow you to turn on/off filter field)</li>\n<li>Hide filter field if taxonomy is empty</li>\n</ul>\n<p>I tested the plugin and found that it works as advertised to quickly filter taxonomies. One added benefit is that it&#8217;s likely to keep users from impatiently creating new categories when they overlook an existing category due to too much scrolling. The instinct is to just create a new one which may have a similar name to one that already exists. This further bloats the list and makes categories less effective for grouping content.</p>\n<p>Installing the Taxonomy Filter plugin is one small way that you can make assigning a taxonomy a little more convenient and less clunky in the admin. <a href=\"https://wordpress.org/plugins/taxonomy-filter/\" target=\"_blank\">Download</a> it for free from WordPress.org.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 13 Nov 2014 20:55:54 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:23;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:63:\"Lorelle on WP: WordPress Vancouver Social Meetup Sunday, Nov 16\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:37:\"http://lorelle.wordpress.com/?p=12005\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:88:\"http://lorelle.wordpress.com/2014/11/13/wordpress-vancouver-social-meetup-sunday-nov-16/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:474:\"The next WordPress Social Meetup in Vancouver, Washington, is this Sunday, November 16 at 4-7PM. Reserve your spot now on the WordPress PDX Meetup page. We will be getting our social WordPress on in the the Parkway Plaza Building near the Vancouver Mall, a quick hop for those crossing I-205 from Portland or up I-5 [&#8230;]<img alt=\"\" border=\"0\" src=\"http://pixel.wp.com/b.gif?host=lorelle.wordpress.com&blog=72&post=12005&subd=lorelle&ref=&feed=1\" width=\"1\" height=\"1\" />\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 13 Nov 2014 16:24:19 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:17:\"Lorelle VanFossen\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:24;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:76:\"WPTavern: Focus Project and Session UI Approved for Merge Into WordPress 4.1\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33514\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:86:\"http://wptavern.com/focus-project-and-session-ui-approved-for-merge-into-wordpress-4-1\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:4571:\"<p>John Blackbourn announced this afternoon that he will be merging the Focus Project into WordPress core ahead of the upcoming 4.1 release. Last week Jeff Chandler explored <a href=\"http://wptavern.com/how-the-focus-project-plans-to-enhance-distraction-free-writing-in-wordpress\" target=\"_blank\">how the Focus Project plans to enhance distraction-free writing</a> in WordPress. If you haven&#8217;t been following the project, it&#8217;s essentially a complete re-think of the way WordPress has approached the DFW feature.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/dfw.jpg\" rel=\"prettyphoto[33514]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/dfw.jpg?resize=417%2C395\" alt=\"dfw\" class=\"alignright size-full wp-image-33545\" /></a>Mark Jaquith posted a <a href=\"https://make.wordpress.org/core/2014/11/11/focus-v2-demo-video/\" target=\"_blank\">demo video</a> of the feature earlier this week when proposing it to be <a href=\"https://core.trac.wordpress.org/ticket/29806\" target=\"_blank\">merged into core</a> for 4.1. If you haven&#8217;t tested it yet, this video gives you a good idea of how the feature will work.</p>\n<p>In general, WordPress users have found distraction-free writing to be a valuable experience but are dissatisfied with the disconnect of being separated from the rest of the publishing tools in the editor. The Focus Project minimizes the transition, automatically fading the non-essential parts of the editor when you start typing. It keeps the the publishing tools just a mouse swipe away.</p>\n<p>The old DFW button is now changed to be a disabling toggle. For the 4.1 beta, this new feature will be automatically on, and WordPress core contributors will use this time to gather feedback and decide whether or not it should be on or off by default. If left on by default, it will be the most visible new feature in 4.1, since it impacts anyone who uses the content editor.</p>\n<h3>Session UI Approved to Merge Into Core</h3>\n<p>The second item approved for merge into 4.1 is the <a href=\"https://core.trac.wordpress.org/ticket/30264\" target=\"_blank\">user session UI</a>, which is essentially a button that displays when a user has more than one active session. When clicked, the button will log the user out of all other sessions.</p>\n<p>During today&#8217;s core development chat, Blackbourn also outlined plans for the putting the session UI feature on track for future improvements. &#8220;We&#8217;ll use the <a href=\"https://github.com/johnbillion/wp-session-manager\" target=\"_blank\">session UI repo on GitHub</a> for future iterations (and we&#8217;ll do it as a proper feature plugin too if necessary),&#8221; he said. &#8220;Or it might just not be developed any further.&#8221;</p>\n<p>He also clarified that planned improvements to extension installation and update screens will not make it into this release. &#8220;So unfortunately due to the work that some core folks have been doing on 4.0.1, the improvements that were slated for the plugin and theme install (and update) screens has not progressed past mockups, so that has been shelved for 4.1,&#8221; Blackbourn said.</p>\n<h3>Shared Terms Will be Split in WordPress 4.1</h3>\n<p>Under the hood, developers can look forward to progress on the taxonomy roadmap. Boone Gorges has made <a href=\"https://make.wordpress.org/core/2014/11/12/an-update-on-the-taxonomy-roadmap/\" target=\"_blank\">huge strides in fixing issues with shared terms</a>. Unraveling this knot was an extraordinary feat, not unlike navigating through a minefield, when it comes to backwards compatibility.</p>\n<p>As of 4.1, updating a shared term will cause it to be split into two separate terms. This solves a common problem where you update a term and have the others changed unintentionally. It also paves the way for more exciting improvements to taxonomy meta and post relationships, as Andrew Nacin <a href=\"https://make.wordpress.org/core/2013/07/28/potential-roadmap-for-taxonomy-meta-and-post-relationships/\" target=\"_blank\">outlined</a> last year.</p>\n<p>The new <a href=\"http://wptavern.com/twenty-fifteen-officially-added-to-the-development-version-of-wordpress\" target=\"_blank\">Twenty Fifteen default theme</a> should also ship in this release, ready just in time for the new year. Blackbourn and contributors are aiming to have WordPress 4.1 beta 1 available Thursday around lunchtime GMT. The official release is <a href=\"https://make.wordpress.org/core/version-4-1-project-schedule/\" target=\"_blank\">scheduled</a> for the week of December 8th.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 13 Nov 2014 00:28:05 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:25;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:83:\"WPTavern: bbPress Slack Integration: Send New Topics and Replies to a Slack Channel\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33359\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:92:\"http://wptavern.com/bbpress-slack-integration-send-new-topics-and-replies-to-a-slack-channel\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3290:\"<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/slack-logo.jpg\" rel=\"prettyphoto[33359]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/slack-logo.jpg?resize=700%2C314\" alt=\"slack-logo\" class=\"aligncenter size-full wp-image-33466\" /></a></p>\n<p>WordPress recently adopted <a href=\"https://slack.com/\" target=\"_blank\">Slack</a> as its primary communication tool for contributor teams, largely replacing IRC. When trac tickets are mentioned in Slack, they are automatically linked up, which helps contributors reference and connect discussions. So far, the app has been enthusiastically received, especially since it offers a far more mobile-friendly option for asynchronous communication.</p>\n<p>WordPress-related projects outside of core have also started using Slack for team collaboration. Contributors to the <a href=\"http://pods.io/\" target=\"_blank\">Pods Framework</a> are finding Slack to be instrumental for staying connected. That&#8217;s why <a href=\"http://joshpress.net/\" target=\"_blank\">Josh Pollock</a>, community manager for the project, created <a href=\"https://wordpress.org/plugins/bbpress-slack-integration/\" target=\"_blank\">bbPress Slack Integration</a>. This new plugin allows you to send notifications of new bbPress topics and replies to your Slack channel of choice.</p>\n<h3>Staying on Top of Support Requests</h3>\n<p>The Pods team already had GitHub and Asana integrations with their channels. These were working well, but they were missing updates from their bbPress-powered <a href=\"http://pods.io/forums\" target=\"_blank\">support forums</a> in the team&#8217;s support channel.</p>\n<p>&#8220;The external integrations help keep us aware of what’s happening, while we’re working,&#8221; Pollock said. &#8220;This plugin does the same thing for support requests and makes us more responsive when we are in &#8216;Pods Mode.\'&#8221;</p>\n<p>The bbPress Slack Integration plugin uses the <a href=\"http://codex.wordpress.org/HTTP_API\" target=\"_blank\">WordPress HTTP API</a> and a Slack webhook to send notifications from the forum where it is installed.</p>\n<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/bbpress-slack.png\" rel=\"prettyphoto[33359]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/bbpress-slack.png?resize=607%2C108\" alt=\"bbpress-slack\" class=\"aligncenter size-full wp-image-33501\" /></a></p>\n<p>In order to use the plugin with your own bbPress forums, you&#8217;ll first need to add a new Slack webhook by visiting:</p>\n<p><code>https://your-team-name.slack.com/services/new/incoming-webhook</code></p>\n<p>Set a channel to receive the notifications, copy the URL for the webhook, and paste it into the plugin&#8217;s settings page (Settings->bbPress Slack). You&#8217;ll be all set to start receiving bbPress notifications within your specified slack channel.</p>\n<p>If you think that bbPress integration will help your team communicate better on Slack, you can <a href=\"https://wordpress.org/plugins/bbpress-slack-integration/\" target=\"_blank\">download</a> the plugin for free from WordPress.org. bbPress Slack Integration is also available on <a href=\"https://github.com/Shelob9/jp-bbpress-slack-integration\" target=\"_blank\">GitHub</a> if you want to contribute.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 12 Nov 2014 21:44:04 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:26;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:92:\"WPTavern: Happy Joe Uses WordPress to Train and Help Veterans Find Careers in Web Technology\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33365\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:102:\"http://wptavern.com/happy-joe-uses-wordpress-to-train-and-help-veterans-find-careers-in-web-technology\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:8167:\"<a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/VeteransDayFeaturedImage.png\" rel=\"prettyphoto[33365]\"><img class=\"size-full wp-image-33378\" src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/VeteransDayFeaturedImage.png?resize=638%2C285\" alt=\"Veterans Day Featured Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/soldiersmediacenter/6343590279/\">The U.S. Army</a> &#8211; <a href=\"http://creativecommons.org/licenses/by/2.0/\">cc</a>\n<p>One of the toughest battles a U.S. military veteran faces after returning from active duty is finding a job and reentering the work force. The battle is so tough that in 2011, First Lady Michelle Obama and Dr. Jill Biden came together to launch <a title=\"http://www.whitehouse.gov/joiningforces\" href=\"http://www.whitehouse.gov/joiningforces\">Joining Forces</a>. Joining Forces is a nationwide initiative calling all Americans to rally around service members, veterans, and their families and support them through wellness, education, and employment opportunities.</p>\n<p><a title=\"http://www.jamesdalman.com/\" href=\"http://www.jamesdalman.com/\">James Dalman</a>, who honorably served in the Oklahoma National Guard, is doing his part to help veterans find jobs in the web technology industry through his non-profit organization, <a title=\"https://www.happyjoe.org\" href=\"https://www.happyjoe.org\">Happy Joe</a>.</p>\n<h2>The Happy Joe Mission</h2>\n<p>Happy Joe is a 501 c3 non-profit organization that helps U.S. veterans with entrepreneurship and employment opportunities. Training initiatives prepare veterans not only for a career in the web technology industry, but also provide the skills necessary to start their own businesses. Most of the <a title=\"http://www.happyjoe.org/happy-joe-team/\" href=\"http://www.happyjoe.org/happy-joe-team/\">team behind the organization</a> is either in active duty or has previous military experience.</p>\n<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/HappyJoeLogo.png\" rel=\"prettyphoto[33365]\"><img class=\"aligncenter size-full wp-image-33486\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/HappyJoeLogo.png?resize=385%2C111\" alt=\"Happy Joe Logo\" /></a></p>\n<p>The organization&#8217;s mission is to give back to veterans in a measurable way that makes a deep impact.</p>\n<blockquote><p>Happy Joe provides career placement and job training in the web technology industry free of charge to our veterans. We help them navigate their re-entry into the civilian marketplace and advocate for the rights that they’ve earned the right to. And we partner with the best companies and resources to ensure that our military veterans have every opportunity to become successful after their commitment to service is over.</p></blockquote>\n<p>Training and job placement programs are funded primarily by the <a title=\"https://www.happyjoe.org/donate/\" href=\"https://www.happyjoe.org/donate/\">Happy Joe Scholarship Fund</a>. 100% of the donations and contributions go towards the efforts of working with veterans. Funds are also obtained through a sponsorship program several companies routinely contribute to, including <a title=\"http://automattic.com/\" href=\"http://automattic.com/\">Automattic</a> and <a title=\"http://ithemes.com/\" href=\"http://ithemes.com/\">iThemes</a>.</p>\n<h2>WordPress&#8217; Role at Happy Joe</h2>\n<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/WPBootCamp.png\" rel=\"prettyphoto[33365]\"><img class=\"size-full wp-image-33462\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/WPBootCamp.png?resize=639%2C200\" alt=\"WordPress Boot Camp\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/vamcmag/3098352208/\">MizGingerSnaps</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc-nd/2.0/\">cc</a>\n<p>WordPress is the cornerstone used to help veterans learn a valuable skill. By learning WordPress, veterans can take advantage of valuable opportunities to work in the field either as an employee or through contract work. Dalman tells the Tavern that in 2015, as part of the training initiative, he&#8217;ll launch WP Bootcamps. &#8220;WP Bootcamps will be tailored to the military community and help our Armed Forces veterans to set up resume style websites on WordPress so that they can be seen as technology relevant.&#8221;</p>\n<h2>Success Stories</h2>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/10/SuccessFeaturedImage.png\" rel=\"prettyphoto[33365]\"><img class=\"size-full wp-image-32204\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/10/SuccessFeaturedImage.png?resize=636%2C278\" alt=\"Success Featured Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/seeveeaar/2035597695/\">seeveeaar</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nd/2.0/\">cc</a>\n<p>When asked if there are any success stories, Dalman points to himself as an example, &#8220;Personally, WordPress has allowed me as a veteran to launch very successful businesses in the marketplace, in addition to helping other veterans do the same. I am not the most tech savvy person in the world, but WordPress has provided me with the ability to make a great living, doing work I love to do.&#8221;</p>\n<p>Learning and working with WordPress affords him the opportunity to travel and meet amazing people in the community. When asked by veterans if they can make a living in web technology using WordPress, Dalman responds, &#8220;I tell them if I can do it, they certainly can!&#8221; Some of the veterans taking advantage of Happy Joe are homeless or in deep financial trouble but are using WordPress to make a better life for themselves. Dalman notes that success stories of members will soon be shared on the Happy Joe website.</p>\n<h2>Happy Joe Needs Your Financial Support</h2>\n<p>While spreading the word about Happy Joe is appreciated, Dalman says the organization first and foremost needs financial assistance. &#8220;We need people to help fund the training and mentoring of our veterans. We have a lot of people who are sharing the story and mission of Happy Joe and we are <strong>VERY</strong> appreciative of that. However, we need sponsorships and donations to make a true difference.&#8221;</p>\n<p>Happy Joe is working with around a dozen veterans with more on the way. According to Dalman, there are a half-dozen companies willing and ready to hire veterans. However, the organization can&#8217;t make it happen without funding. &#8220;There is work that we need to do to get veterans up to speed and ready. This takes time, money, and commitment. So please, go and <a title=\"https://www.happyjoe.org/donate/\" href=\"https://www.happyjoe.org/donate/\">donate</a> to Happy Joe today so that we <strong>ALL</strong> can make a difference.&#8221;</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/HappyJoeCorporateSponsorLevels.png\" rel=\"prettyphoto[33365]\"><img class=\"size-full wp-image-33472\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/HappyJoeCorporateSponsorLevels.png?resize=1025%2C83\" alt=\"Happy Joe Corporate Sponsor Levels\" /></a>Happy Joe Corporate Sponsor Levels\n<p>If you&#8217;re interested in contributing financial support to the Happy Joe project, you can do so via the <a title=\"https://www.happyjoe.org/donate/\" href=\"https://www.happyjoe.org/donate/\">donations page</a>. Keep in mind that it&#8217;s a 501c3 non-profit organization meaning <strong>donations are tax-deductible</strong>. 100% of public donations and contributions go directly to helping the veterans Happy Joe works with. There&#8217;s also a <a title=\"https://www.happyjoe.org/sponsors/\" href=\"https://www.happyjoe.org/sponsors/\">sponsorship page</a> that explains not only how companies can get involved but also the benefits each sponsorship level provides. For example, Alpha Team sponsors which are the highest tier receive VIP access to trained and dependable veterans.</p>\n<p>Veterans day in the U.S. is a reminder for Americans to remember and thank those who honorably serve or served in the military, it&#8217;s organizations like Happy Joe that think of them and give back year round.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 12 Nov 2014 21:30:52 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:27;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:22:\"Matt: Novice to Master\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44273\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:38:\"http://ma.tt/2014/11/novice-to-master/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:151:\"<p><a href=\"http://blog.djmnet.org/2013/01/14/from-novice-to-master-and-back-again/\">From Novice to Master, and Back Again</a>, by David Mackenzie.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 12 Nov 2014 14:38:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:28;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:71:\"WPTavern: Note by Slocum Studio is a Real-Time Customizable Text Widget\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33400\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:81:\"http://wptavern.com/note-by-slocum-studio-is-a-real-time-customizable-text-widget\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3832:\"<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/NoteFeaturedImage.png\" rel=\"prettyphoto[33400]\"><img class=\"aligncenter size-full wp-image-33449\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/NoteFeaturedImage.png?resize=663%2C254\" alt=\"Note by Slocum Studio Featured Image\" /></a></p>\n<p><a title=\"https://wordpress.org/plugins/note/\" href=\"https://wordpress.org/plugins/note/\">Note</a> is a simple and easy to use widget for editing bits of text, within the widget via the customizer developed by <a title=\"http://www.slocumstudio.com/\" href=\"http://www.slocumstudio.com/\">Slocum Studio</a>. Although you can edit text widgets in the customizer, it&#8217;s a boring experience and requires HTML knowledge to format text. Note enables you to add and edit content live from within the widget similar to a frontend editor.</p>\n<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/NoteWidgetinAction2.png\" rel=\"prettyphoto[33400]\"><img class=\"size-full wp-image-33442\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/NoteWidgetinAction2.png?resize=990%2C390\" alt=\"Note Widget in Action\" /></a>Note Widget in Action\n<p>From within the customizer, you can add a Title, apply a CSS class, or click the button which is like a shortcut to edit the widget&#8217;s content. One thing I noticed immediately is that applying a title doesn&#8217;t match the behavior of other widgets in WordPress. As you can see in the screenshot, the widget title doesn&#8217;t inherit the same style as the others. According to Matt Medeiros of Slocum Studio, this behavior is intentional.</p>\n<blockquote><p>We wanted the writing experience to be as pure as possible when using Note. We decided to omit displaying widget titles as part of that experience in the first version, but plan to revisit that in an upcoming release.</p></blockquote>\n<p>It may be intentional, but it gives me a sense that either the widget or my theme is broken. At its most basic level, Note should function the same way as a default text widget. Hopefully in a future version, the team will change the behavior to match that of a regular widget with an option to show or hide the title.</p>\n<p>Not only can you edit the widget&#8217;s content without visiting the backend, you can do it in style. Simply highlight text within the widget and a toolbar shows up allowing you to format the text. Note has a <strong>What You See Is What You Get</strong> interface. This is convenient since you no longer have to edit content, click save and publish, then refresh the page to see the changes.</p>\n<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/NotesToolbar.png\" rel=\"prettyphoto[33400]\"><img class=\"size-full wp-image-33443\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/NotesToolbar.png?resize=598%2C117\" alt=\"Note Toolbar\" /></a>Note Toolbar\n<p>One feature missing from Note is the ability to add media, but Medeiros confirmed it will be added in a future release. While testing Note, I encountered a bug that added a / to every word that has an apostrophe. For example, I&#8217;ve turned into I/&#8217;ve. The bug presents itself when the customizer is open and a page refresh occurs. The team is aware of the bug and is working on a fix.</p>\n<p>Overall, I like what I see from Note. Once a few bugs are squashed and the ability to display the widget title is added, it will be a great replacement for the default Text widget. Note is <a title=\"https://wordpress.org/plugins/note/\" href=\"https://wordpress.org/plugins/note/\">available for free</a> on the WordPress plugin directory. You can also follow development of Note <a title=\"https://github.com/sdsweb/note/\" href=\"https://github.com/sdsweb/note/\">on Github</a> where you can also file bug reports and contribute patches.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 11 Nov 2014 22:44:49 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:29;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:50:\"WPTavern: Shortcake: A UI for WordPress Shortcodes\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33308\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:59:\"http://wptavern.com/shortcake-a-ui-for-wordpress-shortcodes\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3172:\"<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/shortcake.jpg\" rel=\"prettyphoto[33308]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/shortcake.jpg?resize=1024%2C502\" alt=\"photo credit: kendiala - cc\" class=\"size-full wp-image-33434\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/kendiala/97929388/\">kendiala</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc/2.0/\">cc</a>\n<p>The <a href=\"https://codex.wordpress.org/Shortcode_API\" target=\"_blank\">Shortcode API</a> was introduced in 2008 when <a href=\"https://wordpress.org/news/2008/03/wordpress-25-brecker/\" target=\"_blank\">WordPress 2.5</a> was released. Over the past six years, the UI for adding shortcodes has changed very little, despite the fact that they remain a big part of how many WordPress users structure complex content.</p>\n<p><a href=\"https://github.com/fusioneng/Shortcake\" target=\"_blank\">Shortcake</a> is a new project created by the folks at <a href=\"http://next.fusion.net/2014/11/10/introducing-shortcake/\" target=\"_blank\">Fusion</a> with the aim of bringing new life to shortcodes. The plugin is aptly named, as it was designed to make shortcodes a piece of cake for users.</p>\n<p>Shortcake gives developers an easy way to register a UI for their shortcodes by utilizing 4.0&#8217;s <a href=\"https://core.trac.wordpress.org/changeset/29178\" target=\"_blank\">changes to TinyMCE views</a>. Developers can use the Shortcake plugin alongside add_shortcode to create a user-friendly interface for adding shortcode content and attributes to pages/posts.</p>\n<p>The Fusion team provided a before and after example of editing a shortcode for a pullquote, with an <a href=\"https://github.com/fusioneng/Shortcode-UI/blob/master/dev.php\" target=\"_blank\">example file</a> to show you how to use it:</p>\n<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/shortcake-example.png\" rel=\"prettyphoto[33308]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/shortcake-example.png?resize=645%2C655\" alt=\"shortcake-example\" class=\"aligncenter size-full wp-image-33427\" /></a></p>\n<p>The plugin currently supports the following input types: text, checkbox, textarea, radio, select, email, url, number, and date. The team behind it plans to improve it to support data sources and will also be publishing more documentation and example usages.</p>\n<p>The VIP team at Automattic liked the plugin so much that they have now made it available for all WordPress.com VIP customers, which is a testament to its quality. Fusion plans to present the project at the next <a href=\"http://www.meetup.com/Big-Media-WordPress-Meetup/\" target=\"_blank\">Big Media &amp; Enterprise WordPress meetup</a> in New York.</p>\n<p>Gone are the days when you can afford to torture your users with complex shortcodes. Shortcake is a new tool for your toolbox that enables you to provide your users/clients with a more intuitive UI that is less overwhelming. Check the project out on <a href=\"https://github.com/fusioneng/Shortcake\" target=\"_blank\">GitHub</a>, find out what you can create with it, and watch for improvements in the near future.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 11 Nov 2014 20:54:42 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:30;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:32:\"Matt: Michael Jordan on Big Data\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44336\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:48:\"http://ma.tt/2014/11/michael-jordan-on-big-data/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:1861:\"<blockquote><p>I like to use the analogy of building bridges. If I have no principles, and I build thousands of bridges without any actual science, lots of them will fall down, and great disasters will occur.</p>\n<p>Similarly here, if people use data and inferences they can make with the data without any concern about error bars, about heterogeneity, about noisy data, about the sampling pattern, about all the kinds of things that you have to be serious about if you’re an engineer and a statistician—then you will make lots of predictions, and there’s a good chance that you will occasionally solve some real interesting problems. But you will occasionally have some disastrously bad decisions. And you won’t know the difference a priori. You will just produce these outputs and hope for the best.</p></blockquote>\n<p>Today I learned there&#8217;s another <a href=\"http://www.cs.berkeley.edu/~jordan/\">Michael Jordan</a> that is as awesome in machine learning as <a href=\"http://www.csnchicago.com/bulls/why-did-michael-jordan-choose-no-23\">#23</a> is at basketball.  <a href=\"http://spectrum.ieee.org/robotics/artificial-intelligence/machinelearning-maestro-michael-jordan-on-the-delusions-of-big-data-and-other-huge-engineering-efforts\">IEEE&#8217;s article Machine-Learning Maestro Michael Jordan on the Delusions of Big Data and Other Huge Engineering Efforts</a> is worth a read and a re-read.</p>\n<p>It&#8217;s also worth noting that Professor Jordan <a href=\"http://www.reddit.com/r/MachineLearning/comments/2fxi6v/ama_michael_i_jordan/\">did an AMA on Reddit</a>, and actually disagreed with the title and characterization of the IEEE interview and <a href=\"https://amplab.cs.berkeley.edu/2014/10/22/big-data-hype-the-media-and-other-provocative-words-to-put-in-a-title/\">wrote a follow-up and response on a WordPress-powered blog</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 11 Nov 2014 20:49:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:31;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:110:\"WPTavern: John James Jacoby Launches Indiegogo Campaign to Fund BuddyPress, bbPress, and GlotPress Development\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33368\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:118:\"http://wptavern.com/john-james-jacoby-launches-indiegogo-campaign-to-fund-buddypress-bbpress-and-glotpress-development\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:4376:\"<p><a href=\"http://johnjamesjacoby.wordpress.com/\" target=\"_blank\">John James Jacoby</a> launched an <a href=\"https://www.indiegogo.com/projects/buddypress-bbpress-glotpress-development\" target=\"_blank\">Indiegogo campaign</a> today with the goal of raising $50,000 to fund six months of full-time work on WordPress&#8217; three sister projects: BuddyPress, bbPress, and GlotPress. While WordPress core has many contributors who are sponsored by companies, the sister projects have yet to receive this kind of investment from the community.</p>\n<p>Jacoby is a longtime WordPress developer/contributor and the project lead on <a href=\"https://buddypress.org\" target=\"_blank\">BuddyPress</a> and <a href=\"http://bbpress.org\" target=\"_blank\">bbPress</a>. WordPress depends heavily on the continued maintenance and improvement of the sister projects and he believes that they can benefit from having a dedicated developer.</p>\n<p>BuddyPress is the plugin that powers the 16 million WordPress.org profiles, activity stream, and badge system. The WordPress.org support forums, along with the thousands of plugin and theme support forums, are all powered by bbPress. <a href=\"http://blog.glotpress.org/\" target=\"_blank\">GlotPress</a> is a BackPress-powered application that enabled WordPress, BuddyPress, and bbPress to be translated into different languages. Improvements to GlotPress are critical for WordPress&#8217; global mission to democratize publishing.</p>\n<p>&#8220;<span class=\"pullquote alignleft\">WordPress is more community than software, yet the software that powers the community has nobody working on it full time</span>,&#8221; Jacoby said. &#8220;I want to change this.&#8221;</p>\n<p>The campaign came about after developer <a href=\"https://twitter.com/miss_jwo\" target=\"_blank\">Jenny Wong</a> made the suggestion during events surrounding WordCamp San Francisco. Wong has been instrumental in organizing community contribution days and has a passion for bringing people together. <strong>&#8220;I think a lot more would be done if there are dedicated people all over the community,&#8221;</strong> she said.</p>\n<p>Jacoby had considered the idea before but didn&#8217;t think there would be enough people interested in supporting it. With the suggestion and support from Wong and others at WCSF, he decided to give it a try. &#8220;BuddyPress, bbPress, and GlotPress came up so frequently, and I was pulled into so many discussions. I felt happy for how important those projects are to everyone, and sad that I haven’t found a way to truly dedicate myself to them,&#8221; Jacoby told the Tavern.</p>\n<p>&#8220;Near the end of the first day of the contributor summit, I was more emotional about it than I expected to be, and had a hard time translating that into words. Thankfully, Jen Mylo (who has always been super supportive to me) summed it up really nicely, and Jenny Wong followed up with the idea of raising money via Indiegogo.&#8221;</p>\n<p>Jacoby&#8217;s aim is to work on the projects &#8220;while remaining an independent and impartial entity with a dedicated period of distraction-free time.&#8221; Specifically, he plans to target the following items:</p>\n<ul>\n<li>Query and caching performance improvements to both BuddyPress and bbPress (to help them power the almost 20 million user profiles and the immense amount of activity going into them from all of the support forums)</li>\n<li>Media and Attachment support in BuddyPress</li>\n<li>Per-forum moderation in bbPress to help with plugin and theme moderation on WordPress.org.</li>\n</ul>\n<p>Progress on the sister projects has been slow, since current contributions are all volunteer-driven from folks who have other obligations. Jacoby was originally reluctant to attempt a fundraising campaign but recognizes the necessity of having the money available for distraction-free work. If the goal is not met, he will prorate the funds and will work in a dedicated capacity on the projects for as long as the funds allow.</p>\n<p>Within the first few hours of launching the campaign, Jacoby has already surpassed 20% of the goal. Check out the video and <a href=\"https://www.indiegogo.com/projects/buddypress-bbpress-glotpress-development\" target=\"_blank\">donate to the campaign</a> if you want to support a talented developer in giving WordPress&#8217; sister projects a chance to thrive.</p>\n<p></p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 11 Nov 2014 19:47:06 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:32;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:23:\"Matt: Open Source Emoji\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44363\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:39:\"http://ma.tt/2014/11/open-source-emoji/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:483:\"<p>I&#8217;m as likely to give Twitter a hard time as anyone, but today I want to tell you about something great they did: <a href=\"https://blog.twitter.com/2014/open-sourcing-twitter-emoji-for-everyone\">Twitter open sourced their emoji set for anyone to use</a>. We&#8217;ve been working with them behind the scenes on this and <a href=\"http://en.blog.wordpress.com/2014/11/06/emoji-everywhere/\">launched the emoji for WP.com as well</a>. Support will be coming to Jetpack soon.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Tue, 11 Nov 2014 02:03:00 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:33;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:65:\"WPTavern: LoopConf Sparks Controversy with Tickets Priced at $800\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33290\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:74:\"http://wptavern.com/loopconf-sparks-controversy-with-tickets-priced-at-800\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:9269:\"<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/loopconf.jpg\" rel=\"prettyphoto[33290]\"><img src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/loopconf.jpg?resize=1025%2C485\" alt=\"loopconf\" class=\"aligncenter size-full wp-image-33347\" /></a></p>\n<p>Last week <a href=\"http://loopconf.io/\" target=\"_blank\">LoopConf</a> announced that <a href=\"http://us9.campaign-archive1.com/?u=d852b760c6208bf25844e3b3d&id=d49b632196\" target=\"_blank\">early bird tickets will go on sale November 20th</a>. The conference is aimed at developers and organizers are planning for 700 &#8211; 1,000 attendees in Las Vegas on the weekend of May 7-8, 2015.</p>\n<p>A bit of controversy has surfaced regarding the ticket pricing, as LoopConf emerges as one of the most expensive WordPress-oriented conferences to date. With early bird tickets priced at $600 and regular tickets at $800, the combined sponsorship donations and estimated ticket sales have the potential to bring the total event budget just shy of a million dollars.</p>\n<p>Although events in this price range are not unheard of in the web industry, with many charging ticket prices in the thousands, WordPress-oriented conferences have traditionally been inexpensive. Because LoopConf is not endorsed by or affiliated with the WordPress Foundation, it doesn&#8217;t have to follow the <a href=\"http://plan.wordcamp.org/\" target=\"_blank\">guidelines</a> set for WordCamps. Organizers of WP Foundation-sponsored events must <a href=\"http://plan.wordcamp.org/agreement-among-wordcamp-organizers-speakers-sponsors-and-volunteers/\" target=\"_blank\">agree</a> to make the event &#8220;accessible to as many people as possible, regardless of financial status.&#8221;</p>\n<p>LoopConf ticket pricing poses a stark contrast to traditional WordPress-oriented events, drawing sharp criticism for catering to an elite segment of developers, while pricing out the vast majority of others in the community.</p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p>So <a href=\"https://twitter.com/loopconf\">@loopconf</a> tickets are $600 for early bird and $800 regular? Wow. Good luck with that. You just priced out 90% of the WP community.</p>\n<p>&mdash; Brad Williams (@williamsba) <a href=\"https://twitter.com/williamsba/status/531210414055759873\">November 8, 2014</a></p></blockquote>\n<p></p>\n<p>Supporters of LoopConf ticket prices count it as a step forward in legitimizing WordPress as a mainstream career opportunity. Eric Mann, in a response piece titled  <a href=\"https://eamann.com/biz/wordpress-comes-age/\" target=\"_blank\">WordPress Comes of Age</a>, highlights the fact that some employers have been reluctant to pay for flights and accommodation for a conference with a $25-40 ticket price.</p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p><a href=\"https://twitter.com/norcross\">@norcross</a> <a href=\"https://twitter.com/williamsba\">@williamsba</a> That might actually be a big step forward in legitimizing WP as a mainstream career opportunity.</p>\n<p>&mdash; TJ List (@TJList) <a href=\"https://twitter.com/TJList/status/531213651579912192\">November 8, 2014</a></p></blockquote>\n<p></p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p><a href=\"https://twitter.com/williamsba\">@williamsba</a> <a href=\"https://twitter.com/loopconf\">@loopconf</a> that’s what a tech conference costs in any other field. WP is the odd duck with cheap conferences</p>\n<p>&mdash; curtismchale (@curtismchale) <a href=\"https://twitter.com/curtismchale/status/531218846594920449\">November 8, 2014</a></p></blockquote>\n<p></p>\n<p>I spoke with Brad Williams, one of the most vocal community members questioning the ticket prices, to find out if <a href=\"http://webdevstudios.com/\" target=\"_blank\">WebDevStudios</a> would be sending any of its employees to LoopConf. &#8220;Most likely not, unfortunately,&#8221; he said. &#8220;It&#8217;s a lot of money even for an agency to cover without understanding the value of it.&#8221;</p>\n<p>Williams said he was not opposed to the conference, but that it&#8217;s tough to assess the value that an attendee will receive. &#8220;If it&#8217;s pricey, but justified, it might be worth sending some of our devs,&#8221; he said.  <strong>&#8220;Honestly it&#8217;s tough to say because we could also send them to 10+ WordCamps for that price.&#8221;</strong></p>\n<p>When LoopConf posted ticket prices, the email announcement said, &#8220;Think of it as more of a celebration of WordPress than a conference.&#8221; Without a full list of speakers and topics, aside from the generally well-known WordPress speakers featured on the homepage, onlookers are left scratching their heads.</p>\n<p>Amid controversy surrounding the high ticket prices, the organizers of the LoopConf posted a detailed <a href=\"http://loopconf.io/faq/\" target=\"_blank\">FAQ</a> section to the site to answer some of the public&#8217;s most pressing questions. The document helps to clarify what the organizers believe to be the value of the ticket price.</p>\n<p>When <a href=\"https://twitter.com/ryandonsullivan\" target=\"_blank\">Ryan Sullivan</a> set out to create a WordPress conference for developers, he had no idea that LoopConf would be pioneering a new segment of WordPress events. The organizing team, which includes a couple of experienced ng-conf organizers, was surprised to learn of the controversy surrounding the ticket pricing.</p>\n<p>Unlike a WordCamp, LoopConf is a for-profit endeavor and the team has no obligation to be financially transparent. &#8220;We won&#8217;t be publishing our budget,&#8221; Sullivan told the Tavern. &#8220;This is a for-profit endeavor but not to the degree most people think. Our margins are actually not very big, and basically cover our time and efforts for putting on the event itself.</p>\n<p>&#8220;Our number one goal is that everyone leaves feeling like it was a great investment, and if it ends up we risk a portion of our profits to make that a reality, then we&#8217;re fine with that.&#8221;</p>\n<p>He also doesn&#8217;t see any realistic way that the budget will reach a million dollars. &#8220;We are planning much more conservatively than that,&#8221; he said. What does he say to critics who believe the ticket prices to be exorbitant?</p>\n<blockquote><p>The ticket price is for the experience itself. Compared to other tech conferences outside of WordPress our prices are actually average or below average. I wish I had a way to illustrate how amazing this event will be without just having to say &#8220;this event is going to be amazing&#8221;, but that&#8217;s where we&#8217;re at right now I suppose. From hack nights, to an amazing party, to swag, to meals, to a premier conference space at a secluded resort, we&#8217;re truly trying to deliver in every way we can. It&#8217;s going to be a fantastic place to learn and connect with friends and colleagues who have truly common interests.</p></blockquote>\n<p>The LoopConf team hopes to announce speakers by Wednesday of this week. Of the 28 speakers lined up, Sullivan estimates that 6 or 7 will be from outside the WordPress community, with the majority of others having spoken previously at other WordPress events.</p>\n<p>&#8220;I think is important to mention is that even if these speakers have spoken at WordCamps before, it&#8217;s not likely they&#8217;ve given talks like they&#8217;ll be giving at LoopConf,&#8221; he said. <strong>&#8220;With a very developer focused audience a lot of these presenters will be able to give talks that they&#8217;re really excited about, which creates a very unique energy and environment for higher learning.&#8221;</strong></p>\n<p>The conference structure is also very different from what one might expect of a WordCamp. LoopConf doesn&#8217;t have a team of volunteers supporting the event but instead utilizes a paid event coordinator to manage the majority of the logistics with the venue, vendors, sponsors, etc. Sullivan expects that he and the other organizers will have a few months of working 20-30 hours per week leading up to the event.</p>\n<p>Those who are unable to attend LoopConf can watch all sessions via a global live stream for free. Videos of the sessions will also be available within minutes after sessions are finished and will be offered for free to anyone who wants to learn from the event&#8217;s speakers.</p>\n<p>WordPress conferences that fall under the WordCamp name have traditionally been inexpensive events, designed to bring together a local community. Because Sullivan and his team are pioneering a different event structure, they have endured a healthy amount of criticism. The team&#8217;s goal to bring in top developers from the larger community would not be possible within the confines of a traditional WordCamp.</p>\n<p>Sullivan hopes that other conference organizers will also be inspired to break out of the box and host more unique events. &#8220;I would love to see more niche conferences that are WordPress specific. There are already great conferences out there like WooConf, Pressnomics, Prestige, and some others that I&#8217;m probably forgetting,&#8221; he said. &#8220;If there&#8217;s an opportunity to get together for a good time and learn from each other in the process, count me in.&#8221;</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Mon, 10 Nov 2014 22:32:05 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:34;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:57:\"WPTavern: Why WordPress Doesn’t Need to Fear Ghost, Yet\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33282\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:63:\"http://wptavern.com/why-wordpress-doesnt-need-to-fear-ghost-yet\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:11555:\"<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/NoNeedToFearGhostYetFeaturedImage.png\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33294\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/NoNeedToFearGhostYetFeaturedImage.png?resize=640%2C287\" alt=\"No Need To Fear Ghost Just Yet Featured Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/blackzack00/12615597133/\">black.zack00</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc-sa/2.0/\">cc</a>\n<p>Mark Gibbs, who <a title=\"http://www.networkworld.com/author/Mark-Gibbs/\" href=\"http://www.networkworld.com/author/Mark-Gibbs/\">writes for NetworkWorld,</a> published an article on how <a title=\"https://ghost.org/\" href=\"https://ghost.org/\">Ghost</a> may one day <a title=\"http://www.networkworld.com/article/2845372/software/ghost-could-scare-off-wordpress-from-the-top-of-the-blogging-platforms.html\" href=\"http://www.networkworld.com/article/2845372/software/ghost-could-scare-off-wordpress-from-the-top-of-the-blogging-platforms.html\">scare WordPress off</a> as the top publishing platform. Gibbs has some valid complaints with WordPress such as, plugins that don&#8217;t integrate with the menu system in a consistent way, incompatible themes, and the post editor.</p>\n<p>Although Ghost doesn&#8217;t have many of the same issues, I think it would if it was around for more than 10 years and its userbase was the size of WordPress. No software is perfect and in an open source environment, users are at the mercy of developers to provide updates to themes and plugins, an action that is not guaranteed.</p>\n<h2>The Post Editor Comparison</h2>\n<p>One of the most liked features of Ghost is the content editor. On the left, is the equivalent of the WordPress Text editor where you write content and can apply code via HTML or Markdown. On the right is a live preview that shows how content will look when it&#8217;s published. This single editor is like the WordPress Visual and Text editors combined.</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/GhostContentEditor.png\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33283\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/GhostContentEditor.png?resize=1025%2C303\" alt=\"It\'s Like a Visual and Text Editor in One!\" /></a>It&#8217;s Like a WordPress Visual and Text Editor in One!\n<p>The editor is so well liked, several plugins exist that bring it to WordPress. <a title=\"http://wptavern.com/gust-plugin-brings-the-ghost-admin-panel-into-wordpress\" href=\"http://wptavern.com/gust-plugin-brings-the-ghost-admin-panel-into-wordpress\">Gust</a>, <a title=\"http://wptavern.com/markpress-plugin-transforms-wordpress-into-a-markdown-powered-journal\" href=\"http://wptavern.com/markpress-plugin-transforms-wordpress-into-a-markdown-powered-journal\">MarkPress</a>, and <a title=\"http://wptavern.com/prettypress-plugin-reinvents-wordpress-post-editing-with-live-preview\" href=\"http://wptavern.com/prettypress-plugin-reinvents-wordpress-post-editing-with-live-preview\">PrettyPress</a> add a live preview pane to the WordPress post editor. Gibbs notes how the WordPress editor differs from Ghost, &#8220;In contrast to WordPress the &#8216;Visual&#8217; view in the editor is a simple interpretation of the HTML so you have to save and preview content to see how it’s really rendered by the currently selected theme.&#8221; While true, there is a simple way around this pitfall.</p>\n<p>WordPress supports the ability for theme developers to link a custom stylesheet to the TinyMCE visual editor. It&#8217;s called <a title=\"http://codex.wordpress.org/Function_Reference/add_editor_style\" href=\"http://codex.wordpress.org/Function_Reference/add_editor_style\">editor-style.css</a> and unfortunately, not many theme developers take advantage of this nifty feature. The stylesheet enables the visual editor to take on the look and feel of the frontend of the site, delivering a <em>what you see is what you get</em> experience. <a title=\"http://themehybrid.com/themes/stargazer\" href=\"http://themehybrid.com/themes/stargazer\">Stargazer</a> by Justin Tadlock is an excellent example of how to use editor-style.css.</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/StarGazerVisualEditorStyle.png\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33284\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/StarGazerVisualEditorStyle.png?resize=964%2C652\" alt=\"The Visual Editor in Stargazer by Justin Tadlock\" /></a>The Visual Editor in Stargazer by Justin Tadlock\n<p>Though the addition of editor-style.css doesn&#8217;t make the editor perfect, it vastly improves the writing experience. Having the content in the editor look the same as the final result is a huge convenience. Thanks to improved oEmbed previews <a title=\"http://wptavern.com/wordpress-4-0-benny-now-available-for-download\" href=\"http://wptavern.com/wordpress-4-0-benny-now-available-for-download\">in WordPress 4.0</a>, the Visual editor is the default view when I write content.</p>\n<p>The Text editor still has its use, especially when a snafu occurs in the Visual editor but I think in the future, the Visual editor will improve to the point that the choice between Text and Visual will disappear. In the decisions not options approach, there will be one editor to rule them all. Between the custom stylesheet and improvements to the visual editor, I believe the writing experience in WordPress is superior to Ghost.</p>\n<h2>The Ghost Dashboard</h2>\n<p>One of the other highly touted features of Ghost is its beautiful, <strong>non-existent</strong> dashboard. Gibbs notes that themes and the backend of Ghost are fully responsive. A note to Gibbs that the backend of WordPress is also fully responsive. The following image from the project&#8217;s <a title=\"https://www.kickstarter.com/projects/johnonolan/ghost-just-a-blogging-platform\" href=\"https://www.kickstarter.com/projects/johnonolan/ghost-just-a-blogging-platform\">Kickstarter page</a> was enough to convince some people to back the project.</p>\n<p>To this day, Ghost doesn&#8217;t have a dashboard <a title=\"https://github.com/TryGhost/Ghost/wiki/Planned-Features\" href=\"https://github.com/TryGhost/Ghost/wiki/Planned-Features\">but it&#8217;s coming</a>. I admit, the concept images of the dashboard are pretty, colorful, and display information in squares instead of big rectangles. The question I have is whether the actual implementation will look anything like the screenshot.</p>\n<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/GhostDashboard.jpg\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33285\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/GhostDashboard.jpg?resize=700%2C481\" alt=\"The Ghost Dashboard as Seen on its Kickstarter Page\" /></a>The Ghost Dashboard as Seen on its Kickstarter Page\n<p>The WordPress Dashboard in comparison looks old but gives you the ability to arrange items the way you see fit. I&#8217;m not sure what can be done to make the dashboard <em>pretty</em>. With the eventual inclusion of the REST API to WordPress, we&#8217;ll likely see hundreds of different interpretations of not only the backend of WordPress, but the dashboard as well.</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/TheWordPressDashboard.png\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33286\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/TheWordPressDashboard.png?resize=1025%2C471\" alt=\"The WordPress 4.0 Dashboard\" /></a>The WordPress 4.0 Dashboard\n<h2>The Third Party</h2>\n<p>Gibbs highlights the fact that the number of third-party themes for Ghost continues to increase. Meanwhile, there are those in the WordPress community who think themes have <a title=\"http://chriswallace.net/wordpress-themes-become-commodity/\" href=\"http://chriswallace.net/wordpress-themes-become-commodity/\">become a commodity</a>. With WordPress now over 10 years old, there are plenty of free and commercial themes to choose from.</p>\n<p>Ghost has a <a title=\"http://marketplace.ghost.org/\" href=\"http://marketplace.ghost.org/\">marketplace available</a> which lists free and commercial themes. The biggest difference between it and the <a title=\"http://wordpress.org/extend/themes/\" href=\"http://wordpress.org/extend/themes/\">WordPress Theme Directory</a> is the inconsistent way of displaying and locating a theme. Ghost doesn&#8217;t have an official directory to host themes. Listing themes created by the community instead of hosting them takes away the ability to create a consistent user experience.</p>\n<a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/GhostThemeMarketplace.png\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33287\" src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/GhostThemeMarketplace.png?resize=1025%2C705\" alt=\"The Ghost Theme Marketplace\" /></a>The Ghost Theme Marketplace\n<p>When browsing themes on the marketplace, each listing takes you to a theme&#8217;s Github page, a site using the theme, a 404 page, or somewhere else on the web. While most of the Github pages for Ghost themes display information in a consistent manner, I prefer the browsing experience on the <a title=\"https://wordpress.org/themes/\" href=\"https://wordpress.org/themes/\">WordPress Theme Directory</a>.</p>\n<p>With the WordPress Theme Directory, I trust what I&#8217;m downloading as the code has been vetted, especially if it&#8217;s a recent addition. Information containing the version number and the average rating is consistently in the same location. The preview link is an added bonus but previews need work as they don&#8217;t always accurately render a theme.</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/TheWordPressThemeDirectory.png\" rel=\"prettyphoto[33282]\"><img class=\"size-full wp-image-33288\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/TheWordPressThemeDirectory.png?resize=1025%2C889\" alt=\"The WordPress Theme Directory\" /></a>The WordPress Theme Directory\n<h2>Ghost is a Long Way From Scaring WordPress</h2>\n<p>Gibbs ends his article by saying, Ghost &#8220;has to be one of the most powerful and best engineered blogging platforms ever.&#8221; While I think the jury is still out on whether it&#8217;s the best engineered platform available, there is so much that goes into the success of an open source publishing system that it alone won&#8217;t propel the platform past WordPress. Ghost has the luxury of a fresh start and the opportunity to build a rock solid foundation for the platform&#8217;s future. However, it&#8217;s going to take more than that to knock WordPress off its pedestal.</p>\n<p>In its current form, Ghost satisfies an audience that wants a simple, frictionless, publishing experience. Ghost delivers but without a robust third-party ecosystem, I don&#8217;t see how it will ever reach the same plateau of WordPress. That&#8217;s not to say Ghost can&#8217;t or won&#8217;t be a successful project, it&#8217;s just that I don&#8217;t see it being used on 20% of the web.</p>\n<p>It&#8217;s early and Ghost has a long way to go before it hits the pivotal 1.0 milestone. The items listed on the <a title=\"https://trello.com/b/EceUgtCL/ghost-roadmap\" href=\"https://trello.com/b/EceUgtCL/ghost-roadmap\">project&#8217;s roadmap</a> indicate a lot of cool features are on the way. But for now, Ghost doesn&#8217;t have or do anything that WordPress should be afraid of.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Mon, 10 Nov 2014 19:21:05 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:35;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:23:\"Matt: Onyx Communicator\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44361\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:39:\"http://ma.tt/2014/11/onyx-communicator/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:453:\"<p>OnBeep, an <a href=\"http://audrey.co/\">Audrey</a> company, has <a href=\"http://www.onbeep.com/blog/2014/11/5/introducing-onyx\">introduced their first product, the Onyx</a>. It&#8217;s a lot like the communicator from Star Trek. (Don&#8217;t wear it with a red shirt.) <a href=\"http://uk.businessinsider.com/onbeep-onyx-is-a-real-time-wearable-communicator-inspired-by-star-trek-2014-11?op=1?r=US\">Business Insider covers the news pretty well</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Mon, 10 Nov 2014 01:52:08 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:36;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:86:\"WPTavern: WooConf, The First Ever Conference Dedicated to WooCommerce Deemed a Success\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33240\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:95:\"http://wptavern.com/wooconf-the-first-ever-conference-dedicated-to-woocommerce-deemed-a-success\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:4048:\"<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/state-of-the-woo2014.jpg\" rel=\"prettyphoto[33240]\"><img class=\"size-full wp-image-33266\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/state-of-the-woo2014.jpg?resize=800%2C450\" alt=\"State of the Woo at WooConf 2014\" /></a>Mark Forrester Delivering the State of the Woo Courtesy of <a title=\"http://bobwp.com\" href=\"http://bobwp.com\">Bob Dunn</a>\n<p>Earlier this week, the first conference dedicated to <a title=\"http://www.woothemes.com/woocommerce/\" href=\"http://www.woothemes.com/woocommerce/\">WooCommerce</a> took place and from all accounts, it was a success. Held at <a title=\"http://969market.com/\" href=\"http://969market.com/\">969 Market</a> in San Francisco, CA, over 300 people attended <a title=\"http://conf.woocommerce.com/\" href=\"http://conf.woocommerce.com/\">WooConf </a>to learn about WooCommerce and eCommerce in general. While I didn&#8217;t attend the event, there are several people who have published their experience online.</p>\n<ul>\n<li>Torquemag &#8211; <a title=\"http://torquemag.io/interview-mark-forrester-wooconf/\" href=\"http://torquemag.io/interview-mark-forrester-wooconf/\">Interview With Mark Forrester, Co-founder of WooThemes</a></li>\n<li>Tony Perez &#8211; <a title=\"http://perezbox.com/2014/11/a-day-with-the-woo-wooconf-2014/\" href=\"http://perezbox.com/2014/11/a-day-with-the-woo-wooconf-2014/\">A Day With the Woo</a></li>\n<li>Bob Dunn &#8211; <a title=\"http://bobwp.com/woocommerce-conference-people/\" href=\"http://bobwp.com/woocommerce-conference-people/\">WooCommerce Conference, It&#8217;s all About the People</a></li>\n<li>Skyverge &#8211; <a title=\"https://www.skyverge.com/blog/wooconf-2014-recap/?utm_content=buffera13ad&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer\" href=\"https://www.skyverge.com/blog/wooconf-2014-recap/?utm_content=buffera13ad&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer\">WooConf 2014 Recap</a></li>\n<li>Prospress &#8211; <a title=\"http://prospress.com/wooconf-2014/?utm_content=bufferbefb1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer\" href=\"http://prospress.com/wooconf-2014/?utm_content=bufferbefb1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer\">WooConf 2014: The Best WooConf Ever</a></li>\n</ul>\n<p>On the night before the event, WooCommerce surpassed 5 million downloads.</p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p>It’s pretty neat that the night before <a href=\"https://twitter.com/hashtag/WooConf?src=hash\">#WooConf</a> we hit 5 million downloads for WooCommerce! Thanks everyone :) <a href=\"http://t.co/iQAbnpMLzV\">http://t.co/iQAbnpMLzV</a></p>\n<p>&mdash; WooThemes (@woothemes) <a href=\"https://twitter.com/woothemes/status/529291855671078913\">November 3, 2014</a></p></blockquote>\n<p></p>\n<p>In an interview on Torquemag, Mark Forrester, the co-founder of WooThemes hinted at WooConf becoming an annual event. &#8220;We’ve had loads of really positive feedback over the last couple days from a lot of the attendees (we sold out at 320 attendees) so there’s definitely good reason for a follow-up in 2015.&#8221;</p>\n<p>Earlier this year, there was some question as to whether the presentations would be recorded. The official Twitter account for <a title=\"https://twitter.com/woothemes/status/530865280378228736\" href=\"https://twitter.com/woothemes/status/530865280378228736\">WooThemes confirmed</a> that sessions were recorded and will be released starting next week.</p>\n<blockquote class=\"twitter-tweet\" width=\"550\"><p><a href=\"https://twitter.com/thenbrent\">@thenbrent</a> <a href=\"https://twitter.com/jeffr0\">@jeffr0</a> We are indeed. Stay tuned on social next week :)</p>\n<p>&mdash; WooThemes (@woothemes) <a href=\"https://twitter.com/woothemes/status/530865280378228736\">November 7, 2014</a></p></blockquote>\n<p></p>\n<p>We want to hear from those who attended the event. What did you think and would you like to see it become an annual thing or perhaps more than one per year with different locations?</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Sat, 08 Nov 2014 00:39:58 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:37;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:68:\"WPTavern: Beautiful Taxonomy Filters for WordPress Custom Post Types\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33229\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:78:\"http://wptavern.com/beautiful-taxonomy-filters-for-wordpress-custom-post-types\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:4854:\"<p><a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/beautiful-taxonomy-filters.jpg\" rel=\"prettyphoto[33229]\"><img src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/beautiful-taxonomy-filters.jpg?resize=772%2C250\" alt=\"beautiful-taxonomy-filters\" class=\"aligncenter size-full wp-image-33231\" /></a></p>\n<p><a href=\"https://wordpress.org/plugins/beautiful-taxonomy-filters/\" target=\"_blank\">Beautiful Taxonomy Filters</a> is a new plugin that adds filtering to your custom post type archives, based on taxonomy (terms/categories/tags). It allows visitors to filter CPTs by multiple terms on the frontend.</p>\n<p>The plugin automatically adds rewrite rules to create pretty filter URLs, without the use of JavaScript. Beautiful Taxonomy Filters was created by Swedish plugin developer Jonathan de Jong at the <a href=\"https://www.tigerton.se/\" target=\"_blank\">Tigerton</a> web agency. He created it using the <a href=\"https://github.com/tommcfarlin/WordPress-Plugin-Boilerplate\" target=\"_blank\">WordPress Plugin Boilerplate</a> in order to structure the codebase with a standardized, object-oriented approach.</p>\n<p>The plugin uses <a href=\"http://ivaynberg.github.io/select2/\" target=\"_blank\">select2</a> to replace ugly select boxes with attractive, user-friendly dropdowns. (If JavaScript is not supported it will fall back to the default select boxes.) Below is an example from my tests using the plugin with a standard portfolio custom post type:</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/portfolio-filters.jpg\" rel=\"prettyphoto[33229]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/portfolio-filters.jpg?resize=680%2C202\" alt=\"portfolio-filters\" class=\"aligncenter size-full wp-image-33249\" /></a></p>\n<p>The plugin is capable of including as many filters as you want to include. However, if you have a post type with many different taxonimies, you may want to exclude ones that aren&#8217;t as useful for filtering.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/filters.png\" rel=\"prettyphoto[33229]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/filters.png?resize=1025%2C578\" alt=\"filters\" class=\"aligncenter size-full wp-image-33252\" /></a></p>\n<p>Beautiful Taxonomy Filters includes a settings page in the admin for activating post types, easily excluding taxonomies, enabling a &#8220;clear all&#8221; link, disabling the active filters heading, changing the design, and adding custom CSS.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/settings.jpg\" rel=\"prettyphoto[33229]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/settings.jpg?resize=810%2C644\" alt=\"settings\" class=\"aligncenter size-full wp-image-33256\" /></a></p>\n<p>The plugin features the following:</p>\n<ul>\n<li>Activate filtering on any registered public custom post type</li>\n<li>Exclude taxonomies you don’t want visitors to filter on</li>\n<li>Beautifies the resulting URLs. You won’t see any /posttype/?taxonomy1=term. Instead you’ll see /posttype/taxonomy/term</li>\n<li>Includes a complete functional filter component for you to put in your theme</li>\n<li>Ability to show your visitors information about their current active filtering</li>\n<li>Allows for custom GET parameters to be included. Extend the filter your way with maybe a custom search-parameter or whatever you like</li>\n<li>Many <a href=\"https://wordpress.org/plugins/beautiful-taxonomy-filters/other_notes/\" target=\"_blank\">filters and actions</a> for modifying the plugin&#8217;s behavior</li>\n</ul>\n<p>Currently, Beautiful Taxonomy Filters does not support selecting multiple terms from the same taxonomy. This feature is on the roadmap. The plugin author notes that he hopes to support this in a future release and have beautiful permalinks. If the permalinks don&#8217;t work out, he plans to add an option where you can opt out of pretty permalinks in order to gain the power of multiple terms filtering.</p>\n<p>Beautiful Taxonomy Filters does not support the built-in &#8220;post&#8221; post type. This is because de Jong has not yet been able to create proper rewrite rules for the multiple filtering to work, due to the fact that they are handled differently by WordPress than other CPTs. If you&#8217;re looking for filtering on regular posts, you&#8217;ll need to build that yourself, as it&#8217;s not included.</p>\n<p>This plugin provides an easy way to add multiple taxonomy filters to custom post type archives. It&#8217;s convenient and easy to extend with roughly a dozen filters and actions available. I tested it and found the plugin to work as advertised. Download <a href=\"https://wordpress.org/plugins/beautiful-taxonomy-filters/\" target=\"_blank\">Beautiful Taxonomy Filters</a> for free from WordPress.org.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 07 Nov 2014 22:49:31 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:38;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:77:\"WPTavern: A Closer Look at iThemes’ Sync Pro Client Dashboard for WordPress\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33212\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:80:\"http://wptavern.com/a-closer-look-at-ithemes-sync-client-dashboard-for-wordpress\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3331:\"<p>Sync is a <a title=\"https://ithemes.com/sync/\" href=\"https://ithemes.com/sync/\">product from iThemes</a> that makes it easy to manage multiple WordPress sites from a central location and is free to use for managing 10 sites or less. Using Sync, you can manage plugins, themes, users, comments, view site analytics, and log files. Similar to other WordPress remote management services, you need to have the Sync plugin installed on each site you want to manage. The plugin acts as a communication bridge between Sync and the site.</p>\n<p>Recently, a new feature called <a title=\"https://ithemes.com/2014/11/05/control-client-view-wordpress-dashboard-client-dashboard-ithemes-sync-pro/\" href=\"https://ithemes.com/2014/11/05/control-client-view-wordpress-dashboard-client-dashboard-ithemes-sync-pro/\">Client Dashboard</a> was added to <a title=\"https://ithemes.com/sync-pro/\" href=\"https://ithemes.com/sync-pro/\">Sync Pro</a>. With Client Dashboard, you can choose which parts of the backend are available to specific users. Hiding parts of the backend usually involves a lot of code, separate plugins, or knowing the proper permission levels for user roles. In Sync, configuring access to menus is as simple as checking a box.</p>\n<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/SyncClientDashboard.png\" rel=\"prettyphoto[33212]\"><img class=\"size-full wp-image-33221\" src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/SyncClientDashboard.png?resize=1025%2C496\" alt=\"Configuring a Client Dashboard\" /></a>Configuring a Client Dashboard\n<p>The following sections of the backend are able to be hidden from clients: Admin Menu, Admin Bar, Dashboard Widgets, and Admin Notices. One thing to keep in mind is that although you can hide menus, clients can still access hidden sections if they know the URL. By hiding admin notices generated by plugins, you prevent clients from accessing potentially hidden pages.</p>\n<p>As part of the client dashboard, you can enable Sync Stylesheet. The Sync Stylesheet adds spacing to items in the admin menu and increases the font size making it easier to read.</p>\n<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SyncDashboardStyleSheet.png\" rel=\"prettyphoto[33212]\"><img class=\"size-full wp-image-33222\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SyncDashboardStyleSheet.png?resize=469%2C481\" alt=\"Admin Menu with Sync Stylesheet Enabled\" /></a>Admin Menu with Sync Stylesheet Enabled\n<p>Despite WordPress&#8217; reputation as being easy to use, it can be intimidating to first time users. Removing things they don&#8217;t need access to in the backend can significantly ease confusion and frustration.</p>\n<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SimplifiedWordPress.png\" rel=\"prettyphoto[33212]\"><img class=\"size-full wp-image-33223\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SimplifiedWordPress.png?resize=1025%2C627\" alt=\"WordPress Simplified\" /></a>WordPress Simplified\n<p>I tested Sync on WordPress 4.0 and it works flawlessly. If you&#8217;re looking for a client management portal with the ability to control a client&#8217;s experience with WordPress, <a title=\"https://ithemes.com/sync-pro/\" href=\"https://ithemes.com/sync-pro/\">Sync Pro</a> from iThemes is a great option.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 07 Nov 2014 20:57:52 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:39;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:35:\"WPTavern: Persistent Object Caching\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33195\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:45:\"http://wptavern.com/persistent-object-caching\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:7299:\"<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/cache-invalidation.png\" rel=\"prettyphoto[33195]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/cache-invalidation.png?resize=1025%2C478\" alt=\"cache-invalidation\" class=\"aligncenter size-full wp-image-33217\" /></a></p>\n<hr />\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/ryan-hellyer.jpeg\" rel=\"prettyphoto[33195]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/ryan-hellyer.jpeg?resize=150%2C150\" alt=\"ryan-hellyer\" class=\"alignright size-thumbnail wp-image-33199\" /></a><br />\nThis post was contributed by <a href=\"http://geek.ryanhellyer.net/\" title=\"Ryan Hellyer\" target=\"_blank\">Ryan Hellyer</a>. He is from New Zealand, lives in Germany, and works as a full-time WordPress geek for <a href=\"http://forsitemedia.net/\" target=\"_blank\">Forsite Media</a> in the Netherlands. He spends his time building <a href=\"http://geek.ryanhellyer.net/products/\" target=\"_blank\">WordPress plugins</a> and getting up to mischief in his adopted home of Berlin.</p>\n<hr />\n<p>I have an issue with WordPress caching plugins. It’s not that I don’t like using them, or that they’re junk (most are, but that’s a separate issue). No, the problem is that most people don’t have the foggiest idea how WordPress handles caching internally, and what causes their site to run faster.</p>\n<h3>Static page caching</h3>\n<p>Most caching plugins do what is called static page caching. They cache a complete page, including all of it’s HTML. This is terrific, as it means that WordPress doesn’t need to regenerate the page every time someone visits it, but it means that those pages will be out of date sometimes when content is updated. Anyone who has used these plugins can usually attest to cursing at their site due to to the cache not updating when required.</p>\n<h3>Object caching</h3>\n<p>For a very long time, WordPress has had a caching system baked into it. Most WordPress developers I’ve met have no idea this exists. Some have used transients, which are a part of the WordPress caching API, but in my experience, very few developers properly understand how they work.</p>\n<p>By default, WordPress includes an internal caching system. If you use <code>get_option( ‘something’ );</code> somewhere in your site, then run that same code later on in that page, WordPress will only need to load the data from the database once, as it caches it for use later on in the page load. It does this via the <code>wp_cache_add()</code>, <code>wp_cache_set()</code> and <code>wp_cache_get()</code> functions.</p>\n<p>Transients behave in a similar way, but by default can store the data for use in subsequent page views by storing them in the database. Storing information in the database is resource intensive though, so transients must be used sparingly to avoid hammering the database too hard and actually causing the site to slow down rather than speed up.</p>\n<p>What we need is the ability to store information in a persistent way (for use on more than the current page load), which can be written to and from extremely rapidly (unlike caching in the database).</p>\n<h3>Persistent object caching</h3>\n<p>Although the object caching system in WordPress was designed to only work on a single page load by default, the smart folks on the WordPress core team ensured that it was trivial to plug into this and provide a way to store data however you want and for as long as you want. Awesome!</p>\n<p>A normal WordPress plugin cannot be used to provide persistent object caching in WordPress. You need to manually create a drop-in file called object-cache.php, which sits in the wp-content folder. Some of the larger (bloated?) plugins, will automatically generate this drop-in file in your wp-content folder.</p>\n<p>Once installed, the object caching drop-in will cache anything utilizing the WordPress caching API. This includes transients, which will automatically stop using the default database layer and instead make use of whatever object caching back-end is available.</p>\n<p>Some of the earlier implementations of object-cache.php files for WordPress simply stored the data in the database, or in flat static files. But there are a multitude of better backends/places to store small pieces of data like this, and there are many different object caching drop-ins available for WordPress to hook into these various systems.</p>\n<h3>In-memory data stores – ninja fast data storage</h3>\n<p>MySQL is fast, but nothing compares to just throwing some data into RAM for maximum performance. With this in mind, many people who are much smarter than I, have developed systems for allowing us to store random bits of data in the server&#8217;s RAM. The most popular of these is Memcached, but there are others including APC and Redis which are very popular. Since they store their data in RAM (when possible) and are designed to be fast rather than reliable, they are insanely fast at both data storage and retrieval.</p>\n<p>With a database or flat file caching back-end, you can not refresh your cache rapidly, or store tiny bits of data. With an in-memory data store, those problems do not exist. For this reason, use of an in-memory data storage back-end can provide an enormous performance advantage to sites using them in conjunction with the WordPress object caching API.</p>\n<p>To make use of one of these, simply ensure that Redis, Memcached or APC are installed on your server, then install one of their corresponding drop-in files (you have to get the correct one or all hell will break loose).</p>\n<ul>\n<li>Memcached – <a href=\"https://wordpress.org/plugins/memcached/\" target=\"_blank\">https://wordpress.org/plugins/memcached/</a></li>\n<li>Redis – <a href=\"https://wordpress.org/plugins/wp-redis/\" target=\"_blank\">https://wordpress.org/plugins/wp-redis/</a></li>\n<li>APC – <a href=\"https://wordpress.org/plugins/apc/\" target=\"_blank\">https://wordpress.org/plugins/apc/</a></li>\n</ul>\n<p>Once you have an appropriate object caching drop-in installed, you should notice an immediate increase in performance. WordPress caches a lot of data internally and none of that will need to be queried on every page load.</p>\n<p>It is entirely normal to see a stock WordPress installation go from 20+ MySQL queries per page down to 4 queries, as the object caching backend takes care of storing all of the data which does not change between page loads. The WordPress API always attempts to refresh the cache when required; there are some instances in which this does not work perfectly, but it is usually a flawless cache refreshing process.</p>\n<h3>Faster static page caching</h3>\n<p>There are ways to serve and refresh static page caching plugins via the WordPress object caching system too, including via the <a href=\"https://wordpress.org/plugins/batcache/\" target=\"_blank\">Batcache</a> plugin, provided by the kind folks at Automattic. This is beyond the scope of this blog post, but it is worth investigating if you also require static page caching.</p>\n<h3>Conclusion</h3>\n<p>Caching within WordPress is complex. Object caching is a vital tool for your toolbox, as it can provide a huge performance improvement without requiring you to resort to full page caching.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 07 Nov 2014 19:54:49 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:40;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:66:\"WPTavern: WordPress.com Adds Emoji Support, Coming Soon to Jetpack\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33152\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:75:\"http://wptavern.com/wordpress-com-adds-emoji-support-coming-soon-to-jetpack\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:1951:\"<p>Twitter announced today that it has open sourced <a href=\"https://blog.twitter.com/2014/open-sourcing-twitter-emoji-for-everyone\" target=\"_blank\">Twemoji</a>, a set of 872 emoji characters. This means that emoji characters tweeted from phones will now be visible on the web and will look the same across all platforms. Twitter also <a href=\"http://en.blog.wordpress.com/2014/11/06/emoji-everywhere/\" target=\"_blank\">partnered with Automattic</a> to bring emoji to WordPress.com, and users can start adding emoji to posts right away.</p>\n<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/emoji.png\" rel=\"prettyphoto[33152]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/emoji.png?resize=620%2C420\" alt=\"emoji\" class=\"aligncenter size-full wp-image-33173\" /></a></p>\n<p>Adding emoji to content is fairly easy and intuitive when done from a mobile device. On desktop, you might need a <a href=\"http://www.iemoji.com/emoji-cheat-sheet/all\" target=\"_blank\">cheat sheet</a>. Mac users can type Command + Control + Space while in a text editor. Windows 8+ users can make use of the <a href=\"http://blog.getemoji.com/emoji-keyboard-windows\" target=\"_blank\">touch keyboard</a>, which includes emoji support.</p>\n<p>Twitter&#8217;s announcement is major advance for emoji users worldwide, given that inconsistent emoji display across platforms has long been a sore issue.</p>\n<p>The Jetpack team is already busy adding emoji support so that self-hosted sites can also utilize them. However, any plugin developer can create a plugin that adds Twemoji to WordPress using the <a href=\"https://github.com/twitter/twemoji#api\" target=\"_blank\">Twemoji API</a>. If you have a self-hosted WordPress site and don&#8217;t use Jetpack, the <a href=\"http://wptavern.com/new-plugin-adds-open-source-emoji-one-support-to-wordpress\" target=\"_blank\">WP Emoji One</a> plugin is another option for adding emoji support to your site.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 07 Nov 2014 00:51:30 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:41;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:58:\"WPTavern: WPWeekly Episode 169 – WordPress is Now a Verb\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:44:\"http://wptavern.com?p=33161&preview_id=33161\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:64:\"http://wptavern.com/wpweekly-episode-169-wordpress-is-now-a-verb\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:2976:\"<p>In this week&#8217;s edition of WordPress Weekly, <a title=\"http://marcuscouch.com/\" href=\"http://marcuscouch.com/\">Marcus Couch</a> and I get you caught up with the news you need to know. We discuss the changes in Jetpack 3.2, WordSesh 3, and a recent security vulnerability in WP eCommerce. We also discuss whether or not WordPress is a verb.</p>\n<h2>Stories Discussed:</h2>\n<p><a title=\"http://wptavern.com/jetpack-3-2-released-introduces-new-site-logo-feature-for-theme-developers\" href=\"http://wptavern.com/jetpack-3-2-released-introduces-new-site-logo-feature-for-theme-developers\">Jetpack 3.2 Released, Introduces New Site Logo Feature for Theme Developers</a><br />\n<a title=\"http://wptavern.com/security-vulnerability-discovered-and-patched-in-wp-ecommerce\" href=\"http://wptavern.com/security-vulnerability-discovered-and-patched-in-wp-ecommerce\">Security Vulnerability Discovered and Patched in WP eCommerce</a><br />\n<a title=\"http://wptavern.com/wordsesh-3-is-set-for-december-20th-2014\" href=\"http://wptavern.com/wordsesh-3-is-set-for-december-20th-2014\">WordSesh 3 is Set for December 20th, 2014</a><br />\n<a title=\"http://wptavern.com/wpshout-publishes-the-results-of-its-2014-webhosting-survey\" href=\"http://wptavern.com/wpshout-publishes-the-results-of-its-2014-webhosting-survey\">WPShout Publishes The Results of Its 2014 Webhosting Survey</a></p>\n<h2>Plugins Picked By Marcus:</h2>\n<p><a title=\"https://wordpress.org/plugins/user-profile/\" href=\"https://wordpress.org/plugins/user-profile/\">User Profile</a> allows you to create unlimited user input fields on user profiles and display them anywhere via shortcodes.</p>\n<p><a title=\"https://wordpress.org/plugins/beautiful-taxonomy-filters/\" href=\"https://wordpress.org/plugins/beautiful-taxonomy-filters/\">Beautiful taxonomy filters</a> is an easy and good-looking way to provide visitors with filtering for post types. With this plugin, you get a complete solution for adding filtering based on taxonomy terms/categories/tags.</p>\n<p><a title=\"https://wordpress.org/plugins/network-copier/\" href=\"https://wordpress.org/plugins/network-copier/\">Network Menu Copier</a> allows you to bulk copy menus between sites on a network which are using the same theme. This is a great plugin for those who repeatedly create the same menus.</p>\n<h2>WPWeekly Meta:</h2>\n<p><strong>Next Episode:</strong> Wednesday, November 20th 9:30 P.M. Eastern</p>\n<p><strong>Subscribe To WPWeekly Via Itunes: </strong><a href=\"https://itunes.apple.com/us/podcast/wordpress-weekly/id694849738\" target=\"_blank\">Click here to subscribe</a></p>\n<p><strong>Subscribe To WPWeekly Via RSS: </strong><a href=\"http://www.wptavern.com/feed/podcast\" target=\"_blank\">Click here to subscribe</a></p>\n<p><strong>Subscribe To WPWeekly Via Stitcher Radio: </strong><a href=\"http://www.stitcher.com/podcast/wordpress-weekly-podcast?refid=stpr\" target=\"_blank\">Click here to subscribe</a></p>\n<p><strong>Listen To Episode #169:</strong><br />\n</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 07 Nov 2014 00:37:06 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:42;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:83:\"WPTavern: Vagrant Manager for OS X: Manage All Your Vagrant Machines from One Place\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33022\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:92:\"http://wptavern.com/vagrant-manager-for-os-x-manage-all-your-vagrant-machines-from-one-place\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:4021:\"<p>Many WordPress developers have adopted <a href=\"https://www.vagrantup.com/\" target=\"_blank\">Vagrant</a> as part of their toolbox for creating development environments, due to the fact that it&#8217;s relatively lightweight and makes collaborative work much easier. <a href=\"https://github.com/Varying-Vagrant-Vagrants/VVV\" target=\"_blank\">Varying Vagrant Vagrants</a> is one of the most popular Vagrant configurations for WordPress, but there are many <a href=\"http://wptavern.com/13-vagrant-resources-for-wordpress-development\" target=\"_blank\">others</a> out there tailored to different uses, i.e. <a href=\"https://github.com/Chassis/Chassis\" target=\"_blank\">Chassis</a>, <a href=\"https://github.com/chad-thompson/vagrantpress\" target=\"_blank\">VagrantPress</a>, <a href=\"https://github.com/humanmade/Salty-WordPress\" target=\"_blank\">Salty WordPress</a>, and <a href=\"https://github.com/Automattic/vip-quickstart\" target=\"_blank\">VIP Quickstart</a>, to name a few.</p>\n<p><a href=\"https://github.com/lanayotech/vagrant-manager\" target=\"_blank\">Vagrant Manager</a> is a new tool for OS X that gives you a UI for managing all of your virtual machines in one place, no matter what kind of Vagrant configuration(s) you have running. Its convenient toolbar gives you access to all your VMs with the ability to execute commands.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/vagrant-manager.gif\" rel=\"prettyphoto[33022]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/vagrant-manager.gif?resize=940%2C523\" alt=\"vagrant-manager\" class=\"aligncenter size-full wp-image-33144\" /></a></p>\n<p>Vagrant Manager&#8217;s primary features include:</p>\n<ul>\n<li><strong>Indicators for running/halted VM&#8217;s:</strong> on (green), off (red), suspended (orange)</li>\n<li><strong>Execute vagrant commands:</strong> hover over a VM and select a command from the dropdown</li>\n<li><strong>Customization options available through the preferences pane:</strong> set preferences for launch, how VMs are displayed, refresh interval, etc.</li>\n<li><strong>Multi-Machine Support:</strong> run actions against one machine or all of them at once</li>\n</ul>\n<p>Adding Vagrant Manager is actually much easier than setting up a new Vagrant configuration. After you download it, Vagrant Manager automatically detects VirtualBox and Parallels machines. Any vagrant machines that you want it to detect must already be initialized. If you don&#8217;t see a machine in the list, simply run <code>vagrant init</code> on it. Machines will disappear from your list once destroyed, so you might want to add a bookmark in Vagrant Manager for quick access later.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/vagrant-manager.png\" rel=\"prettyphoto[33022]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/vagrant-manager.png?resize=1025%2C575\" alt=\"vagrant-manager\" class=\"aligncenter size-full wp-image-33102\" /></a></p>\n<p>The preferences pane lets you select your Terminal preference, change the icon theme for the status bar, launch at login, and show/hide various counts/notifications.</p>\n<p><a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/preferences.png\" rel=\"prettyphoto[33022]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/11/preferences.png?resize=900%2C953\" alt=\"preferences\" class=\"aligncenter size-full wp-image-33151\" /></a></p>\n<p>Certainly, you don&#8217;t <em>need</em> a UI for managing your VMs, but it gives you a nice visual overview of all your machines in one centralized place. If you&#8217;re like me, and you constantly forget which machines you have running, this utility is a convenient addition to your menu bar. Vagrant Manager was released under the <a href=\"https://github.com/lanayotech/vagrant-manager/blob/develop/LICENSE.md\" target=\"_blank\">MIT License</a>. Download it for free from <a href=\"https://github.com/lanayotech/vagrant-manager\" title=\"Vagrant Manager\" target=\"_blank\">GitHub</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 07 Nov 2014 00:15:22 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:43;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:108:\"WPTavern: Automattic Acquires Code for the People, Expands WordPress.com VIP’s Reach Into European Markets\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33107\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:114:\"http://wptavern.com/automattic-acquires-code-for-the-people-expands-wordpress-com-vips-reach-into-european-markets\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:5199:\"<a href=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/05/automattic-offices.jpg\" rel=\"prettyphoto[33107]\"><img src=\"http://i0.wp.com/wptavern.com/wp-content/uploads/2014/05/automattic-offices.jpg?resize=1025%2C478\" alt=\"photo credit: Peter Slutsky\" class=\"size-full wp-image-22370\" /></a>photo credit: <a href=\"http://peterslutsky.com/2013/05/14/pics-touring-automattics-new-office/\">Peter Slutsky</a>\n<p>Matt Mullenweg announced today at <a href=\"http://websummit.net/\" target=\"_blank\">Web Summit in Dublin</a> that Automattic has acquired <a href=\"http://codeforthepeople.com/\" target=\"_blank\">Code for the People</a>, a UK-based WordPress development agency and longtime WordPress.com VIP partner. The acquisition adds all six members of the company, including co-founders Simon Dickson and Simon Wheatley, to the WordPress.com VIP team.</p>\n<p>&#8220;It&#8217;s a fairly natural transition for us,&#8221; Dickson told the Tavern. &#8220;We were part of Automattic&#8217;s VIP Featured Partner program from day one &#8211; so we&#8217;ve known a lot of these people for literally years.&#8221;</p>\n<p>Code for the People (CFTP) began talking to Automattic in the spring of this year on a very informal basis, but once the team decided it was a realistic prospect, things started to speed up. In joining the VIP team, CFTP will say goodbye to their days of designing and developing websites.</p>\n<p>Dickson anticipates that they will be joining in with what the VIP team is already doing, except in European hours. &#8220;The team exists to provide expertise and products to support the world&#8217;s biggest publishers, whether that&#8217;s on WordPress.com or self-hosted systems,&#8221; he said.</p>\n<p>As new Automattic employees, the team will help to expand VIP&#8217;s reach into the European market. <strong>&#8220;We&#8217;re looking forward to bringing an additional perspective to the team, based on our own experiences on the front line, and in the European market,&#8221;</strong> Dickson said.</p>\n<p>&#8220;Personally, I&#8217;ll be looking for ways to help develop the European ecosystem. It was something we talked about in Sofia: a lot of WP agencies would like some kind of network, formal or informal, to share ideas and experiences. I&#8217;m hoping it&#8217;s something I can do as part of my new role.&#8221;</p>\n<p>The acquisition includes CFTP&#8217;s <a href=\"http://babbleplugin.com/\" target=\"_blank\">Babble</a> plugin, an open source multilingual tool that Mullenweg counted as one of the key parts of the deal, according to <a href=\"http://techcrunch.com/2014/11/06/automattic-buys-uks-code-for-the-people-to-build-out-its-wordpress-vip-enterprise-business/\" target=\"_blank\">TechCrunch</a>. Babble will continue to be maintained by Automattic, the details of which are still being fleshed out.</p>\n<p>&#8220;We&#8217;ve been really encouraged by the prominence of the multilingual question in recent weeks and months,&#8221; Dickson said. &#8220;It&#8217;s an area where we know WordPress needs to do better; and it&#8217;s been great to see people recognizing Babble as, potentially, the most core-friendly way of answering it.&#8221;</p>\n<p>Code for the People is a company that was built on the principle of giving back to open source platforms. with employees regularly contributing to WordPress core. At the end of September it was announced that CFTP developer <a href=\"http://wptavern.com/meet-john-blackbourn-wordpress-4-1-release-lead\" target=\"_blank\">John Blackbourn would be leading WordPress 4.1</a>, a commitment the company made long before the acquisition deal was sealed.</p>\n<p><strong>&#8220;We felt it was important for a small team, even as small as ours, to stand up and say yes &#8211; the future of WordPress is that important to us,&#8221;</strong> Dickson said. Blackbourn will continue leading the release as an Automattic employee.</p>\n<p>The founders of CFTP never set out to get acquired. &#8220;Genuinely, we formed Code For The People as a means to an end. We wanted to support each other’s efforts to do interesting things with WordPress, and to make WordPress better as a result,&#8221; Dickson said.</p>\n<p>&#8220;Building a successful business was a happy bi-product of that, but it was never the primary motivation. We chose the name Code For The People very deliberately. It was always there to keep us honest, and ensure we stayed true to our mission.&#8221;</p>\n<p>It&#8217;s a bittersweet day as CFTP bids goodbye to many of their clients and the brand they worked to build. Dickson hopes to bring that same dedication to VIP clients at Automattic with a focus on expanding its services in Europe.</p>\n<p>The Code for the People brand will be retired. If you check out the farewell message on the company&#8217;s <a href=\"http://codeforthepeople.com\" target=\"_blank\">website</a>, you&#8217;ll notice that it was built using <a href=\"http://theme.wordpress.com/themes/ever-after/\" target=\"_blank\">Ever After</a>, a wedding theme by WordPress.com. Although the team is giving up the strong brand name they&#8217;ve created, they hope to carry on their shared love of open source software as employees of Automattic.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 06 Nov 2014 19:22:11 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:44;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:35:\"Matt: Acquiring Code For The People\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44359\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:51:\"http://ma.tt/2014/11/acquiring-code-for-the-people/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:496:\"<p>I spoke with <a href=\"http://about.me/tonyconrad\">Tony Conrad</a> and Laurie Segall at <a href=\"http://websummit.net/\">Web Summit in Dublin</a> today and was able to announce that Automattic has <a href=\"http://vip.wordpress.com/2014/11/06/code-for-the-people/\">acquired Code For The People to join our VIP team</a>. <a href=\"http://techcrunch.com/2014/11/06/automattic-buys-uks-code-for-the-people-to-build-out-its-wordpress-vip-enterprise-business/\">Techcrunch also covered the news</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 06 Nov 2014 17:06:49 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:45;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"Matt: Texas Landslide\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:21:\"http://ma.tt/?p=44357\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:37:\"http://ma.tt/2014/11/texas-landslide/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:392:\"<p>Mother Jones covers the results in Texas of the election in a harsh but fair way: <a href=\"http://www.motherjones.com/politics/2014/11/battleground-texas-greg-abbott-wendy-davis-flop\">Wendy Davis Spent $36 Million and All She Got Was This Lousy Landslide. Now What?</a>. I think Texas will be the focal point of American politics in years to come, but this was not the year it started.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 06 Nov 2014 04:19:07 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:4:\"Matt\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:46;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:96:\"WPTavern: Sidekick’s Pricing Experiment Reveals Valuable Lessons for WordPress Business Owners\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33068\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:103:\"http://wptavern.com/sidekicks-pricing-experiment-reveals-valuable-lessons-for-wordpress-business-owners\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3748:\"<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SidekickPricingFeaturedImage.png\" rel=\"prettyphoto[33068]\"><img class=\"size-full wp-image-33085\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/SidekickPricingFeaturedImage.png?resize=639%2C200\" alt=\"Sidekick Featured Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/disowned/1158857526/\">Calamity Meg</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc-nd/2.0/\">cc</a>\n<p>One of the most difficult parts of running a WordPress business is coming up with a revenue strategy. In a <a title=\"http://www.sidekick.pro/blog/updates/pricing-answers/\" href=\"http://www.sidekick.pro/blog/updates/pricing-answers/\">post on the official SIDEKICK blog</a>, Ben Fox explains that in the past two weeks, customers went through a pricing experiment with an opportunity to provide feedback. The feedback to SIDEKICK highlighted areas ripe for improvement including pricing, the number of plans, and determining value.</p>\n<p>One of the biggest lessons learned from the article is to base a price on value, not on cost.</p>\n<blockquote><p>Our biggest mistake when we started discussing price was trying to determine what it would cost us to support our platform and each customer, not what the value of our platform was to our customers. When you price based on cost, you leave money on the table. When you price based on value, everybody wins.</p></blockquote>\n<p>I&#8217;m happy to see SIDEKICK stick by its instincts after receiving the following feedback, &#8220;SaaS has no place in WordPress” and “I will only ever pay a flat fee for a plugin.” If SIDEKICK restructured its plans to cater to this mindset, they&#8217;ll almost certainly go out of business. Fox points out three things that would happen if SIDEKICK accepted a one-time flat fee and unlimited updates.</p>\n<ol>\n<li>We would never see a return on our investment and our customers would never see the value they’ve paid for</li>\n<li>The quality of our product would never really improve because we couldn’t afford to add new features or do much more than bug fix</li>\n<li>Our prices would go up exponentially because we would need to make sure we’re covering the lifetime COSTS of a customer. Not a smart way to do business.</li>\n</ol>\n<p>It&#8217;s <a title=\"http://mattreport.com/pricing-wordpress-product/\" href=\"http://mattreport.com/pricing-wordpress-product/\">been said before</a> and bears repeating, &#8220;the days of low-priced plugins and unlimited everything are going by the way side.&#8221; WordPress product businesses that operate with unlimited anything are almost certain to fail as it&#8217;s an unsustainable model. Customers need to realize this sooner rather than later.</p>\n<p>If pricing is something you&#8217;re having trouble with in your business, Chris Lema has written a series of posts you can read for free on the <a title=\"http://chrislema.com/tag/pricing/\" href=\"http://chrislema.com/tag/pricing/\">topic of pricing</a>. If you want something more in-depth, consider purchasing and reading <a title=\"http://chrislema.com/store/price-right-introduction-product-pricing/\" href=\"http://chrislema.com/store/price-right-introduction-product-pricing/\">The Price is Right</a> by Chris Lema. Matt Medeiros of <a title=\"http://mattreport.com/\" href=\"http://mattreport.com/\">MattReport.com</a> also has a lot of content on pricing and general business practices.</p>\n<p>I appreciate the transparency Fox offered regarding SIDEKICK&#8217;s pricing structure and the reasons behind it. It would be nice to see more companies share the lessons they&#8217;ve learned in the pricing game. By sharing knowledge, everyone in the WordPress ecosystem wins.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 06 Nov 2014 02:45:28 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Jeff Chandler\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:47;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:58:\"WPTavern: 10up Open Sources Its Engineering Best Practices\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33026\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:68:\"http://wptavern.com/10up-open-sources-its-engineering-best-practices\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:2796:\"<p>Taylor Lovett, director of Web Engineering at 10up, <a href=\"http://10up.com/blog/2014/engineering-best-practices/\" target=\"_blank\">announced</a> today that the company is open sourcing its engineering best practices. <a href=\"http://10up.com/\" target=\"_blank\">10up</a> has historically been a leader in contributing to open platforms, most notably being one of the first development agencies to <a href=\"http://wptavern.com/10up-sponsors-helen-hou-sandi-to-work-full-time-on-wordpress-core\" target=\"_blank\">sponsor an employee to work full-time on WordPress core</a>.</p>\n<p>The company used GitHub pages to create a <a href=\"http://10up.github.io/Engineering-Best-Practices/\" target=\"_blank\">website featuring best practices</a> for tools, project structure, version control, PHP, and JavaScript.</p>\n<p><a href=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/10up-best-practices.png\" rel=\"prettyphoto[33026]\"><img src=\"http://i1.wp.com/wptavern.com/wp-content/uploads/2014/11/10up-best-practices.png?resize=1025%2C848\" alt=\"10up-best-practices\" class=\"aligncenter size-full wp-image-33070\" /></a></p>\n<p>10up&#8217;s best practices were created in an effort to standardize the company&#8217;s tools, frameworks, libraries, style, version control, etc., for its employees. <strong>&#8220;Standardization in engineering is increasingly important with such a large team. Over the past few months we collaborated as a company to document how we engineer and why,&#8221;</strong> Lovett said. The result is a concise public reference for 10up&#8217;s 90+ full time employees and anyone else who is interested.</p>\n<p>This collection of best practices and tools makes it easier for new employees to jump on board and be ready for efficient collaboration with others in the company. The in-depth guide covers everything from efficient database queries, data storage, namespacing, and security, to helpful tools for local development, dependency management, and version control.</p>\n<p>Although the page&#8217;s description emphasizes that the content is not geared to teach anyone to become an engineer, the best practices site is undoubtedly a valuable learning resource. If you&#8217;re new to WordPress development, the site will give you an idea of the kinds of tools that a top agency uses in order to work more efficiently.</p>\n<p>The team at 10up hopes that the <a href=\"http://10up.github.io/Engineering-Best-Practices/\" target=\"_blank\">best practices website</a> will also help to influence community members. The site states that company is willing to evolve the best practices through contributions and invites folks from the community to contribute to the site&#8217;s <a href=\"https://github.com/10up/Engineering-Best-Practices\" target=\"_blank\">repository on GitHub</a>.</p>\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 05 Nov 2014 23:39:06 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:13:\"Sarah Gooding\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:48;a:6:{s:4:\"data\";s:13:\"\n	\n	\n	\n	\n	\n	\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:2:{s:0:\"\";a:5:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:81:\"WPTavern: Joseph Herbrandson on The Most Common Attacks Facing Today’s Websites\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:28:\"http://wptavern.com/?p=33014\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:88:\"http://wptavern.com/joseph-herbrandson-on-the-most-common-attacks-facing-todays-websites\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:3386:\"<a href=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/CommonAttacksFeaturedImage.png\" rel=\"prettyphoto[33014]\"><img class=\"size-full wp-image-33016\" src=\"http://i2.wp.com/wptavern.com/wp-content/uploads/2014/11/CommonAttacksFeaturedImage.png?resize=639%2C200\" alt=\"common Attacks Featured Image\" /></a>photo credit: <a href=\"https://www.flickr.com/photos/defenceimages/10086117975/\">Defence Images</a> &#8211; <a href=\"http://creativecommons.org/licenses/by-nc/2.0/\">cc</a>\n<p>Joseph Herbrandson of <a title=\"https://sucuri.net/\" href=\"https://sucuri.net/\">Sucuri </a>published an <a title=\"http://blog.sucuri.net/2014/11/most-common-attacks-affecting-todays-websites.html\" href=\"http://blog.sucuri.net/2014/11/most-common-attacks-affecting-todays-websites.html\">excellent article</a> listing the most common attacks today&#8217;s websites are facing. Herbrandson does a good job of explaining the attacks without inundating the reader with technical jargon. He also links to WordPress items that are relevant to each type of attack.</p>\n<p>I&#8217;ve spoken to Herbrandson at a few different WordCamps and one question I&#8217;ve asked him is &#8220;what does this all mean to the average user?&#8221; He answers the question in his post:</p>\n<blockquote><p>All software, old and new, follows the same concepts that made computers work decades prior to now. The only difference today is the number of complex layers that have been added to make the process seem confusing.</p>\n<p>The only ones confused though, are the people for whom the complexity was implemented to protect in the first place: <strong>the users</strong>. The continuous pattern of cyber-assault on everything from banks to bakeries, and across the board from Target to Apple, is showing that this world requires users to break the expectation of confusion and understand how Internet instigators are really coming after us.</p></blockquote>\n<p>Herbrandson and others in the field have the difficult task of informing the public without scaring it. I&#8217;ve sat in sessions at WordCamps where he educates users on website security and most of the attendees realize they have to take website security seriously. There&#8217;s only been a few times where attendees have become scared, but it&#8217;s good to be scared.</p>\n<p>However, a poor reaction to being scared is to install several different security focused plugins thinking you&#8217;ll be protected from every threat. In most cases, this will end up doing more harm than good as plugins lock down potentially useful features such as XML-RPC. I&#8217;m all for securing websites, but I also believe in such a thing as <em>too much security</em>. Unfortunately, there&#8217;s no such thing as a silver bullet to protect against every threat without being an inconvenience in some way.</p>\n<p>Definitely <a title=\"http://blog.sucuri.net/2014/11/most-common-attacks-affecting-todays-websites.html\" href=\"http://blog.sucuri.net/2014/11/most-common-attacks-affecting-todays-websites.html\">check out his article</a> and consider the questions asked at the bottom of the post. If you&#8217;ve never seen Herbrandson present on WordPress security fundamentals, here is a recorded presentation from WordCamp Orange County 2014. 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This is the time when Matt Mullenweg addresses the community in his annual <a href=\"http://wordpress.tv/?s=state+of+the+word\">State of the Word</a> presentation – a recap of  the year in WordPress and giving us a glimpse into its future.</p>\n<p>This year the speaker lineup is stellar. There will be talks by three of the lead WordPress developers: <a href=\"http://2014.sf.wordcamp.org/speakers/#wcorg-speaker-andrew-nacin\">Andrew Nacin</a>, <a href=\"http://2014.sf.wordcamp.org/speakers/#wcorg-speaker-helen-hou-sandi\">Helen Hou-Sandí</a>, and <a href=\"http://2014.sf.wordcamp.org/speakers/#wcorg-speaker-mark-jaquith\">Mark Jaquith</a>. We’re also looking forward to speakers like <a href=\"http://2014.sf.wordcamp.org/speakers/#wcorg-speaker-jenny-lawson\">Jenny Lawson</a>, also known as The Bloggess, and <a href=\"http://2014.sf.wordcamp.org/speaker/chris-lema/\">Chris Lema</a>. If you’re at all interested in the web, you will appreciate the appearance of <a href=\"http://2014.sf.wordcamp.org/speakers/#wcorg-speaker-jeff-veen\">Jeff Veen</a> – one of the creators of Google Analytics and co-founder of Typekit.</p>\n<p>Even though San Francisco is far far away for most of you, you can still be part of the fun and watch all presentations in real-time via livestream:</p>\n<p><a href=\"http://2014.sf.wordcamp.org/tickets/\">Get a livestream ticket and watch all talks from WordCamp San Francisco live</a></p>\n<p>If you hurry, you can get one of the special livestream tickets, including a WordCamp San Francisco 2104 t-shirt. You can find all the technical details and start times <a href=\"http://2014.sf.wordcamp.org/live-stream/\">at the WordCamp San Francisco website</a>.</p>\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:36:\"http://wellformedweb.org/CommentAPI/\";a:1:{s:10:\"commentRss\";a:1:{i:0;a:5:{s:4:\"data\";s:56:\"https://wordpress.org/news/2014/10/wcsf-livestream/feed/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:38:\"http://purl.org/rss/1.0/modules/slash/\";a:1:{s:8:\"comments\";a:1:{i:0;a:5:{s:4:\"data\";s:1:\"0\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:3;a:6:{s:4:\"data\";s:42:\"\n		\n		\n		\n		\n		\n				\n\n		\n		\n				\n			\n		\n		\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:5:{s:0:\"\";a:7:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:25:\"WordPress 4.0 “Benny”\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:41:\"https://wordpress.org/news/2014/09/benny/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:8:\"comments\";a:1:{i:0;a:5:{s:4:\"data\";s:50:\"https://wordpress.org/news/2014/09/benny/#comments\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Thu, 04 Sep 2014 17:05:39 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:8:\"category\";a:1:{i:0;a:5:{s:4:\"data\";s:8:\"Releases\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:33:\"http://wordpress.org/news/?p=3296\";s:7:\"attribs\";a:1:{s:0:\"\";a:1:{s:11:\"isPermaLink\";s:5:\"false\";}}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:370:\"Version 4.0 of WordPress, named “Benny” in honor of jazz clarinetist and bandleader Benny Goodman, is available for download or update in your WordPress dashboard. While 4.0 is just another number for us after 3.9 and before 4.1, we feel we&#8217;ve put a little extra polish into it. This release brings you a smoother writing and management experience [&#8230;]\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:32:\"http://purl.org/dc/elements/1.1/\";a:1:{s:7:\"creator\";a:1:{i:0;a:5:{s:4:\"data\";s:14:\"Matt Mullenweg\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:40:\"http://purl.org/rss/1.0/modules/content/\";a:1:{s:7:\"encoded\";a:1:{i:0;a:5:{s:4:\"data\";s:23538:\"<p>Version 4.0 of WordPress, named “Benny” in honor of jazz clarinetist and bandleader <a href=\"http://en.wikipedia.org/wiki/Benny_Goodman\">Benny Goodman</a>, is available <a href=\"https://wordpress.org/download/\">for download</a> or update in your WordPress dashboard. While 4.0 is just another number for us after 3.9 and before 4.1, we feel we&#8217;ve put a little extra polish into it. This release brings you a smoother writing and management experience we think you&#8217;ll enjoy.</p>\n<div id=\"v-bUdzKMro-1\" class=\"video-player\"><embed id=\"v-bUdzKMro-1-video\" src=\"https://v0.wordpress.com/player.swf?v=1.03&amp;guid=bUdzKMro&amp;isDynamicSeeking=true\" type=\"application/x-shockwave-flash\" width=\"692\" height=\"388\" title=\"Introducing WordPress 4.0 &quot;Benny&quot;\" wmode=\"direct\" seamlesstabbing=\"true\" allowfullscreen=\"true\" allowscriptaccess=\"always\" overstretch=\"true\"></embed></div>\n<hr />\n<h2 style=\"text-align: center\">Manage your media with style</h2>\n<p><img class=\"alignnone size-full wp-image-3316\" src=\"https://wordpress.org/news/files/2014/09/media.jpg\" alt=\"Media Library\" width=\"1000\" height=\"586\" />Explore your uploads in a beautiful, endless grid. A new details preview makes viewing and editing any amount of media in sequence a snap.</p>\n<hr />\n<h2 style=\"text-align: center\">Working with embeds has never been easier</h2>\n<div style=\"width: 632px; \" class=\"wp-video\"><!--[if lt IE 9]><script>document.createElement(\'video\');</script><![endif]-->\n<video class=\"wp-video-shortcode\" id=\"video-3296-1\" width=\"632\" height=\"445\" autoplay=\"1\" preload=\"metadata\" controls=\"controls\"><source type=\"video/mp4\" src=\"//s.w.org/images/core/4.0/embed.mp4?_=1\" /><source type=\"video/webm\" src=\"//s.w.org/images/core/4.0/embed.webm?_=1\" /><source type=\"video/ogg\" src=\"//s.w.org/images/core/4.0/embed.ogv?_=1\" /><a href=\"//s.w.org/images/core/4.0/embed.mp4\">//s.w.org/images/core/4.0/embed.mp4</a></video></div>\n<p>Paste in a YouTube URL on a new line, and watch it magically become an embedded video. Now try it with a tweet. Oh yeah — embedding has become a visual experience. The editor shows a true preview of your embedded content, saving you time and giving you confidence.</p>\n<p>We’ve expanded the services supported by default, too — you can embed videos from CollegeHumor, playlists from YouTube, and talks from TED. <a href=\"https://codex.wordpress.org/Embeds\">Check out all of the embeds</a> that WordPress supports.</p>\n<hr />\n<h2 style=\"text-align: center\">Focus on your content</h2>\n<div style=\"width: 632px; \" class=\"wp-video\"><video class=\"wp-video-shortcode\" id=\"video-3296-2\" width=\"632\" height=\"356\" autoplay=\"1\" preload=\"metadata\" controls=\"controls\"><source type=\"video/mp4\" src=\"//s.w.org/images/core/4.0/focus.mp4?_=2\" /><source type=\"video/webm\" src=\"//s.w.org/images/core/4.0/focus.webm?_=2\" /><source type=\"video/ogg\" src=\"//s.w.org/images/core/4.0/focus.ogv?_=2\" /><a href=\"//s.w.org/images/core/4.0/focus.mp4\">//s.w.org/images/core/4.0/focus.mp4</a></video></div>\n<p>Writing and editing is smoother and more immersive with an editor that expands to fit your content as you write, and keeps the formatting tools available at all times.</p>\n<hr />\n<h2 style=\"text-align: center\">Finding the right plugin</h2>\n<p><img class=\"aligncenter size-large wp-image-3309\" src=\"https://wordpress.org/news/files/2014/09/add-plugin1-1024x600.png\" alt=\"Add plugins\" width=\"692\" height=\"405\" /></p>\n<p>There are more than 30,000 free and open source plugins in the WordPress plugin directory. WordPress 4.0 makes it easier to find the right one for your needs, with new metrics, improved search, and a more visual browsing experience.</p>\n<hr />\n<h2 style=\"text-align: center\">The Ensemble</h2>\n<p>This release was led by <a href=\"http://helenhousandi.com\">Helen Hou-Sandí</a>, with the help of these fine individuals. There are 275 contributors with props in this release, a new high. Pull up some Benny Goodman on your music service of choice, as a bandleader or in one of his turns as a classical clarinetist, and check out some of their profiles:</p>\n<p><a href=\"https://profiles.wordpress.org/aaroncampbell\">Aaron D. Campbell</a>, <a href=\"https://profiles.wordpress.org/jorbin\">Aaron Jorbin</a>, <a href=\"https://profiles.wordpress.org/adamsilverstein\">Adam Silverstein</a>, <a href=\"https://profiles.wordpress.org/viper007bond\">Alex Mills (Viper007Bond)</a>, <a href=\"https://profiles.wordpress.org/tellyworth\">Alex Shiels</a>, <a href=\"https://profiles.wordpress.org/alexanderrohmann\">Alexander Rohmann</a>, <a href=\"https://profiles.wordpress.org/aliso\">Alison Barrett</a>, <a href=\"https://profiles.wordpress.org/collinsinternet\">Allan Collins</a>, <a href=\"https://profiles.wordpress.org/amit\">Amit Gupta</a>, <a href=\"https://profiles.wordpress.org/sabreuse\">Amy Hendrix (sabreuse)</a>, <a href=\"https://profiles.wordpress.org/afercia\">Andrea Fercia</a>, <a href=\"https://profiles.wordpress.org/andrezrv\">Andres Villarreal</a>, <a href=\"https://profiles.wordpress.org/zamfeer\">Andrew Mowe</a>, <a href=\"https://profiles.wordpress.org/sumobi\">Andrew Munro (sumobi)</a>, <a href=\"https://profiles.wordpress.org/nacin\">Andrew Nacin</a>, <a href=\"https://profiles.wordpress.org/azaozz\">Andrew Ozz</a>, <a href=\"https://profiles.wordpress.org/andy\">Andy Skelton</a>, <a href=\"https://profiles.wordpress.org/ankit-k-gupta\">Ankit K Gupta</a>, <a href=\"https://profiles.wordpress.org/atimmer\">Anton Timmermans</a>, <a href=\"https://profiles.wordpress.org/arnee\">arnee</a>, <a href=\"https://profiles.wordpress.org/aubreypwd\">Aubrey Portwood</a>, <a href=\"https://profiles.wordpress.org/filosofo\">Austin Matzko</a>, <a href=\"https://profiles.wordpress.org/empireoflight\">Ben Dunkle</a>, <a href=\"https://profiles.wordpress.org/kau-boy\">Bernhard Kau</a>, <a href=\"https://profiles.wordpress.org/boonebgorges\">Boone Gorges</a>, <a href=\"https://profiles.wordpress.org/bradyvercher\">Brady Vercher</a>, <a href=\"https://profiles.wordpress.org/bramd\">Bram Duvigneau</a>, <a href=\"https://profiles.wordpress.org/kraftbj\">Brandon Kraft</a>, <a href=\"https://profiles.wordpress.org/brianlayman\">Brian Layman</a>, <a href=\"https://profiles.wordpress.org/rzen\">Brian Richards</a>, <a href=\"https://profiles.wordpress.org/camdensegal\">Camden Segal</a>, <a href=\"https://profiles.wordpress.org/sixhours\">Caroline Moore</a>, <a href=\"https://profiles.wordpress.org/mackensen\">Charles Fulton</a>, <a href=\"https://profiles.wordpress.org/chouby\">Chouby</a>, <a href=\"https://profiles.wordpress.org/chrico\">ChriCo</a>, <a href=\"https://profiles.wordpress.org/c3mdigital\">Chris Olbekson</a>, <a href=\"https://profiles.wordpress.org/chrisl27\">chrisl27</a>, <a href=\"https://profiles.wordpress.org/caxelsson\">Christian Axelsson</a>, <a href=\"https://profiles.wordpress.org/cfinke\">Christopher Finke</a>, <a href=\"https://profiles.wordpress.org/boda1982\">Christopher Spires</a>, <a href=\"https://profiles.wordpress.org/clifgriffin\">Clifton Griffin</a>, <a href=\"https://profiles.wordpress.org/jupiterwise\">Corey McKrill</a>, <a href=\"https://profiles.wordpress.org/corphi\">Corphi</a>, <a href=\"https://profiles.wordpress.org/extendwings\">Daisuke Takahashi</a>, <a href=\"https://profiles.wordpress.org/ghost1227\">Dan Griffiths</a>, <a href=\"https://profiles.wordpress.org/danielbachhuber\">Daniel Bachhuber</a>, <a href=\"https://profiles.wordpress.org/danielhuesken\">Daniel Husken</a>, <a href=\"https://profiles.wordpress.org/redsweater\">Daniel Jalkut (Red Sweater)</a>, <a href=\"https://profiles.wordpress.org/dannydehaan\">Danny de Haan</a>, <a href=\"https://profiles.wordpress.org/dkotter\">Darin Kotter</a>, <a href=\"https://profiles.wordpress.org/koop\">Daryl Koopersmith</a>, <a href=\"https://profiles.wordpress.org/dllh\">Daryl L. L. Houston (dllh)</a>, <a href=\"https://profiles.wordpress.org/davidakennedy\">David A. Kennedy</a>, <a href=\"https://profiles.wordpress.org/dlh\">David Herrera</a>, <a href=\"https://profiles.wordpress.org/dnaber-de\">David Naber</a>, <a href=\"https://profiles.wordpress.org/davidthemachine\">DavidTheMachine</a>, <a href=\"https://profiles.wordpress.org/debaat\">DeBAAT</a>, <a href=\"https://profiles.wordpress.org/dd32\">Dion Hulse</a>, <a href=\"https://profiles.wordpress.org/ocean90\">Dominik Schilling</a>, <a href=\"https://profiles.wordpress.org/donncha\">Donncha O Caoimh</a>, <a href=\"https://profiles.wordpress.org/drewapicture\">Drew Jaynes</a>, <a href=\"https://profiles.wordpress.org/dustyn\">Dustyn Doyle</a>, <a href=\"https://profiles.wordpress.org/eddiemoya\">Eddie Moya</a>, <a href=\"https://profiles.wordpress.org/oso96_2000\">Eduardo Reveles</a>, <a href=\"https://profiles.wordpress.org/edwin-at-studiojoyocom\">Edwin Siebel</a>, <a href=\"https://profiles.wordpress.org/ehg\">ehg</a>, <a href=\"https://profiles.wordpress.org/tmeister\">Enrique Chavez</a>, <a href=\"https://profiles.wordpress.org/erayalakese\">erayalakese</a>, <a href=\"https://profiles.wordpress.org/ericlewis\">Eric Andrew Lewis</a>, <a href=\"https://profiles.wordpress.org/ebinnion\">Eric Binnion</a>, <a href=\"https://profiles.wordpress.org/ericmann\">Eric Mann</a>, <a href=\"https://profiles.wordpress.org/ejdanderson\">Evan Anderson</a>, <a href=\"https://profiles.wordpress.org/eherman24\">Evan Herman</a>, <a href=\"https://profiles.wordpress.org/fab1en\">Fab1en</a>, <a href=\"https://profiles.wordpress.org/fahmiadib\">Fahmi Adib</a>, <a href=\"https://profiles.wordpress.org/feedmeastraycat\">feedmeastraycat</a>, <a href=\"https://profiles.wordpress.org/frank-klein\">Frank Klein</a>, <a href=\"https://profiles.wordpress.org/garhdez\">garhdez</a>, <a href=\"https://profiles.wordpress.org/garyc40\">Gary Cao</a>, <a href=\"https://profiles.wordpress.org/garyj\">Gary Jones</a>, <a href=\"https://profiles.wordpress.org/pento\">Gary Pendergast</a>, <a href=\"https://profiles.wordpress.org/garza\">garza</a>, <a href=\"https://profiles.wordpress.org/gauravmittal1995\">gauravmittal1995</a>, <a href=\"https://profiles.wordpress.org/gavra\">Gavrisimo</a>, <a href=\"https://profiles.wordpress.org/georgestephanis\">George Stephanis</a>, <a href=\"https://profiles.wordpress.org/grahamarmfield\">Graham Armfield</a>, <a href=\"https://profiles.wordpress.org/vancoder\">Grant Mangham</a>, <a href=\"https://profiles.wordpress.org/gcorne\">Gregory Cornelius</a>, <a href=\"https://profiles.wordpress.org/bordoni\">Gustavo Bordoni</a>, <a href=\"https://profiles.wordpress.org/harrym\">harrym</a>, <a href=\"https://profiles.wordpress.org/hebbet\">hebbet</a>, <a href=\"https://profiles.wordpress.org/hinnerk\">Hinnerk Altenburg</a>, <a href=\"https://profiles.wordpress.org/hlashbrooke\">Hugh Lashbrooke</a>, <a href=\"https://profiles.wordpress.org/iljoja\">iljoja</a>, <a href=\"https://profiles.wordpress.org/imath\">imath</a>, <a href=\"https://profiles.wordpress.org/ipstenu\">Ipstenu (Mika Epstein)</a>, <a href=\"https://profiles.wordpress.org/issuu\">issuu</a>, <a href=\"https://profiles.wordpress.org/jdgrimes\">J.D. Grimes</a>, <a href=\"https://profiles.wordpress.org/jacklenox\">Jack Lenox</a>, <a href=\"https://profiles.wordpress.org/jackreichert\">Jack Reichert</a>, <a href=\"https://profiles.wordpress.org/jacobdubail\">Jacob Dubail</a>, <a href=\"https://profiles.wordpress.org/janhenkg\">JanHenkG</a>, <a href=\"https://profiles.wordpress.org/avryl\">Janneke Van Dorpe</a>, <a href=\"https://profiles.wordpress.org/jwenerd\">Jared Wenerd</a>, <a href=\"https://profiles.wordpress.org/jaza613\">Jaza613</a>, <a href=\"https://profiles.wordpress.org/jeffstieler\">Jeff Stieler</a>, <a href=\"https://profiles.wordpress.org/jeremyfelt\">Jeremy Felt</a>, <a href=\"https://profiles.wordpress.org/jpry\">Jeremy Pry</a>, <a href=\"https://profiles.wordpress.org/slimndap\">Jeroen Schmit</a>, <a href=\"https://profiles.wordpress.org/jerrysarcastic\">Jerry Bates (jerrysarcastic)</a>, <a href=\"https://profiles.wordpress.org/jesin\">Jesin A</a>, <a href=\"https://profiles.wordpress.org/jayjdk\">Jesper Johansen (jayjdk)</a>, <a href=\"https://profiles.wordpress.org/engelen\">Jesper van Engelen</a>, <a href=\"https://profiles.wordpress.org/jesper800\">Jesper van Engelen</a>, <a href=\"https://profiles.wordpress.org/jessepollak\">Jesse Pollak</a>, <a href=\"https://profiles.wordpress.org/jgadbois\">jgadbois</a>, <a href=\"https://profiles.wordpress.org/jartes\">Joan Artes</a>, <a href=\"https://profiles.wordpress.org/joedolson\">Joe Dolson</a>, <a href=\"https://profiles.wordpress.org/joehoyle\">Joe Hoyle</a>, <a href=\"https://profiles.wordpress.org/jkudish\">Joey Kudish</a>, <a href=\"https://profiles.wordpress.org/johnbillion\">John Blackbourn</a>, <a href=\"https://profiles.wordpress.org/johnjamesjacoby\">John James Jacoby</a>, <a href=\"https://profiles.wordpress.org/johnzanussi\">John Zanussi</a>, <a href=\"https://profiles.wordpress.org/duck_\">Jon Cave</a>, <a href=\"https://profiles.wordpress.org/jonnyauk\">jonnyauk</a>, <a href=\"https://profiles.wordpress.org/joostdevalk\">Joost de Valk</a>, <a href=\"https://profiles.wordpress.org/softmodeling\">Jordi Cabot</a>, <a href=\"https://profiles.wordpress.org/jjeaton\">Josh Eaton</a>, <a href=\"https://profiles.wordpress.org/tai\">JOTAKI Taisuke</a>, <a href=\"https://profiles.wordpress.org/juliobox\">Julio Potier</a>, <a href=\"https://profiles.wordpress.org/justinsainton\">Justin Sainton</a>, <a href=\"https://profiles.wordpress.org/jtsternberg\">Justin Sternberg</a>, <a href=\"https://profiles.wordpress.org/greenshady\">Justin Tadlock</a>, <a href=\"https://profiles.wordpress.org/kadamwhite\">K.Adam White</a>, <a href=\"https://profiles.wordpress.org/trepmal\">Kailey (trepmal)</a>, <a href=\"https://profiles.wordpress.org/ixkaito\">Kaito</a>, <a href=\"https://profiles.wordpress.org/kapeels\">kapeels</a>, <a href=\"https://profiles.wordpress.org/ryelle\">Kelly Dwan</a>, <a href=\"https://profiles.wordpress.org/kevinlangleyjr\">Kevin Langley</a>, <a href=\"https://profiles.wordpress.org/kworthington\">Kevin Worthington</a>, <a href=\"https://profiles.wordpress.org/kpdesign\">Kim Parsell</a>, <a href=\"https://profiles.wordpress.org/kwight\">Kirk Wight</a>, <a href=\"https://profiles.wordpress.org/kitchin\">kitchin</a>, <a href=\"https://profiles.wordpress.org/knutsp\">Knut Sparhell</a>, <a href=\"https://profiles.wordpress.org/kovshenin\">Konstantin Kovshenin</a>, <a href=\"https://profiles.wordpress.org/obenland\">Konstantin Obenland</a>, <a href=\"https://profiles.wordpress.org/krogsgard\">krogsgard</a>, <a href=\"https://profiles.wordpress.org/kurtpayne\">Kurt Payne</a>, <a href=\"https://profiles.wordpress.org/lancewillett\">Lance Willett</a>, <a href=\"https://profiles.wordpress.org/leewillis77\">Lee Willis</a>, <a href=\"https://profiles.wordpress.org/lessbloat\">lessbloat</a>, <a href=\"https://profiles.wordpress.org/layotte\">Lew Ayotte</a>, <a href=\"https://profiles.wordpress.org/lritter\">lritter</a>, <a href=\"https://profiles.wordpress.org/lukecarbis\">Luke Carbis</a>, <a href=\"https://profiles.wordpress.org/lgedeon\">Luke Gedeon</a>, <a href=\"https://profiles.wordpress.org/m_i_n\">m_i_n</a>, <a href=\"https://profiles.wordpress.org/funkatronic\">Manny Fleurmond</a>, <a href=\"https://profiles.wordpress.org/targz-1\">Manuel Schmalstieg</a>, <a href=\"https://profiles.wordpress.org/clorith\">Marius (Clorith)</a>, <a href=\"https://profiles.wordpress.org/markjaquith\">Mark Jaquith</a>, <a href=\"https://profiles.wordpress.org/markoheijnen\">Marko Heijnen</a>, <a href=\"https://profiles.wordpress.org/mjbanks\">Matt Banks</a>, <a href=\"https://profiles.wordpress.org/sivel\">Matt Martz</a>, <a href=\"https://profiles.wordpress.org/matt\">Matt Mullenweg</a>, <a href=\"https://profiles.wordpress.org/mattwiebe\">Matt Wiebe</a>, <a href=\"https://profiles.wordpress.org/mboynes\">Matthew Boynes</a>, <a href=\"https://profiles.wordpress.org/mdbitz\">Matthew Denton</a>, <a href=\"https://profiles.wordpress.org/mattheweppelsheimer\">Matthew Eppelsheimer</a>, <a href=\"https://profiles.wordpress.org/mattheu\">Matthew Haines-Young</a>, <a href=\"https://profiles.wordpress.org/mattyrob\">mattyrob</a>, <a href=\"https://profiles.wordpress.org/meekyhwang\">meekyhwang</a>, <a href=\"https://profiles.wordpress.org/melchoyce\">Mel Choyce</a>, <a href=\"https://profiles.wordpress.org/mdawaffe\">Michael Adams (mdawaffe)</a>, <a href=\"https://profiles.wordpress.org/michalzuber\">michalzuber</a>, <a href=\"https://profiles.wordpress.org/midxcat\">midxcat</a>, <a href=\"https://profiles.wordpress.org/mauteri\">Mike Auteri</a>, <a href=\"https://profiles.wordpress.org/mikehansenme\">Mike Hansen</a>, <a href=\"https://profiles.wordpress.org/mikejolley\">Mike Jolley</a>, <a href=\"https://profiles.wordpress.org/mikelittle\">Mike Little</a>, <a href=\"https://profiles.wordpress.org/mikemanger\">Mike Manger</a>, <a href=\"https://profiles.wordpress.org/mnelson4\">Mike Nelson</a>, <a href=\"https://profiles.wordpress.org/dh-shredder\">Mike Schroder</a>, <a href=\"https://profiles.wordpress.org/mikeyarce\">Mikey Arce</a>, <a href=\"https://profiles.wordpress.org/dimadin\">Milan Dinic</a>, <a href=\"https://profiles.wordpress.org/morganestes\">Morgan Estes</a>, <a href=\"https://profiles.wordpress.org/usermrpapa\">Mr Papa</a>, <a href=\"https://profiles.wordpress.org/mrmist\">mrmist</a>, <a href=\"https://profiles.wordpress.org/m_uysl\">Mustafa Uysal</a>, <a href=\"https://profiles.wordpress.org/muvimotv\">MuViMoTV</a>, <a href=\"https://profiles.wordpress.org/nabil_kadimi\">nabil_kadimi</a>, <a href=\"https://profiles.wordpress.org/namibia\">Namibia</a>, <a href=\"https://profiles.wordpress.org/alex-ye\">Nashwan Doaqan</a>, <a href=\"https://profiles.wordpress.org/nd987\">nd987</a>, <a href=\"https://profiles.wordpress.org/neil_pie\">Neil Pie</a>, <a href=\"https://profiles.wordpress.org/niallkennedy\">Niall Kennedy</a>, <a href=\"https://profiles.wordpress.org/celloexpressions\">Nick Halsey</a>, <a href=\"https://profiles.wordpress.org/nbachiyski\">Nikolay Bachiyski</a>, <a href=\"https://profiles.wordpress.org/schoenwaldnils\">Nils Schonwald</a>, <a href=\"https://profiles.wordpress.org/ninos-ego\">Ninos</a>, <a href=\"https://profiles.wordpress.org/nvwd\">Nowell VanHoesen</a>, <a href=\"https://profiles.wordpress.org/compute\">Patrick Hesselberg</a>, <a href=\"https://profiles.wordpress.org/pbearne\">Paul Bearne</a>, <a href=\"https://profiles.wordpress.org/pdclark\">Paul Clark</a>, <a href=\"https://profiles.wordpress.org/paulschreiber\">Paul Schreiber</a>, <a href=\"https://profiles.wordpress.org/paulwilde\">Paul Wilde</a>, <a href=\"https://profiles.wordpress.org/pavelevap\">pavelevap</a>, <a href=\"https://profiles.wordpress.org/westi\">Peter Westwood</a>, <a href=\"https://profiles.wordpress.org/philiparthurmoore\">Philip Arthur Moore</a>, <a href=\"https://profiles.wordpress.org/philipjohn\">Philip John</a>, <a href=\"https://profiles.wordpress.org/senlin\">Piet Bos</a>, <a href=\"https://profiles.wordpress.org/psoluch\">Piotr Soluch</a>, <a href=\"https://profiles.wordpress.org/mordauk\">Pippin Williamson</a>, <a href=\"https://profiles.wordpress.org/purzlbaum\">purzlbaum</a>, <a href=\"https://profiles.wordpress.org/rachelbaker\">Rachel Baker</a>, <a href=\"https://profiles.wordpress.org/rclations\">RC Lations</a>, <a href=\"https://profiles.wordpress.org/iamfriendly\">Richard Tape</a>, <a href=\"https://profiles.wordpress.org/rickalee\">Ricky Lee Whittemore</a>, <a href=\"https://profiles.wordpress.org/rob1n\">rob1n</a>, <a href=\"https://profiles.wordpress.org/miqrogroove\">Robert Chapin</a>, <a href=\"https://profiles.wordpress.org/rdall\">Robert Dall</a>, <a href=\"https://profiles.wordpress.org/harmr\">RobertHarm</a>, <a href=\"https://profiles.wordpress.org/rohan013\">Rohan Rawat</a>, <a href=\"https://profiles.wordpress.org/rhurling\">Rouven Hurling</a>, <a href=\"https://profiles.wordpress.org/ruudjoyo\">Ruud Laan</a>, <a href=\"https://profiles.wordpress.org/ryan\">Ryan Boren</a>, <a href=\"https://profiles.wordpress.org/rmccue\">Ryan McCue</a>, <a href=\"https://profiles.wordpress.org/sammybeats\">Sam Brodie</a>, <a href=\"https://profiles.wordpress.org/otto42\">Samuel Wood (Otto)</a>, <a href=\"https://profiles.wordpress.org/sathishn\">Sathish Nagarajan</a>, <a href=\"https://profiles.wordpress.org/coffee2code\">Scott Reilly</a>, <a href=\"https://profiles.wordpress.org/wonderboymusic\">Scott Taylor</a>, <a href=\"https://profiles.wordpress.org/greglone\">ScreenfeedFr</a>, <a href=\"https://profiles.wordpress.org/scribu\">scribu</a>, <a href=\"https://profiles.wordpress.org/seanchayes\">Sean Hayes</a>, <a href=\"https://profiles.wordpress.org/nessworthy\">Sean Nessworthy</a>, <a href=\"https://profiles.wordpress.org/sergejmueller\">Sergej Muller</a>, <a href=\"https://profiles.wordpress.org/sergeybiryukov\">Sergey Biryukov</a>, <a href=\"https://profiles.wordpress.org/shanebp\">shanebp</a>, <a href=\"https://profiles.wordpress.org/sharonaustin\">Sharon Austin</a>, <a href=\"https://profiles.wordpress.org/shaunandrews\">Shaun Andrews</a>, <a href=\"https://profiles.wordpress.org/simonwheatley\">Simon Wheatley</a>, <a href=\"https://profiles.wordpress.org/simonp303\">simonp303</a>, <a href=\"https://profiles.wordpress.org/slobodanmanic\">Slobodan Manic</a>, <a href=\"https://profiles.wordpress.org/solarissmoke\">solarissmoke</a>, <a href=\"https://profiles.wordpress.org/sphoid\">sphoid</a>, <a href=\"https://profiles.wordpress.org/stephdau\">Stephane Daury</a>, <a href=\"https://profiles.wordpress.org/netweb\">Stephen Edgar</a>, <a href=\"https://profiles.wordpress.org/stompweb\">Steven Jones</a>, <a href=\"https://profiles.wordpress.org/strangerstudios\">strangerstudios</a>, <a href=\"https://profiles.wordpress.org/5um17\">Sumit Singh</a>, <a href=\"https://profiles.wordpress.org/t4k1s\">t4k1s</a>, <a href=\"https://profiles.wordpress.org/iamtakashi\">Takashi Irie</a>, <a href=\"https://profiles.wordpress.org/taylorde\">Taylor Dewey</a>, <a href=\"https://profiles.wordpress.org/thomasvanderbeek\">Thomas van der Beek</a>, <a href=\"https://profiles.wordpress.org/tillkruess\">Till</a>, <a href=\"https://profiles.wordpress.org/codenameeli\">Tim \'Eli\' Dalbey</a>, <a href=\"https://profiles.wordpress.org/tobiasbg\">TobiasBg</a>, <a href=\"https://profiles.wordpress.org/tjnowell\">Tom J Nowell</a>, <a href=\"https://profiles.wordpress.org/willmot\">Tom Willmot</a>, <a href=\"https://profiles.wordpress.org/topher1kenobe\">Topher</a>, <a href=\"https://profiles.wordpress.org/torresga\">torresga</a>, <a href=\"https://profiles.wordpress.org/liljimmi\">Tracy Levesque</a>, <a href=\"https://profiles.wordpress.org/wpsmith\">Travis Smith</a>, <a href=\"https://profiles.wordpress.org/treyhunner\">treyhunner</a>, <a href=\"https://profiles.wordpress.org/umeshsingla\">Umesh Kumar</a>, <a href=\"https://profiles.wordpress.org/vinod-dalvi\">Vinod Dalvi</a>, <a href=\"https://profiles.wordpress.org/vlajos\">vlajos</a>, <a href=\"https://profiles.wordpress.org/voldemortensen\">voldemortensen</a>, <a href=\"https://profiles.wordpress.org/westonruter\">Weston Ruter</a>, <a href=\"https://profiles.wordpress.org/winterdev\">winterDev</a>, <a href=\"https://profiles.wordpress.org/wojtekszkutnik\">Wojtek Szkutnik</a>, <a href=\"https://profiles.wordpress.org/yoavf\">Yoav Farhi</a>, <a href=\"https://profiles.wordpress.org/katzwebdesign\">Zack Katz</a>, <a href=\"https://profiles.wordpress.org/tollmanz\">Zack Tollman</a>, and <a href=\"https://profiles.wordpress.org/zoerooney\">Zoe Rooney</a>. Also thanks to <a href=\"http://michaelpick.wordpress.com/\">Michael Pick</a> for producing the release video, and Helen with <a href=\"http://adriansandi.com\">Adrián Sandí</a> for the music.</p>\n<p>If you want to follow along or help out, check out <a href=\"https://make.wordpress.org/\">Make WordPress</a> and our <a href=\"https://make.wordpress.org/core/\">core development blog</a>. Thanks for choosing WordPress. See you soon for version 4.1!</p>\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:36:\"http://wellformedweb.org/CommentAPI/\";a:1:{s:10:\"commentRss\";a:1:{i:0;a:5:{s:4:\"data\";s:46:\"https://wordpress.org/news/2014/09/benny/feed/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:38:\"http://purl.org/rss/1.0/modules/slash/\";a:1:{s:8:\"comments\";a:1:{i:0;a:5:{s:4:\"data\";s:1:\"0\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:4;a:6:{s:4:\"data\";s:45:\"\n		\n		\n		\n		\n		\n				\n		\n\n		\n		\n				\n			\n		\n		\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:5:{s:0:\"\";a:7:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"WordPress 4.0 Release Candidate\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:67:\"https://wordpress.org/news/2014/08/wordpress-4-0-release-candidate/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:8:\"comments\";a:1:{i:0;a:5:{s:4:\"data\";s:76:\"https://wordpress.org/news/2014/08/wordpress-4-0-release-candidate/#comments\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Wed, 27 Aug 2014 12:20:37 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:8:\"category\";a:2:{i:0;a:5:{s:4:\"data\";s:11:\"Development\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}i:1;a:5:{s:4:\"data\";s:8:\"Releases\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:33:\"http://wordpress.org/news/?p=3287\";s:7:\"attribs\";a:1:{s:0:\"\";a:1:{s:11:\"isPermaLink\";s:5:\"false\";}}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:321:\"The first release candidate for WordPress 4.0 is now available! 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Or you can <a href=\"https://wordpress.org/wordpress-4.0-RC1.zip\">download the release candidate here</a> (zip). If you’d like to learn more about what’s new in WordPress 4.0, visit the awesome About screen in your dashboard (<strong><img src=\"https://i0.wp.com/core.svn.wordpress.org/branches/3.6/wp-content/themes/twentyten/images/wordpress.png?w=692\" alt=\"\" width=\"16\" height=\"16\" /> → About</strong> in the toolbar).</p>\n<p><strong>Developers,</strong> please test your plugins and themes against WordPress 4.0 and update your plugin&#8217;s <em>Tested up to</em> version in the readme to 4.0 before next week. 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If you’re just joining us, please see <a href=\"https://wordpress.org/news/2014/07/wordpress-4-0-beta-1/\">the Beta 1 announcement post</a> for what to look out for.</p>\n<p><strong>If you think you’ve found a bug</strong>, you can post to the <a href=\"https://wordpress.org/support/forum/alphabeta\">Alpha/Beta area</a> in the support forums, where friendly moderators are standing by. <b>Plugin developers</b><strong>,</strong> if you haven’t tested WordPress 4.0 yet, now is the time — and be sure to update the “tested up to” version for your plugins so they’re listed as compatible with 4.0.</p>\n<p><strong>This software is still in development,</strong> so we don’t recommend you run it on a production site. Consider setting up a test site just to play with the new version. To test WordPress 4.0, try the <a href=\"https://wordpress.org/extend/plugins/wordpress-beta-tester/\">WordPress Beta Tester</a> plugin (you’ll want “bleeding edge nightlies”). 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It  was fixed by Michael Adams and Andrew Nacin of the WordPress security team and David Rothstein of the <a href=\"https://www.drupal.org/SA-CORE-2014-004\">Drupal security team</a>. This is the first time our two projects have coordinated joint security releases.</p>\n<p>WordPress 3.9.2 also contains other security changes:</p>\n<ul>\n<li>Fixes a possible but unlikely code execution when processing widgets (WordPress is not affected by default), discovered by <a href=\"http://www.buayacorp.com/\">Alex Concha</a> of the WordPress security team.</li>\n<li>Prevents information disclosure via XML entity attacks in the external GetID3 library, reported by <a href=\"http://onsec.ru/en/\">Ivan Novikov</a> of ONSec.</li>\n<li>Adds protections against brute attacks against CSRF tokens, reported by <a href=\"http://systemoverlord.com/\">David Tomaschik</a> of the Google Security Team.</li>\n<li>Contains some additional security hardening, like preventing cross-site scripting that could be triggered only by administrators.</li>\n</ul>\n<p>We appreciated responsible disclosure of these issues directly to our security team. For more information, see the <a href=\"https://codex.wordpress.org/Version_3.9.2\">release notes</a> or consult the <a href=\"https://core.trac.wordpress.org/log/branches/3.9?stop_rev=29383&amp;rev=29411\">list of changes</a>.</p>\n<p><a href=\"https://wordpress.org/download/\">Download WordPress 3.9.2</a> or venture over to <strong>Dashboard → Updates</strong> and simply click &#8220;Update Now&#8221;.</p>\n<p>Sites that support automatic background updates will be updated to WordPress 3.9.2 within 12 hours. (If you are still on WordPress 3.8.3 or 3.7.3, you will also be updated to 3.8.4 or 3.7.4. We don&#8217;t support older versions, so please update to 3.9.2 for the latest and greatest.)</p>\n<p>Already testing WordPress 4.0? The third beta is <a href=\"https://wordpress.org/wordpress-4.0-beta3.zip\">now available</a> (zip) and it contains these security fixes.</p>\n\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:36:\"http://wellformedweb.org/CommentAPI/\";a:1:{s:10:\"commentRss\";a:1:{i:0;a:5:{s:4:\"data\";s:56:\"https://wordpress.org/news/2014/08/wordpress-3-9-2/feed/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}s:38:\"http://purl.org/rss/1.0/modules/slash/\";a:1:{s:8:\"comments\";a:1:{i:0;a:5:{s:4:\"data\";s:1:\"0\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}}}}i:7;a:6:{s:4:\"data\";s:45:\"\n		\n		\n		\n		\n		\n				\n		\n\n		\n		\n				\n			\n		\n		\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";s:5:\"child\";a:5:{s:0:\"\";a:7:{s:5:\"title\";a:1:{i:0;a:5:{s:4:\"data\";s:20:\"WordPress 4.0 Beta 2\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"link\";a:1:{i:0;a:5:{s:4:\"data\";s:56:\"https://wordpress.org/news/2014/07/wordpress-4-0-beta-2/\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:8:\"comments\";a:1:{i:0;a:5:{s:4:\"data\";s:65:\"https://wordpress.org/news/2014/07/wordpress-4-0-beta-2/#comments\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:7:\"pubDate\";a:1:{i:0;a:5:{s:4:\"data\";s:31:\"Fri, 18 Jul 2014 21:15:35 +0000\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:8:\"category\";a:2:{i:0;a:5:{s:4:\"data\";s:11:\"Development\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}i:1;a:5:{s:4:\"data\";s:8:\"Releases\";s:7:\"attribs\";a:0:{}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:4:\"guid\";a:1:{i:0;a:5:{s:4:\"data\";s:33:\"http://wordpress.org/news/?p=3261\";s:7:\"attribs\";a:1:{s:0:\"\";a:1:{s:11:\"isPermaLink\";s:5:\"false\";}}s:8:\"xml_base\";s:0:\"\";s:17:\"xml_base_explicit\";b:0;s:8:\"xml_lang\";s:0:\"\";}}s:11:\"description\";a:1:{i:0;a:5:{s:4:\"data\";s:374:\"WordPress 4.0 Beta 2 is now available for download and testing. This is software still in development, so we don’t recommend that you run it on a production site. 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Or you can <a href=\"https://wordpress.org/wordpress-4.0-beta2.zip\">download the beta here</a> (zip).</p>\n<p>For more of what’s new in version 4.0, <a href=\"https://wordpress.org/news/2014/07/wordpress-4-0-beta-1/\">check out the Beta 1 blog post</a>. 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Browsers don&#8217;t like to agree on where to put things like cursors, so if you find a bug here, please also let us know your browser and operating system. (<a href=\"https://core.trac.wordpress.org/ticket/28328\">#28328</a>)</li>\n<li>We&#8217;ve made some improvements to how your keyboard and cursor interact with <strong>TinyMCE views</strong> such as the gallery preview. Much like the editor resizing and scrolling improvements, knowing about your setup is particularly important for bug reports here. (<a href=\"https://core.trac.wordpress.org/ticket/28595\">#28595</a>)</li>\n<li><strong>Widgets in the Customizer</strong> are now loaded in a separate panel. 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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-4','','','2012-08-21 20:01:05','2012-08-21 20:01:05','',2,'http://colebrookfinancial.com/wordpress/2-revision-4/',0,'revision','',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','','','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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 18:01:30','2014-10-01 18:01:30','',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: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','','publish','open','open','','contact-us','','','2012-09-10 19:40:52','2012-09-10 19:40:52','',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','','','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/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','','publish','open','open','','products-services','','','2014-10-01 18:57:29','2014-10-01 18:57:29','',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/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','','publish','open','open','','developers','','','2014-10-01 19:00:04','2014-10-01 19:00:04','',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/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','','publish','open','open','','financial-institutions','','','2014-10-01 19:03:59','2014-10-01 19:03:59','',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/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','','publish','open','open','','homeowners-associations','','','2014-10-01 19:07:25','2014-10-01 19:07:25','',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/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','','publish','open','open','','sample-transactions','','','2014-10-01 19:11:13','2014-10-01 19:11:13','',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),(174,1,'2012-09-27 14:02:01','2012-09-27 14:02:01','','> Newsletters','','publish','open','open','','174','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',0,'http://colebrookfinancial.com/wordpress/?p=174',12,'nav_menu_item','',0),(323,1,'2014-11-20 19:26:22','0000-00-00 00:00:00','','Auto Draft','','auto-draft','open','open','','','','','2014-11-20 19:26:22','0000-00-00 00:00:00','',0,'http://colebrookfinancial.com/?p=323',0,'post','',0),(172,1,'2012-09-27 14:01:34','2012-09-27 14:01:34','<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','','','2014-09-17 23:20:53','2014-09-17 23:20:53','',0,'http://colebrookfinancial.com/wordpress/?page_id=172',0,'page','',0),(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),(47,1,'2012-08-24 20:22:39','2012-08-24 20:22:39','','Auto Draft','','inherit','open','open','','46-revision','','','2012-08-24 20:22:39','2012-08-24 20:22:39','',46,'http://colebrookfinancial.com/wordpress/46-revision/',0,'revision','',0),(28,1,'2012-08-21 19:39:29','2012-08-21 19:39:29',' ','','','publish','open','open','','28','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',0,'http://colebrookfinancial.com/wordpress/?p=34',2,'nav_menu_item','',0),(46,1,'2012-08-24 20:22:50','2012-08-24 20:22:50','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','','publish','open','open','','newsroom','','','2012-10-15 15:51:01','2012-10-15 15:51:01','',0,'http://colebrookfinancial.com/wordpress/?page_id=46',0,'page','',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-2','','','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-3','','','2012-08-21 19:59:05','2012-08-21 19:59:05','',2,'http://colebrookfinancial.com/wordpress/2-revision-3/',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-10','','','2013-05-14 01:42:09','2013-05-14 01:42:09','',2,'http://colebrookfinancial.com/2-revision-10/',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-8','','','2012-10-15 15:50:01','2012-10-15 15:50:01','',2,'http://colebrookfinancial.com/2-revision-8/',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-5','','','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-6','','','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','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','','publish','open','open','','clients','','','2012-10-15 15:48:41','2012-10-15 15:48:41','',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','','','2012-08-24 20:21:24','2012-08-24 20:21:24','',43,'http://colebrookfinancial.com/wordpress/43-revision/',0,'revision','',0),(114,1,'2012-09-06 17:06:06','2012-09-06 17:06:06','[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','','publish','open','open','','press-releases','','','2014-10-01 20:03:52','2014-10-01 20:03:52','',0,'http://colebrookfinancial.com/wordpress/?page_id=114',0,'page','',0),(50,1,'2012-08-21 19:36:10','2012-08-21 19:36:10','','Contact Us','','inherit','open','open','','10-revision-2','','','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-3','','','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-4','','','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-5','','','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-6','','','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-7','','','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-8','','','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-9','','','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,'2012-09-10 19:40:14','2012-09-10 19:40:14','<div style=\"width:300px; float:right;\">\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>\n<hr>\n<strong>100 Riverview Center - Suite 203\nMiddletown, CT 06457\nPhone: 860-344-9396\nFax: 860-344-9638</strong>\n<hr>\n[expand title=\"From Hartford, Bradley Airport and Points North\"]\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.\n[/expand]\n[expand title=\"From New Haven and Points South\"]\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.\n[/expand]\n[expand title=\"From Willimantic and Points East\"]\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.\n\n<strong>From New London and Points Southeast</strong>\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.\n</div>\n<div style=\"width:280px;\">\n[contact-form-7 id=\"5\" title=\"Contact form 1\"]\n<br>\n<p style=\"text-align:center; font-size:16px;\"><strong>Direct Contact</strong>\n<a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\n<a href=\"mailto:jbishop@colebrookfinancial.com\">James Bishop</a>\n<a href=\"mailto:fdauch@colebrookfinancial.com\">Fred Dauch</a>\n<a href=\"mailto:mraunikar@colebrookfinancial.com\">Mark Raunikar</a>\n<a href=\"mailto:hheller@colebrookfinancial.com\">Harry Heller</a></p>\n</div>','Contact Us','','inherit','open','open','','10-autosave','','','2012-09-10 19:40:14','2012-09-10 19:40:14','',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-10','','','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-11','','','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-12','','','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-13','','','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-14','','','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-15','','','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-16','','','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-17','','','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-18','','','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-19','','','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-20','','','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-21','','','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),(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),(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,'2014-10-01 18:56:31','2014-10-01 18:56:31','<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-autosave-v1','','','2014-10-01 18:56:31','2014-10-01 18:56:31','',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,'2014-10-01 19:06:44','2014-10-01 19:06:44','<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-autosave-v1','','','2014-10-01 19:06:44','2014-10-01 19:06:44','',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),(106,1,'2014-10-01 19:10:57','2014-10-01 19:10:57','<img src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/sample_trans.jpg\" style=\"width:100%; padding-bottom:20px;\" />\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.\n<hr>\n<strong>Hypothecation Loans to a Large Regional Developer</strong>\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. \n<hr>\n<strong>Loan Purchase Facility to a Western US Developer</strong>\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.     \n<hr>\n<strong>Hypothecation Loan to a Large Private Developer</strong>\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.    \n<hr>\n<strong>Hypothecation Loans to a West Coast Vacation Club</strong>\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','','','2014-10-01 19:10:57','2014-10-01 19:10:57','',20,'http://colebrookfinancial.com/wordpress/20-autosave/',0,'revision','',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),(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),(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),(111,1,'2012-08-24 20:21:31','2012-08-24 20:21:31','','Clients','','inherit','open','open','','43-revision-2','','','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-2','','','2012-08-24 20:22:50','2012-08-24 20:22:50','',46,'http://colebrookfinancial.com/wordpress/46-revision-2/',0,'revision','',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 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','','publish','open','open','','articles','','','2014-09-27 17:48:06','2014-09-27 17:48:06','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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-3','','','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-3','','','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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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','','','2014-10-01 20:51:55','2014-10-01 20:51:55','',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,'2014-09-27 17:46:24','2014-09-27 17:46:24','<img style=\"width: 100%;\" src=\"http://colebrookfinancial.com/wp-content/uploads/2012/09/articles.jpg\" alt=\"\" />\n\n<hr />\n\n<a href=\"http://www.nxtbook.com/ygsreprints/ARDA/g44047_arda_sept2014/#/64\" target=\"blank\">\nDevelopments Magazine - Cold Cash for a Hot New Look (September 2014)</a>\n\n<a href=\"http://perspectivemagazine.co/mags/pmna-janfeb2014/files/60.html\" target=\"blank\">\nPerspectives Magazine - Truth In Lending: One Company\'s Commitment To Educating Lenders (January / February 2014)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct13.pdf\" target=\"blank\">\nDevelopments Magazine - Top Industry Leaders: Up Close &amp; Personal (October 2013)</a>\n\n<a href=\"http://colebrookfinancial.com/wp-content/uploads/2014/01/developments_Oct12.pdf\" target=\"blank\">\nDevelopments Magazine - Top Industry Leaders: Fee-for-Service: A Lenders’ Darling (October 2012)</a>\n\n&nbsp;\n\n[expand title=\"ARDA Fall Conference: Resort Industry on the Path to Renewal (December 2009)\"]\n\nThe following appeared in the December 2009 issue of The Resort Trades:\n<h2>ARDA Fall Conference: Resort Industry on the Path to Renewal</h2>\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.”\n\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.\n\nMr. Nusbaum stated that the ARDA Annual Convention Think Tank and its Trustee Retreat had identified five major topics for the industry’s focus:\n<ul>\n	<li>Access to capital</li>\n	<li>Social networking incorporated in the technology initiatives in sales &amp; marketing</li>\n	<li>Resales (see VacationBetter.org, under “Why Timeshare”)</li>\n	<li>New business models</li>\n	<li>Nurturing the existing owner, exchanger &amp; renter</li>\n</ul>\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\nlegislative and regulatory developments.\n\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.\n\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.\n\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.\n\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!”\n\n<strong>Leaders Discuss Lessons Learned from the Money Chase</strong>\n\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.\n\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.\n\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.\n\nThe geographically diverse group who discussed the new lending environment included:\n\nJon Fredericks, President, Welk Resorts, San Marcos, CA\nRip Gellein, Chairman Emeritus, Starwood Vacation Ownership, Orlando\nDon Harrill, President &amp; CEO, Holiday Inn Club Vacations, Orlando\nBill Ryczek, Principal. Colebrook Financial Co., LLC, Middletown, CT\nBruce Thompson, CEO, Gold Key Resorts, Virginia Beach, VA\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.\n\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.”\n\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.”\n\n<strong>Need for Lenders to Understand the Industry – and Your Business</strong>\n\nMalcolm Forbes, the legendary founder and publisher of Forbes magazine, had as a motto in every issue, “With all thy getting, get thee understanding.”\n\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.”\n\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.”\n\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.\n\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.”\n\n<strong>Promises vs. Realities</strong>\n\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?\n\nJon Fredericks confirmed, “Loan underwriting is much more thorough than it’s ever been. Even the HOAs (home owner associations) are reviewed.”\n\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.”\n\nEven though he noted a spike in delinquency in December 2007, the situation has improved: 93% of all timeshare paper is now current.\n\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.”\n\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.”\n\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.”\n\n<strong>More Security in Securitization</strong>\n\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.\n\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.\n\n“Patience is important,” he said, “in watching the securitization process. The markets have convinced themselves that we’re okay.”\n\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.”\n\nBill Ryczek agreed that some industry members have found the government processes too cumbersome.\n\n<strong>Changing Terms</strong>\n\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.”\n\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.”\n\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.\n\n<strong>Find – and Maintain Contact - with Banks’ Decision-Makers</strong>\n\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.\n\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.”\n\nNow, he says, “Money is out there. But you have to engage, educate and sell your concept to these bankers.”\n\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.”\n\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.”\n\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.”\n\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.”\n\n<strong>Ramifications of Negative American Economic Trends</strong>\n\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.”\n\nRip Gellein said, “Lots of commercial property will be under water in some markets.”\n\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.”\n\n<strong>Opportunities in the Present Economic Environment</strong>\n\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.\n\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.”\n\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.”\n\nDon Harrell added, “Lenders now understand that the company behind the marketing is very important. We now have a good quality dialogue with them.”\n\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.”\n\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.”\n\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.\n\n<strong>Legislatively Speaking</strong>\n\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.\n\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.\n\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.\n\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.\n\n<strong>Congressional Representation</strong>\n\nAs it does annually, ARDA also invited an insider, this time a Member of Congress, to address attendees at the Legislative Luncheon.\n\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.\n\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.\n\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.\n\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.\n\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.”\n\n<strong>Immigration Reform, Card Check</strong>\n\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.\n\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.\n\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.\n\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.\n\n<strong>Another Perspective on the Economy &amp; Legislation</strong>\n\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.\n\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.”\n\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.”\n\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.”\n\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.\n\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.”\n\n<strong>TARP</strong>\n\nHe labeled this initiative “moderately successful, like many government programs. Some parts worked well, others did not.”\n\nHe said the additional capital, sometimes as little as $100,000, and government guarantees, were its most effective parts.\n\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.”\n\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.”\n\n<strong>Recent Elections</strong>\n\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%.\n\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.\n\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.\n\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.”\n\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.”\n\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.\n[/expand]\n\n&nbsp;\n\n[expand title=\"An Active Plan to Increase the Odds of Your Success (July 2008)\"]\n\nThe following appeared in the July, 2008 issue of Developments, The Voice of the Vacation Ownership Industry:\n<h2>An Active Plan to Increase the Odds of Your Success</h2>\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.\n\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.\n\n<strong>Action Tip List</strong>\n\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.\n\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.\n\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.\n\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.\n\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.\n\n<strong>The Big Picture</strong>\n\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.\n\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.\n\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.\n\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.\n\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>.\n[/expand]\n\n&nbsp;\n\n[expand title=\"Timeshare Owners Associations: A Guide to Borrowing Money (March 2007)\"]\n\nThe following appeared in the March, 2007 issue of Developments, The Voice of the Vacation Ownership Industry:\n<h2>Timeshare Owners Associations: A Guide to Borrowing Money</h2>\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.\n\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.\n\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.\n\n<strong>Assessments</strong>\n\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.\n\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.\n\n<strong>Loans</strong>\n\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.\n\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.\n\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).\n\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.\n\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.\n\n<strong>To Borrow or Not to Borrow?</strong>\n\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.\n\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:\n\n<a href=\"mailto:funk@gcglaw.com\">John Funk</a> | <a href=\"mailto:bryczek@colebrookfinancial.com\">Bill Ryczek</a>\nReprinted with permission from ARDA, 2007.[/expand]','Articles','','inherit','open','open','','118-autosave-v1','','','2014-09-27 17:46:24','2014-09-27 17:46:24','',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),(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),(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),(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),(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),(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-6','','','2012-09-14 13:57:49','2012-09-14 13:57:49','',43,'http://colebrookfinancial.com/43-revision-6/',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),(324,1,'2014-11-20 19:55:06','2014-11-20 19:55:06','<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>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-autosave-v1','','','2014-11-20 19:55:06','2014-11-20 19:55:06','',2,'http://colebrookfinancial.com/2-autosave-v1/',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-22','','','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),(162,1,'2012-09-06 17:13:01','2012-09-06 17:13:01','','Clients','','inherit','open','open','','43-revision-4','','','2012-09-06 17:13:01','2012-09-06 17:13:01','',43,'http://colebrookfinancial.com/wordpress/43-revision-4/',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),(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),(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),(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-4','','','2012-09-06 17:13:02','2012-09-06 17:13:02','',46,'http://colebrookfinancial.com/wordpress/46-revision-4/',0,'revision','',0),(168,1,'2012-09-14 13:57:13','2012-09-14 13:57:13','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>, developers and homeowners’ associations.','Clients','','inherit','open','open','','43-autosave','','','2012-09-14 13:57:13','2012-09-14 13:57:13','',43,'http://colebrookfinancial.com/wordpress/43-autosave/',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-5','','','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-5','','','2012-09-14 13:51:58','2012-09-14 13:51:58','',46,'http://colebrookfinancial.com/wordpress/46-revision-5/',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),(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),(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),(181,1,'2012-10-04 13:45:07','2012-10-04 13:45:07','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.\n\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.\n\n[expand title=\"How to Leave the Table Happy - Keys to a Smoother Loan Closing (July 2012)\"]\n\nBy Bill Ryczek, Colebrook Financial Company\n\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.\n\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.\n\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. \n\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. \n\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:\n<ul>\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>\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>\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> \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>\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>\n</ul>\nThere are a number of key considerations for the lender as well:\n<ul> \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>\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>\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>    \n</ul>\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.\n\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.\n[/expand]&nbsp;\n\n[expand title=\"Lenders and Investment Groups Learn About Timeshare Finance (July 2012)\"]\n\n<strong>Industry leaders speak at Colebrook Financial’s Lender Education Conference.<strong>\n\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.\n \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.\n\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.\n*Nusbaum and Ryczek are registered resort professionals with the American Resort Development Association (ARDA), Washington, DC.\n\n<strong>About Colebrook Financial Company</strong> \n\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. \n\nMedia Contact \nfor Colebrook Financial Company: \nSharon Drechsler-Scott, RRP \nSharonINK PR & Marketing \n310-923-1269\n[/expand]\n\n[expand title=\"Colebrook Hosts Lenders’ Timeshare Finance Education Event (June 2012)\"]\nColebrook Financial Company holding seminar to introduce timeshare resort receivables financing information to banking professionals\nMiddletown, CT – May 2012; 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.\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.\nAny lender, attorney or accountant who is interested in attending should contact Bill at bryczek@colebrookfinancial.com for details.\n','Newsroom','','inherit','open','open','','46-autosave','','','2012-10-04 13:45:07','2012-10-04 13:45:07','',46,'http://colebrookfinancial.com/wordpress/46-autosave/',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);
INSERT INTO `wp_posts` VALUES (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),(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-6','','','2012-09-14 14:01:01','2012-09-14 14:01:01','',46,'http://colebrookfinancial.com/wordpress/46-revision-6/',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),(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-7','','','2012-10-04 13:45:55','2012-10-04 13:45:55','',46,'http://colebrookfinancial.com/wordpress/46-revision-7/',0,'revision','',0),(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),(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-8','','','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-9','','','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-10','','','2012-10-04 13:49:01','2012-10-04 13:49:01','',46,'http://colebrookfinancial.com/wordpress/46-revision-10/',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),(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),(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),(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),(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),(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-7','','','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-11','','','2012-10-10 19:44:03','2012-10-10 19:44:03','',46,'http://colebrookfinancial.com/46-revision-11/',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),(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-9','','','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),(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),(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),(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),(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','','inherit','open','open','','ryczek_b_02','','','2013-07-14 20:40:06','2013-07-14 20:40:06','',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),(291,1,'2014-10-01 18:01:13','2014-10-01 18:01:13','<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','','','2014-10-01 18:01:13','2014-10-01 18:01:13','',8,'http://colebrookfinancial.com/8-autosave-v1/',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),(281,1,'2014-09-17 23:20:25','2014-09-17 23:20:25','<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','open','open','','172-autosave-v1','','','2014-09-17 23:20:25','2014-09-17 23:20:25','',172,'http://colebrookfinancial.com/172-autosave-v1/',0,'revision','',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),(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),(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),(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),(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),(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),(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),(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),(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),(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),(309,1,'2014-10-01 20:03:46','2014-10-01 20:03:46','[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=\"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-autosave-v1','','','2014-10-01 20:03:46','2014-10-01 20:03:46','',114,'http://colebrookfinancial.com/114-autosave-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),(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),(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),(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),(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,'2014-10-01 18:59:18','2014-10-01 18:59:18','<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-autosave-v1','','','2014-10-01 18:59:18','2014-10-01 18:59:18','',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),(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),(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),(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),(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','','','2014-10-01 19:23:10','2014-10-01 19:23:10','',114,'http://colebrookfinancial.com/wp-content/uploads/2014/10/festiva.jpg',0,'attachment','image/jpeg',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),(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),(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);
INSERT INTO `wp_posts` VALUES (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),(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);
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