Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, is pleased to announce the bank has closed a $20 million receivables loan with Silver Lake Resort, a timeshare development company located in Orlando, Florida.

“Liberty Bank and Wellington Financial’s experience, thorough knowledge of the timeshare industry and their comprehension of our financial needs as developers came as a big relief. With respect to the current constraints within the financial marketplace, it was a pleasure to work with a group of professionals who possess a desire to construct an agreement that would bring success to all parties involved,” said Silver Lake Resort’s CEO/General Partner, Deborah Moore.

“We were very impressed by Silver Lake’s strong management team and excellent product,” rejoined Liberty Bank Vice President, Relationship Manager David Brede.”I’ve known Deborah and her management team for many years, having worked with them while I was employed with another lender, thereby contributing to our confidence. The resort is ideally located within two miles of Walt Disney World Resort’s main entrance, so owners can reach the park within a few minutes after leaving their front door. The 35-acre campus provides plenty of amenities for those who wish to enjoy an excellent vacation experience away from the hustle and bustle of Disney or any of the other nearby amusement parks.”

“Deborah and her team run a first-class timeshare operation,” added Wellington Financial Senior Vice President Shawn Brydge. “Silver Lake’s master plan takes advantageous of the resort’s spacious grounds and the project design provides guests with terrific amenities and plenty of personal space, a combination not seen at many developments.”

“I’m happy to say the loan closed within a very brief time period from beginning to end,” said Moore. “The entire transaction was extremely smooth and all parties worked diligently to close the loan in a timely manner.”

“Tourism in the Orlando marketplace is down, however sales at Silver Lake Resort remain strong. Visitation to the resort by owners and RCI guests remains consistent with prior years and our occupancy levels are exceeding that of area hotels. We feel this is primarily due to the fact that owners of timeshare intervals will travel before non-owners, since they have already paid for their vacations.”

Silver Lake Resort’s next building will begin in late 2010 and will consist of 48 three-bedroom lockout units, as consumer demands have indicated these units provide a more desirable vacation experience with extended-family vacation patterns. The lockout units will also strengthen the resort’s exchange possibilities and increase its standing with RCI.