Back To News/PR Index | | Colebrook and Amber Group, Inc. Announce HOA Financing | Colebrook Financial Company provides refurbishment loan for two Amber Vacation Club projects in the Orlando area. | “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.” “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.” Gray
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.”
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