Middletown, CT – September 21, 2021 – Colebrook Financial Company, a leading lender to the timeshare and vacation club industries, closed a $12 million hypothecation loan for InnSeason Resorts, a brand that focuses on the true “Northeast Experience.”
InnSeason has 50,000 members and six quality resorts in highly sought-after locations under their brand umbrella. This fall, their award-winning Riverwalk Resort will begin Phase II. The east coast company also acquires inventory in key vacation destinations to meet member travel demands.
Dennis Ducharme, President and COO, and his partner Billy Curran, CEO, came together to form the InnSeason brand in the early 2000s. Both had been developing properties for at least two decades prior to creating the InnSeason brand. According to Billy Curran, the company is distinctive in that 99% of their members come from the region.
Ducharme shared the reasoning behind working with Colebrook:
“Everyone is excited about working with Colebrook. In the timeshare business, relationships are extremely important. Over the years we’ve come to know the principals, even when we were working with another lender. As a midsize regional developer our portfolio could easily be lost with a large institution. With Colebrook we are assured to receive hands on service, good guidance and the attention we deserve.”
Shaun O’Neill, President of Concord Servicing, which handles portfolio management for InnSeason, says that Colebrook is unparalleled in providing lending to the timeshare industry. “InnSeason will be in expert hands working with them.”
Mark Raunikar, Principal at Colebrook, is proud of the relationships Colebrook maintains with developers, financial service providers and bankers to ensure smooth transactions, even in non-traditional settings. He said:
“Whether it’s a points-based club, a vacation club or fixed weeks residing in trust, we are known for our innovative approach, structuring deals which make sense for everyone. We are particularly looking forward to working with InnSeason as we know this region and regard them highly. Our relationship with Concord dates to its formation in 1988 and it has consistently provided excellent portfolio servicing and custodial services for Colebrook. The experience and professionalism of the InnSeason and Concord teams were instrumental in closing this transaction that incorporated multiple resorts and vacation products.”
