Capital One Closes $35 Million Facility for Silverleaf Resorts
Capital One Bank announced it closed a five-year, $35 million revolving senior warehouse facility for Silverleaf Resorts, Inc., an independent timeshare operator. The facility will be used to finance notes receivable from the sale of vacation ownership interests at properties that are owned and managed by Silverleaf Resorts.
“We’re thrilled to partner with Silverleaf Resorts, particularly given the company’s 20-year track record of success in the vacation ownership market and its strong institutional sponsorship,” said Michael Szwajkowski, executive vice president, Commercial and Specialty Finance, Capital One Bank. “Capital One Bank’s Vacation Ownership team is committing to leveraging our strong balance sheet to fund the growth of leading companies in the timeshare market, like Silverleaf Resorts.”
Based in Dallas, Silverleaf Resorts was founded in 1989 and currently operates 13 resorts in Texas, Missouri, Massachusetts, Illinois, Georgia and Florida. Today, Silverleaf Resorts has more than 3,000 employees and an owner base of more than 115,000 members. Silverleaf Resorts’ facilities are designed to attract consumers seeking vacation properties near their primary residences or in popular tourist destinations across the U.S.
“We have been impressed by the Capital One Bank team’s deep expertise and commitment to the U.S. timeshare market,” said Thomas J. Morris, CEO, Silverleaf Resorts, Inc. “The team’s support has helped us address short and long-term growth needs, and we look forward to expanding on this partnership as our business expands.”
Capital One Bank’s Vacation Ownership team provides receivables, inventory and working capital loan facilities to timeshare operators across the U.S. and the Caribbean. This team is part of the Bank’s Commercial and Specialty Finance Business, which serves clients through a team of more than 200 associates that have expertise in healthcare, security and defense, technology, asset-based lending, rediscount finance, as well as equipment leasing and finance.