Detroit, MI (PRWeb) January 3, 2007 -- An innovative new approach to timeshare finance is to be test-marketed with select developers in the US and Caribbean beginning January 12.
Vacation Finance, America's First Second-Home Lender, has created a unique loan solution for small to mid-size timeshare developers who currently portfolio as little as $250,000 in timeshare receivables.
The improved interest rate options will allow developers to fund in smaller increments and with less overhead costs. Risk-based criteria has been created to improve pricing in multiple ways.
Seasoning has long been a basis for underwriting the quality of timeshare receivables, Vacation Finance has enhanced the yield for developers who do not wish to season their portfolio for more than 90 days before selling the loans.
Credit score is another standard that has become inseparatable to loan quantiative methods. Vacation Finance will still implement credit scoring guidelines, but will use alternative credit methods that allow more borrowers to obtain financing when credit worthiness can be established. Blending methods will open opportunities for many vacationers.
Vacation Finance's new program also allows for cross-collateralization of other real estate assets to improve financing rates, payments and options.
"Our new criteria and methods, we believe, is a big step forward for the timeshare finance marketplace, our background in consumer home loans, condo hotel and fractional financing brings a fresh perspective to this dynamic industry," said Bob Waun, CEO of Vacation Finance.
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