Resort Finance America, LLC (RFA) was created to hold the $1 billion portfolio of timeshare related loans acquired from GMAC Commercial Finance by Centerbridge Capital Partners L.P. in September 2010. RFA is owned by Centerbridge and RFAs management and will seek to maximize the value of its portfolio and continue to lend selectively to existing borrowers through a wholly owned subsidiary, Vacation Finance America (VFA).
RFA is focused on growing its presence in the shared-ownership industry through two main strategic objectives first, to expand VFA into a distinct specialty finance company to provide developer hypothecation to support consumer purchase financing, and, as necessary, acquisition, development, and construction financing facilities to support investments by RFA and its affiliates; and second, to acquire new timeshare loan portfolios (receivables and AD&C) that meet the acquisition criteria of RFAs board and management. Related to this objective is the goal to provide a solution to those select developers interested in the “asset light” model of expanding their business through capital efficient financing structures. In furtherance of this objective, RFA and its affiliates are able to acquire, own, develop, and/or convert select shared-ownership assets (or non shared-ownership assets suitable to conversion to shared-ownership) and to provide the necessary receivables and AD&C financing to support such assets. To facilitate implementation of this strategy, RFA is developing operating partnerships with highly qualified operating partners on a fee-for-service or joint venture basis to provide marketing and sales service, on-site operations management, and HOA management.