The Boca Raton-based developer and marketer of timeshare resorts, golf communities and residential land has profited over the past several years from this form of securitization, according to the company's most recent annual shareholder's report. Over the past three years, the company gained about $9.1 million on the sale of timeshare notes receivables through such purchase facilities.

"We believe that entering into this relationship with an institution of (Credit Suisse's) size and industry stature illustrates their belief in our business model and prospects, as well as the quality of Bluegreen's receivables," George Donovan, the company's president and chief Executive officer, says in a prepared statement. "Above that, it will simplify our capital structure, reduce our loan-loss exposure and improve our cash flow, while facilitating our industry expansion efforts."

The deal calls for Bluegreen to transfer any timeshare receivables to a special-purpose subsidiary. Over a set 364-day sales period, the subsidiary would sell the receivables to an owner's trust without recourse to the subsidiary or Bluegreen. The company expects the first sale to occur during the second quarter ending Sept. 30.