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Residential Funding Enters Resort Finance Niche

MINNEAPOLIS-The GMAC-RFC Resort Finance unit will provide a variety of financing to resort developers across the US. Parent company Residential Funding Corp. sees tremendous growth opportunities.

By Jim McCartney | Updated on March 20, 2002

MINNEAPOLIS-Residential Funding Corp. says its business capital group is entering the resort finance business, offering loans secured by real estate or timeshares to resort developers. The new unit of the Minneapolis-based company will operate under the brand name GMAC-RFC Resort Finance and will provide capital solutions to resort developers across the country, including acquisition, development and construction financing, as well as revolving receivables lines of credit secured by timeshare loans.

Through its expertise in the resort finance market and access to unregulated capital, thecompany offers a wide variety of capital solutions designed for builders and developers.

“Our research shows that resort finance partnerships are usually few in number but have tremendous opportunities for growth,” says Greg Schultz, president of GMAC-RFC’s Business Capital Group.

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