Travel Resorts of America (www.travelresorts.com), based in Southern Pines, NC, announced the closing of a $20M Asset Backed Loan (ABL) facility through Liberty Bank. The company will use the proceeds of the loan facility to finance its growing membership receivable financing portfolio used to finance the memberships purchased by new members to Travel Resorts of America.
Travel Resorts of America was founded in 1986 and began with Sycamore Lodge Resort in Jackson Springs, North Carolina. Since then, TRA has acquired Thousand Palms in Florida, North Shore Landing in Georgia, Gettysburg Battlefield Resort in Pennsylvania, Bass Lake in New York, Wally World, and Rocky Fork Ranch in Ohio. The Company has also recently added on to their growing family with their Midwest resorts. In December 2021, TRA purchased 4 more amazing resorts including Ham Lake, Hidden Bluffs, St. Croix in Minnesota, and Rushmore Shadows in South Dakota.
TRA is pleased to have over 20,000 memberships across the East and Midwest and 1,200+ sites in addition to over 500 cabins.
Specific terms of the new financing facility were not disclosed.
Scale Finance Managing Director Gerhard Renner, who also serves as Travel Resorts Chief Strategy Officer, advised Travel Resorts on this strategic growth transaction from beginning to end. Terms of the transaction were not disclosed.
About Scale Finance
Scale Finance LLC (www.scalefinance.com) provides flexible contract CFO & Controller services, business valuations, and support in raising capital, or executing M&A transactions, to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, valuing businesses, and other financial management, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. Scale Finance has a team of more than 45 professionals serving more than 120 companies in the Carolinas and beyond.
