Travel Resorts of America (www.travelresorts.com) is pleased to announce the closing of a $7.0 million loan for its North Carolina Sycamore Lodge location through First Bank. The loan will be used to refinance the existing loan on the resort, as well as provide capital to the business for capital improvements throughout the company’s nine luxury RV Resorts locations.
Travel Resorts of America (TRA) is one of the leading companies in the private membership RV resort industry. TRA’s resorts are located within the Eastern United States at scenic locations including the Mohican River in Ohio and the Gettysburg Battlefield Resort adjacent to the Mason-Dixon Line in Pennsylvania. Founded in 1986 with one resort in North Carolina, the Company has grown through progressive acquisitions of new resort locations and currently owns 9 luxury RV resorts with over 16,000 members and growing.
In addition to the Company’s 9 properties, TRA provides its members access to a nationwide network of over 600 resort campgrounds, including 300 affiliated private resorts and over 300 public campgrounds in the United States, Canada, and Mexico.
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 First Bancorp
First Bancorp is headquartered in Southern Pines, North Carolina, with total assets of approximately $5.7 billion. First Bank, a state-chartered community bank, operates 102 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bancorp’s common stock is traded on the NASDAQ Global Select Market under the symbol “FBNC.”
About Scale Finance
Scale Finance LLC (www.scalefinance.com) provides contract CFO services, Controller solutions, 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, business valuations, 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 multiple offices in the Carolinas including Charlotte, Raleigh/Durham, Greensboro, and Wilmington with a team of more than 45 professionals serving more than 130 companies throughout the region.