Destination Club News
Deferred Payment Option from Exclusive Resorts
Exclusive Resorts recently announced a membership financing plan that allow members to defer payment for up to 5 years on up to 80% of their initial membership fee. Members who join under the payment plan have all the other full rights of membership.
The financing is provided by CBC Financial Bank, an FDIC insured bank that services high net worth individuals. The interest rate on the loan is one year LIBOR + 1.45% - on 3/22/07 the LIBOR rate was about 5.20% , so the loan rate would be 6.45%. The loan also has a 1% bank fee to CBC and a $7,500 service fee due to Exclusive Resorts, although for the first 50 people who take up the loan Exclusive are waving the fee.
The CBC note is a 5 year interest only loan in the form of a promissory note so there in no asset pledge that goes along with it. Exclusive Resorts membership fees vary from $225,000 to $425,000, so this may be a good option for you if you don't want to use liquid assets for your membership, or put another way if you want to keep long term investment assets invested rather than liquidating them and using them to pay for your membership. Under Exclusive's membership plans, 80% of the initial fee is refundable on resignation, so this financing package is a way to fund the refundable part of the membership.
We expect some of the other private destination clubs will also be launching financing plans.
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