MINNEAPOLIS, March 19 /PRNewswire/ -- Residential Funding Corporation
(GMAC-RFC) today announced that its Business Capital Group is entering the
resort finance business, offering loans secured by real estate or timeshares
to resort developers.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000324/MNF002 )
The new unit 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, the
company offers a wide variety of innovative capital solutions designed for
specific goals of its long-term builder and developer partners.
"GMAC-RFC Resort Finance will replenish resort industry capital that has
decreased in recent years," said Greg Schultz, president of GMAC-RFC's
Business Capital Group. "Our research shows that resort finance partnerships
are usually few in number but have tremendous opportunities for growth.
"Resort finance is close to our core residential construction lending
businesses," Schultz said. "Seeking opportunities in markets related to its
existing lending and securitization businesses is a big part of GMAC-RFC's
long-term strategy, which also includes continued commitment to excellent
customer service, flexibility and helping our business partners succeed."
ABOUT GMAC-RFC
GMAC-RFC's Business Capital Group (BCG) is a leading provider of
unregulated capital solutions such as construction loans, project equity and
model leases to leading U.S. homebuilders and developers. In addition, BCG
provides working capital lines and term loans secured by receivables and other
assets for U.S. healthcare enterprises. GMAC-RFC, a wholly owned subsidiary
of GMAC Financial Services, is a leading private issuer of mortgage-backed
securities and home equity loan asset-backed securities, and the No. 1
warehouse lender in the United States. The company leverages its strengths in
securitization, lending and investment to offer a broad portfolio of
innovative capital solutions. The company is headquartered in Minneapolis and
operates in the United States, Europe, Latin America and Japan.
http://www.gmacrfc.com
SOURCE GMAC-RFC
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Related links:
http://www.gmacrfc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000324/MNF002
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/138832.html
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
+1-952-857-7343, jodi.ehlers@gmacrfc.com , or Randy Sands of
Weber Shandwick, +1-952-346-6191, rsands@webershandwick.com , for
GMAC-RFC
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