PURCHASE, N.Y. – Quorum FCU said it has entered a timeshare receivables purchase facility with Bluegreen Corp. of Boca Raton, Fla., with which it will acquire timeshare notes receivable on a non-recourse basis.
Quorum has agreed to purchase eligible timeshare receivables from the company or certain of its subsidiaries up to an aggregate $20 million purchase price through Aug. 31, 2011.
Bluegreen is the provider of the Colorful Places to Live and Play vacation timeshare and markets the Bluegreen Vacation Club real estate-based vacation ownership plan with more than 160,000 owners, over 56 owned or managed resorts, and access to more than 4,000 resorts worldwide.
