Destination Club Lender FirstAgain Raises Rates

By: Destination Club News
Date: December 8, 2008

During these financial times that have forced LUSSO Collection into Chapter 11 and High Country Club's restructuring, many destination clubs continue making joining as easy as possible by allowing members to finance their destination club membership.

FirstAgain, a leading financier for the destination club industry, offers what they call an "AnythingLoan." As the name suggests, the AnythingLoan can be used for virtually anything: weddings, education, medical expenses and everything in between, including destination clubs. Borrowers can use the capital towards their destination club membership deposit, annual dues, upgrading their membership, or any other cost associated with their membership.

FirstAgain has recently increased their rates for destination club buyers 0.5%, now ranging from 7.99% to 8.99%. Well qualified buyers can secure anywhere from $7,500 to $100,000 towards their destination club expenses.

Many destination clubs have offered financing options to prospective members in the past.

Exclusive Resorts introduced a deferred payment option last year that allowed members to finance up to 80% of their membership fee with financing provided by CBC Financial Bank. Members could finance the amount due for up to five years by paying monthly, interest-only payments.

Earlier this year, High Country Club established a relationship with JP Morgan Chase that allowed members to finance their destination club membership for as little as $200 per month. For qualifying members, JP Morgan Chase would establish a home equity line of credit with variable interest rates.

As partners with FirstAgain, The Veras Group can help assist you in obtaining financing for your destination club membership and answering any and all of your questions will conducting your destination club due diligence. Please feel free to contact The Veras Group to contact your complimentary destination club analyst.