Textron Financial quits golf mortgage financing

Long-time golf industry lending leader Textron Financial Corp. will no longer originate any new golf course mortgage loans and is in the process of exiting the golf mortgage financing business entirely.
Textron Financial officials said that future golf lending will be limited to financing of customer purchases of Textron-manufactured products, which include E-Z-GO golf cars, Jacobsen turf care products and Cushman products, as well as the company’s Bell helicopter, Cessna aircraft and other products.
Citing “unprecedented and turbulent changes in the global financial markets,” the company said Textron Financial will continue to service existing golf course loans until such time as the terms of the loan are fulfilled or a new lender is secured.
Several industry customers said that Textron representatives have indicated that they will be seeking to find new lenders to service those existing loans as quickly as possible, although the loan values will not be discounted. The company’s recent announcement of its decision to exit golf lending indicated that it would sell or liquidate approximately $7.9 billion of Textron Financial’s $11.4 billion loan portfolio.
“The Golf Finance Division remains committed to serving current mortgage customers through the terms of their loans and will assist customers in seeking new financing relationships,” said Karen Gordon Quintal, Textron Inc.’s director of external communications. GFD’s departure from the golf mortgage industry will be done in a measured and orderly way so as to meet contractual obligations.”



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