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.”

  

Comments

Golf Quest International. PO Box 4276- Scottsdale AZ 85261 GQI@GolfQuestIntl.com --www.golfquestintl.com Phone 480-246-4980 Fax 480-284-6584 Why do a Golf Tournament in these Economic Times? We all are being affected by the economic times. Does supporting and putting on a Golf Tournament make sense in these times? Here are ten reasons to have a tournament and continue to support ones that you have now. Do Something Extraordinary- Become a leader and start a legacy of putting on a great event for your colleagues. Do something “really positive” in this environment and create good news for your clients and group. Fund Raiser for Charities- Charities and Special Causes have greater needs then ever. Government and Private Grants are drying up and donations are down. Corporations and Individuals are able to demonstrate that they will still support those causes by being there. Balance Life’s Problems- Our society is being bombarded with the “world is coming to an end” If your organization can provide a venue for people to get together, have some fun, enjoy the outdoors, wine and dine and have some friendly competition it will help one take on the next day with a renewed spirit. You will be a hit with your clients and vendors and they will look forward to your event all year long. Business to Business meeting –have a business meeting first in the morning. Invite vendors, customers, prospects, and employees to first discuss how deal with business issues and then let them beat the ball around on the course. Your attendance will be increased if a golf outing is added. Invitational Outing- Now is the time to invite that prospect that you would like to have as a customer. With times the way they are you can be assured they will come to an outing put on by a company that is still thinking positive. Play with people that will definitely have an impact on your business. Marketing Opportunity- A golf tournament receives tremendous free publicity. We are doing a tournament now and the Event is on Craig’s List, Facebook, has a web site, received donated media items such as brochures, links on web sites, announcements at football games with 20,000 people in the stands, and television exposure. In addition, one receives free notice in the all the golf tournament web sites, golf periodicals, chamber of commerce events, etc etc. It’s a great way to get more marketing exposure with a great charity involved too. Web Site- There are several Golf Tournament Event Sites that are free. Once you become the title sponsor your name is on the site for ever. It allows you to send out blogs, profile customers, get donations and reach your potential players and sponsors via a professional site. They also have silent auction sites that allow you to make money with items businesses will donate. Be Outdoors- Few of us are outdoors for 5 hours anymore. Get out and enjoy nature and the beauty of the Course. Smell the flowers, see the ducks on the pond, and taste that grilled hamburger and beverage after the round. What else can help your prospects, employees and customers take their mind off life’s pressures. Why not a golf tournament? Great Communication Vehicle- A golf tournament allows you to communicate everyday with prospects with a blog on who is coming, what items are being donated and it gets your name out each day. Check out our recent tournament we are doing and the blog entries. www.tournevents.com/gqibisondesert Lead your Tribe-Seth Godin in his book Tribes discussed the need for more leaders to take charge of their tribe. Take charge of your current Tribe or start a new group and bring it together with a Golf Tournament. Bring People Together- A Golf Tournament brings people together for many different reasons. It’s a healthy and non-compromising event. It can raise money, make people laugh, expose them to a new sport or help them brag a little about their own game. I think about all the tournament s I have attended and I do not have a bad memory of any. In fact, I want to play in one right now. Adios. Golf Quest International provides services for you to succeed in your golf outing. We will do everything from organizing a tournament from scratch, recruit a title sponsor, find the right tee prizes and help you market the tournament to clients and sponsors. If you have any questions give me a call. Best to all of you Mark Golf Quest International. PO Box 4276- Scottsdale AZ 85261 GQI@GolfQuestIntl.com --www.golfquestintl.com Phone 480-246-4980 Fax 480-284-6584 Mark Carman Golf Quest International PO Box 4276 Scottsdale,AZ 85261 Cel 480-246-4980 Office 480-284-6584

Add new comment

By submitting this form, you accept the Mollom privacy policy.
If you enjoyed this article and would like to sign up for a FREE digital subscription, click here!