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North Las Vegas-based firm will acquire time-share loans for $8 million.
By John G. Edwards, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jan. 18--Sunterra Corp., a North Las Vegas-based time-share company, plans to announce today that it is buying several thousand loans at its North American resorts for $8 million.
The company is buying 5,500 loans for time-share units at 19 Sunterra resorts. They include 3,300 loans less than 60 days past due and 2,200 loans more than 60 days past due.
Sunterra intends to foreclose on mortgage loans that are in default and then remarket those units.
Sunterra is buying the mortgages, valued at $23 million, from TerraSun.
TerraSun is a …
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