Glen Ivy Raises $86.5 Million and Names New Officer

Glen Ivy Financial Group, operator of a major time-share vacation sales company, said Tuesday that it has raised $86.5 million in new capital and named a new chief financial officer.

The sometimes-controversial firm said the moves were taken to strengthen its various units, including Glen Ivy Properties, the nation’s largest time-share sales company.

Glen Ivy Properties earlier this year paid a $20,000 fine to the state Department of Real Estate to keep its real estate license from being suspended for a variety of infractions, including improper record-keeping for customer accounts.

Officials of Glen Ivy Financial could not be reached for comment. But company Chairman Robert Mann said in a statement Tuesday that Chris J. Van Ruiten has been promoted to senior vice president and chief financial officer of the Corona-based parent company. He replaces Peter J. Giummo, who was named president of Equity Mortgage Corp., a Glen Ivy subsidiary that formerly serviced mortgages for Glen Ivy exclusively but now will seek other clients.

Mann also said Glen Ivy has completed two financing transactions totaling $86.5 million. In both cases, company receivables--representing time-share purchases by Glen Ivy customers at various company-owned resorts--were used to secure corporate notes sold to private investors.

He said most of the money will be used to increase credit available to consumers who buy Glen Ivy time-shares.

In addition to the financing and personnel changes, Mann announced that Glen Ivy has expanded into Nevada by opening a sales office at an 88-unit complex in Reno. It plans to open a second Nevada sales office at a 176-unit complex in Las Vegas next week, bringing the total number of Glen Ivy resorts to 24 in eight states.