The management team at Developer Finance Corporation has been serving land developers since 1988 and timeshare developers since 1992.
Over the years our commitment to serving these developers has not wavered and our mission has not changed. Our mission today, as it was over 20 years ago, is to provide land and resort developers with everything and anything they need to effectively operate their businesses, so they can concentrate on what they do best: developing and selling their exceptional properties.
Developer Finance Corporation chairman and co-founder Randy Stratton has been in the land business since the mid-1980’s. In 1988 he founded Litchfield Financial Corporation (NASDAQ: LTCH), a specialty finance company that provided financing to the land and timeshare industries. All of the managers of Developer Finance Corporation were previously managers at Litchfield Financial Corporation. In 1999, we accepted an offer from Textron Financial Corporation to purchase Litchfield Financial Corporation for slightly more than two-times book value and 21-times earnings. In 2001, we founded Developer Finance Corporation to once again serve the land and timeshare industries. In 2003 we formed Resort Finance LLC as a joint venture with one of our lending partners to serve the timeshare industry. In 2005 we formed Cold Spring Capital Inc. (AMEX: CDS) as a special purpose acquisition company and closed on a $120 million dollar IPO to acquire land and timeshare assets.
Land and timeshare are what we do.