Mego Financial Corp.Mego Financial Corp. announced today that its wholly-owned timeshares and land sales subsidiary, Preferred Equities Corp., has acquired an additional 42 two-bedroom units at the company's Ramada ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. Vacation Suites at Orlando resort. Funds for the acquisition were provided by a $4.5 million acquisition and construction loan which will also be used for the complete renovation and refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of the units. The timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. weeks are expected to be available to purchasers by August of this year and could generate up to $31 million in revenues to the company. The financing was provided by Heller Financial Inc. It included a renewal and extension of its existing $30 million receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed line of credit to the company. |
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