Exclusive Resorts has announced a partnership with CBC Financial Bank to allow members to defer payment for as much as 80% of their initial membership deposit, for up to five years.

CBC Financial Bank is an FDIC insured bank that services high net worth individuals (HNWIs), and is providing this service as a five year, interest-only loan in the form of a promissory note - no assets are pledged against the loan. The interest rate is one year LIBOR plus 1.45% - at the time of writing the LIBOR rate was 5.20%, making the interest rate on the loan 6.45%. The loan also incurs a 1% fee to CBC, and a $7 500 service fee to Exclusive Resorts (waived for the first 50 members to use this facility).

An Exclusive Resorts apartment in Trump Tower, New York

No doubt this will be a helpful change for some would-be members. It seems likely that more and more clubs will offer similar services in the near future.

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