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Bankers Launch Lending CUSO for Credit Unions, Banks, Convinced the Two Can Work in Harmony

It may be a first for the credit union industry: a business lending CUSO that serves both banks and credit unions.

By Michelle A. Samaad | Updated on June 19, 2007

LAS VEGAS — It may be a first for the credit union industry: a business lending CUSO that serves both banks and credit unions.

But two former bankers are convinced that serving both groups in harmony can work through the newly-launched North Star Business Services. Opened in January, the CUSO offers originating, underwriting, documenting and servicing commercial real estate loans as well finance equipment loans of at least $250,000. Nearly six months since opening its door, North Star has amassed $6 million in commercial loans for mostly developers on strip malls, industrial building and commercial office parks, according to David Osburn and Mark Moody, the CUSO’s managing members.

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