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Community Business Lenders Protects Iowa Investment Following $12 Million Suit

DES MOINES, Iowa -- While Community Business Lenders works to recoup $11.9 million in defaulted loans from residential developer Regency Cos., the CUSO said it is also talking with regulators, private guarantors and those who have expressed interest in purchasing the 76.1 acres of land.

By Michelle A. Samaad | Updated on July 28, 2008

DES MOINES, Iowa — While Community Business Lenders works to recoup $11.9 million in defaulted loans from residential developer Regency Cos., the CUSO said it is also talking with regulators, private guarantors and those who have expressed interest in purchasing the 76.1 acres of land.

Eight lenders have filed suit against Regency for defaulting on nearly $57 million in loans. According to several published reports, in April, the company ceased operations laid off its 103 employees and left behind 300 homes for lenders to deal with. Regency was Iowa’s largest home builder.

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