The website and phone number for CU Business Capital LLC, which was owned by Eastern Financial Florida Credit Union, are both inoperable in light of a loan participation lawsuit.
The Miramar, Fla.-based CUSO has been named in a lawsuit filed by New Hyde Park, N.Y.-based Sperry Associates Federal Credit Union allegedly claiming that it purchased roughly $4.5 million in participation loans with Eastern Financial. The Miami-based CU merged with Space Coast Credit Union in Melbourne, Fla. in June 2009 after being placed in conservatorship. Space Coast and Small Business America, CUBC's successor, have also been named in Sperry's lawsuit.
Sperry contends that a $22.4 million land deal agreement occurred between Eastern Financial and South Florida Properties on October 2006. An undivided participation worth nearly $3 million was sold to Sperry. According to the complaint, Sperry was paid $1.5 million participation for another $15 million loan involving King Credit Facility with CUBC underwriting the loans.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
