LAS VEGAS -- Appealing to both credit unions and banks, North Star Business Services recently launched to originate, underwrite, document, and service commercial real estate loans.
The CUSO, which opened for business in January, currently has $6 million in commercial loans primarily for developers building commercial office parks, industrial buildings and strip malls. The company also finances equipment loans of at least $250,000. North Star is poised to service an additional $12 million in loans in the next two months, according to Mark Moody, who founded the CUSO, along with David Osburn. Both former bankers, Moody is the owner of Lexington Mortgage, and has produced both commercial and residential mortgages independently for the last three years. Osburn owns David L. Osburn & Associates, a business training and consulting firm and heads the banking education program at the University of Nevada-Las Vegas.
The $134 million Ensign Federal Credit Union recently partnered with North Star.