The IH Mississippi Valley Credit Union will not have to pay developers the $3.5 million they were seeking after the financial institution moved to foreclose a condo loan.
A jury and judge recently ruled in favor of $16 million IH Mississippi Valley CU, according to the Quad City Times. Cypress Point Developers was seeking $3.5 million in damages. The development company said the credit union wanted out of the loan because it had exceeded its member business lending cap and had also missed out by locking in the loan at a lower interest rate than it would have received from other potential borrowers.
The attorney for IH Mississippi Valley in Moline, Ill. claimed Cypress Point's owners know one of the loan provisions included six-month extensions. Comments from the attorneys for the credit union and the development company were not immediately available.
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