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.
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