Last fall, BancAssets, LLC closed on a $100 million loan for AMERCO. Four credit unions participated in this transaction.
The solicitation stated:
We are pleased to offer you the opportunity to participate in financing an additional $50 million loan for U-Haul. We established a corresponding CUSO so that you can participate by loaning and investing dollars into AMERCO Loan 2, LLC.
The solicitation stated that the minimum commitment was lowered to $500,000.
So what's your point here? BancAssets is in partnership with BancVue which is essentially a broker. I thought you bank people don't like credit unions getting into commercial loans and can't tell if you're for or against. If you're going to post these things, at least have an opinion.
ReplyDeleteThe point is to show that CUs are making syndicated loans and these loans don't need a taxpayer subsidy.
ReplyDeleteWhich 4 credit unions?
ReplyDeleteIs uhaul or Amerco in the field of membership of the 4 credit unions?
Are the participation legal for credit unions?
What is the answer to these questions?
DeleteAtlantic Regional FCU, Brunswick, Maine,
DeleteLeaders CU, Jackson, Tenn.,
Money One FCU, Largo, Md.,
Sacramento (Calif.) CU.
Participations are legal.
Amerco does not have to be a member.
We constantly hear that a cu cannot make loans of any kind unless the consumer or business is IN the field of membership.
DeleteI do not think amerco is in the field of these 4 credit unions.