VANCOUVER, Wash. – In another case exposing the risks posed by credit unions’ growing business lending, Long Drive LLC, which is building a local residential development, last week filed for bankruptcy owing Columbia CU $1.6 million.
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The troubled company is one of several owned by local developer Rick Bowler, who in January lost a $17.4 million judgment to the $800 million credit union owed by his Pacific Links LLC company.
Bowler, who controls several struggling real estate developments, is fending off creditor suits in several courts.
