SALT LAKE CITY – Member Business Lending LLC, a CUSO owned by 25 credit unions, yesterday said it is teaming up with WesCorp FCU to buy member business loans from credit unions for eventual sale on the secondary market. The venture initially will buy commercial real estate loans made under the Small Business Administration’s 504 program. Once the loan pool becomes large enough it will be securitized, according to Bethanie Werner, vice president of CU development for MBL. "This is a way for credit unions to get the loans off their books," Werner told The Credit Union Journal, referring the growing number of credit unions brushing up against the 12.25% of assets cap on business loans.
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