UC Funding Accused Of Fraud Over $21M Real Estate Loan

Law360, New York (September 25, 2012, 12:25 PM EDT) -- The owner of a New York City apartment building sued real estate financier UC Funding LLC in state court Friday for fraud and breach of contract, alleging it failed to fund a promised $20.5 million bridge loan.

The plaintiff, a real estate operating company known as 9th & 10th Street LLC, claimed that UC Funding never intended to fund the bridge loan and only said it would do so in order to take the bulk of a $40,000 deposit. After the real estate owner signed a...
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