Total Mortgage Services, one of the largest independent mortgage banks in the U.S., will receive a $3.5 million loan from the State of Connecticut's Department of Economic and Community Development (DECD) to establish its new headquarters in Milford.
As an incentive for relocating its headquarters, Total Mortgage Services will be eligible for $1.5 million in loan forgiveness from the DECD, providing it meets its obligation of retaining 144 full-time positions and creating 140 new jobs by 2018.
The $3.5 million loan will have no interest for the first two years and an interest rate of 2% for the remainder of the 10-year term, according to a press release for Gov. Dannel Malloy's office.
‘One of my economic development priorities is to build on our strengths as a state, including the established industries that are driving Connecticut's economy,’ Gov. Malloy says in the release. ‘By supporting companies like Total Mortgage Services, we are developing the industry infrastructure and workforce of our financial services, bolstering our standing as a national leader in this highly competitive sector and creating hundreds of good-paying jobs with good benefits in the process.’Â
Total Mortgage Services plans to double in size over the next five years and will invest over $5.2 million to purchase, improve and equip its national headquarters in Milford. The DECD funding will finance leasehold improvements and new equipment in support of Total Mortgage Services' expansion project.Â
‘The state's support has been indispensable to me at this crucial stage in Total Mortgage's nationwide growth,’ says John Walsh, president and CEO of Total Mortgage Services. ‘The funding has enabled us to consolidate our operations in a building here in Milford that was ready for new ownership, and do it the way it should be done. And this isn't just a win for my company, our employees and their families. It shows that state government and small entrepreneurs can work together to compete and win in the national marketplace.’
‘This is great news for Milford,’ adds State Sen. Gayle S. Slossberg (D-Milford). ‘Having Total Mortgage headquartered here will provide jobs for our citizens and growth for our community at large. This is a superb example of a positive partnership between business and government.’
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