In Indianapolis, Indiana, ""Royal United Mortgage LLC"":https://www.royalunitedmortgage.com/ is creating more than 140 jobs with its planned expansion. The company recently announced its intention to install a new office in the north sector of the city, which will result in adding a high number of new employees between now and 2013.[IMAGE]
Three-year old Royal United spent an estimated $1.85 million on a lease agreement as it prepares to extend local operations, and the company, already boasting 151 Indianapolis-based staffers, has already initiated the hiring of additional advisory, operations, technology, and servicing associates.[COLUMN_BREAK]
Royal United will also benefit from a $1 million offering in tax credits from the Indiana Economic Development Corp.; the credit advantage will be performance-based, and the IEDC will give Royal United another $120,000 in training grants, hinging on the entity's plans for job development.
It's rumored Royal United could gain even more property-tax cuts at the discretion of the city.
The evolution of Royal United, opened in 2008, is the result of humble beginnings.
The company's co-founder Craig Royal was formerly the chief financial officer at Oak Street Financial Services LLC until 2007, when the 700-employee enterprise went bankrupt following the subprime lending crash; Oak Street sold most of its assets to Novastar Financial, and Royal was out of a job. However, Royal didn't stay unemployed for long, quickly teaming up with Michael Keleher to open Royal United.
While it was started with only 22 staff members, Royal United's recent growth means the company is now lending more than just money, by providing jobs during an economic period in which getting hired can be tough.
Royal United's product offerings have remained consistent since it was founded, and the company targets lending for home purchases, refinancing, and debt resolution.