A Milford mortgage bank vows to use a $3.5 million loan from Connecticut taxpayers to expand its headquarters and double its 144-person payroll, authorities say.
Total Mortgage Services LLC will have the money interest-free for the first two years of the 10-year loan, and pay 2 percent interest annually after that, the offices of the governor and Department of Economic and Community Development said Monday.
But Total Mortgage won’t have to repay $1.5 million of the debt if it meets its obligation of retaining 144 full-time positions and creating 140 new jobs by 2018, authorities said.
In return, Total pledged to invest more than $5.2 million to buy and outfit its national headquarters. Total is currently housed at 326 W. Main St.
Founded in 1997 and licensed in 30 states and the District of Columbia, Total’s aid package was recently approved by the State Bond Commission.
