Milford Mortgage Lender Receives Millions In State Aid

HARTFORD, Conn. (AP) – A Milford mortgage services company is receiving a $3.5 million state loan in exchange for creating at least 140 jobs and keeping about as many in Connecticut.

Gov. Dannel P. Malloy announced the loan on Monday by the state Department of Economic and Community Development to Total Mortgage Services.

Malloy says Total Mortgage Services will invest more than $5.2 million to buy, improve and equip its national headquarters in Milford.

State funding will finance leasehold improvements and new equipment.

The $3.5 million loan will carry no interest for the first two years and 2 percent interest for the remainder of the 10-year term.

Total Mortgage Services will be eligible for $1.5 million in loan forgiveness if it meets its obligation keeping 144 full-time jobs and creating 140 jobs by 2018.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)


More From CBS Connecticut

Celebrate Memorial Day
Audio Ad Center

Listen Live