Mortgage processor LenderLive Network Inc. will invest $7.4 million to expand its current facility in Troy, Mich., with the addition of a 30,000 square foot data and operations center over the next five years.
Assistance offered through the Michigan Economic Development Corp. helped LenderLive select Troy over other potential sites in Colorado, Florida and Texas, according to Michigan economic development officials. The project will result in creation of 350 directly by the company. LenderLive currently has 10 full-time employees in Southfield.
The MEDC approved a Single Business Tax credit valued at $4,076,000 over six years to win the project. The city of Troy has proposed a package of incentives estimated at $20,000 including a jobs fair for the company, paying all occupancy permit fees and providing community center memberships for new company employees in addition to tenant improvements to the site.
“This is an important expansion for LenderLive,” company President and CEO Rick Seehausen said. “It is strategically important for LenderLive to geographically diversify our workforce, particularly in the Eastern Time Zone, where a large part of our business is concentrated. Everyone at the MEDC and the city of Troy deserve a lot of credit in making this expansion possible.”
LenderLive Network, founded in 1999, has developed a state-of-the-art mortgage fulfillment platform and emerged as a premier source of technology and loan fulfillment services. It operates and drives mortgage origination and fulfillment services that enable clients to originate or acquire more loans, more efficiently, at lower cost.
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