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Appraisal services firm plans local expansion, 150 jobs

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Indianapolis-based StreetLinks Lender Solutions plans to expand its operations, adding 150 employees by 2013, the real estate appraisal management services provider announced Friday morning.

The company, which provides residential valuation and technology services to mortgage lenders, plans to invest nearly $1.1 million to expand its south-side headquarters.

StreetLinks currently employs nearly 400 at its offices at 7551 S. Shelby Street. New hires will consist of operations associates and managers.

Paul Bradley, operations vice president at StreetLinks, said the company considered expansion elsewhere before deciding to stay in Indianapolis.

"When the search began to expand our operations, we were approached by many states and municipalities to consider their marketplace, but we know where our roots are," Bradley said. "Our Hoosier associates are simply the best."

The Indiana Economic Development Corp. offered StreetLinks up to $950,000 in performance-based tax credits and up to $40,000 in training grants based on the company's job-creation plans. Indianapolis will back personal property-tax abatement for StreetLinks before the Metropolitan Development Commission.

StreetLinks is one of the largest appraisal management providers in the country, with a network of more than 25,000 appraisers serving clients throughout the United States.

The company was formed in 2008 when Kansas City, Mo.-based NovaStar Financial Inc. paid $750,000 in cash and a portion of future profits to acquire control of Indianapolis-based PipeFire LLC and rename the business StreetLinks. NovaStar is still the parent company.

StreetLinks spent about a $1 million to move to Indianapolis and add 220 employees in 2008. The company got more than $400,000 in state grants and tax credits for the move.

NovaStar was founded in 1996. Its NovaStar Mortgage unit initiated thousands of subprime loans, many of which the company held in its own portfolio.

Shares in NovaStar ballooned to more than $100 apiece as the housing boom peaked from 2004 to 2006. But when the subprime business went bad, the company laid off all but 30 of what had been a work force of several thousand, and the New York Stock Exchange delisted the company.

NovaStar shares now trade for less than 50 cents each on the pink sheets.
 

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  • Government waste
    It is tiring to see the government in their desire to enhance their look politically to give away our money for companies utilizing negotiation tactics to securing funding from the government. I wish municipalities would reserve their tax abatements for primary industries (manufacturing, research facilities such as life sciences) rather than spend money on companies that would most likely stay here anyway.

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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