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Mortgage firm plans local expansion, 140 jobs

 IBJ Staff
August 30, 2011
Keywords
Banking & Finance, Economic Development, Economic Development Agencies, Economic Development Incentives, Government & Economic Development, Job Creation, Mortgage Lenders, Mortgages
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Royal United Mortgage LLC, an Indianapolis-based mortgage firm, announced plans Tuesday to expand its local operations, adding up to 140 employees by 2013.

The three-year-old firm said it will spend $1.85 million to lease a new office on the north side of the city.

Royal United currently has 151 employees in Indianapolis, and said it has already begun hiring additional mortgage advisory, operations, technology and servicing associates.

The Indiana Economic Development Corp. offered Royal United up to $1 million in performance-based tax credits and up to $120,000 in training grants based on the company's job-creation plans. The city will consider additional property-tax abatement.

Royal United was started in 2008 by Craig Royal and Michael Keleher with 22 employees.The company offers loans for home purchases, refinancing and debt consolidation.

Royal, the firm's chairman and CEO, was chief financial officer at Oak Street Financial Services LLC from 1999 to 2007. Oak Street, which specialized in non-conforming loans, was one of the area's fastest-growing companies for almost a decade and had more than 700 employees at its peak. It attempted a $150 million initial public offering in 2004 but called it off in 2005 when profits began to slip.

Oak Street filed for Chapter 11 bankruptcy in 2007 amid the subprime lending meltdown after selling most of its assets to Kansas City, Mo.-based Novastar Financial. 

 

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  1. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  2. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

  3. Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!

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