NC: National Mortgage Lender Selects Mecklenburg Co. for 500-Job Expansion
23 Dec, 2020
Intercontinental Capital Group Inc., a direct mortgage lender specializing in single-family residential properties, will significantly expand its Charlotte operations, adding 500 jobs over the coming five years, Governor Roy Cooper announced. The company’s plans in Mecklenburg County include a capital investment of $5,844,450.
“Growing companies such as Intercontinental Capital Group benefit from North Carolina’s tech-ready workforce, engaged colleges and universities, and attractive quality of life,” Governor Cooper said. “I congratulate this innovative company on the success that has led to this exciting expansion.”
Intercontinental Capital Group (“ICG”), established in 2005 and headquartered in Melville, NY, is licensed in 46 states and the District of Columbia. ICG currently has a nationwide workforce of nearly 2,000, including 179 at its existing Charlotte location.
“For the experience of home financing to truly be delightful, it must be accessible, streamlined and simple, and that requires the best of marketing, technology innovation and people passionate about providing borrowers with excellent customer service every step of the way,” said ICG founder and Chief Executive Officer Dustin DiMisa. “As we evaluated different locations, it became clear that whether we were looking for marketing talent to better connect with customers, engineers eager to build tomorrow’s solutions today, sales and operations talent passionate about customer service or a budding workforce eager to make a transition, they were all here in Charlotte.”
The North Carolina Department of Commerce led the state’s efforts to secure the arrival of ICG, which also considered other U.S. destinations. The company’s new jobs will offer salaries averaging $87,500 per year, creating more than $47.3 million in annual payroll impact in the Charlotte Region after 2025.
“The significant expansion by this innovative name in mortgage lending shows that North Carolina remains an international leader in financial services,” said Commerce Secretary Anthony Copeland. “ICG provides valuable financial tools for U.S. consumers, and the Charlotte Region will be a key component of its continued success.”
ICG’s new presence in North Carolina will be facilitated, in part, by a 12-year Job Development Investment Grant. The project will grow the state’s economy by nearly $1.34 billion over that time. Using a formula that takes into account the new tax revenues generated by the 500 new jobs, the JDIG agreement authorizes a potential reimbursement to the company of up to $7,694,250 over 12 years.
ICG’s selection of Mecklenburg County, classified under the state’s economic tier system as Tier 3, means the company’s JDIG agreement will result in as much as $2.56 million in new funding for state’s Industrial Development Fund - Utility Account. The Utility Account helps rural and economically distressed communities finance infrastructure upgrades necessary in attracting jobs and capital investment.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, the City of Charlotte, the University of North Carolina at Charlotte, Central Piedmont Community College, and the Charlotte Regional Business Alliance.
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