Lenders made more $1M mortgages in PB County last year
A survey by a law firm shows that residential mortgage loans and commercial mortgage loans of $1 million or more increased last year in Palm Beach County.
Rabideau Law, with offices in Palm Beach and Toronto, reported that lenders last year originated $1.386 billion of mortgage loans secured by residences in Palm Beach County, a 6.7 percent increase from $1.298 billion in 2015.
The law also reported that lenders last year made $4.658 billion in mortgage loans secured by commercial properties in Palm Beach County, up 2.3 percent from $4.541 billion in 2015.
Rabideau Law firm found that Bank of America NA was Palm Beach County’s leading source of residential mortgage loans of $1 million or more last year, and JPMorgan Chase Bank NA was the county’s number one source of commercial mortgage loans of $1 million or more.
Bank of America made 75 loans of $1 million or more on residential properties in Palm Beach County during 2016, up from 55 such loans in 2015. The bank’s residential mortgage originations in the county totaled $164.9 million last year, compared to $135.4 million in 2015.
JPMorgan Chase last year made 34 mortgage loans of $1 million or more on commercial properties in Palm Beach County, up from 18 such loans in 2015. The bank’s countywide commercial mortgage lending totaled $300.5 last year, up from $172.7 million in 2015.
Source: The Real Deal