Illinois-based Popular Community Bank, an arm of Popular Inc. in Puerto Rico, plans to begin offering construction loans to developers by next year.
The bank has a widening South Florida presence, with an office at 1221 Brickell Avenue in Miami. Its commercial lending portfolio in Florida is largely concentrated in the Miami area. The bank closed $150 million in loan originations in the area from January through September. Amid the surge in local real estate investments, the bank offered loans with longer amortization periods of up to 25 years for borrowers.
“We’re moving into doing a little bit of everything right now, anything from the strip malls to offices,” state regional executive Israel Velasco told Daily Business Review. “I would say multifamily is our sweet spot right now.” [Daily Business Review] — Mark Maurer