Commercial loans increase in Palm Beach County: report
A new report on mortgages in Palm Beach County shows that the growth of commercial loans in the area is picking up speed, while residential loans are stagnant.
The report was released by Rabideau Law and focuses on loans over the $1 million mark.
Commercial loans in the county have almost doubled since last month, with a total of $428 million being borrowed more than 59 mortgages.
The past year have also seen a $528 million increase in commercial borrowing, growing from a total of $3.39 billion lent from the prior year to $3.92 billion currently.
On the residential side, the total amount borrowed over the last year was $1.1 billion over 563 mortgages — a $66 million decrease from the year before.
The report showed month-by-month decreases, maxing at a 14-percent drop compared to the last six months to a year before.
A $31 million increase in loans from February to March broke the downward streak, according to the report.
Wells Fargo Bank was last year’s biggest commercial lender, granting 35 mortgages for $135 million in Palm Beach County. The bank was followed closely by lender CBRE Capital Markets.
In the residential market, Wells Fargo was beat out by Bank of America, which loaned $128 million over the past 12 months.