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Lenders made more $1M mortgages in PB County last year

Bank of America and JPMorgan Chase are leading mortgage lenders in Palm Beach County
Bank of America and JPMorgan Chase are leading mortgage lenders in Palm Beach County

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.

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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.

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