Million-Dollar Mortgage Volume Drops 66% in Palm Beach County

Million-Dollar Mortgage Volume Drops 66% in Palm Beach County

By Staff, The Real Deal South Florida Real Estate News

A survey by a law firm shows that large mortgage loans of $1 million or more plunged in Palm Beach County during the six months ended in July, compared to the same period last year.

The countywide volume of mortgage loans of $1 million or more during the February-July period fell to $696 million from $2.053 billion last year, a 66 percent dive.

The survey by Rabideau Law also showed that the number of mortgages of $1 million or more during the six-month period was almost unchanged at 352, up slightly from 348 last year.

Among all mortgage lenders in Palm Beach County during the February-July period, JPMorgan Chase Bank NA had the biggest volume of million-dollar loans to both residential and commercial borrowers.

Countywide last month, the biggest residential mortgage was a $6 million loan to Craig Hunter from Union Bank & Trust. The biggest commercial mortgage last month was a $44.3 million loan from one limited liability company (VMC Lender LLC) to another (GB Palm Beach LLC).

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