Low interest rates keep register’s office busy

Nick McBrideInside 640, On the Grow, West Knox

April flew by! We stayed busy throughout the month which can, in part, be attributed to the low interest rates currently being offered. In April 2020 we recorded 2,245 loans valuing $556.49 million. That’s the highest number so far in 2020. April 2020 numbers show a 44.74 percent increase over April 2019’s numbers in which we recorded 1,479 mortgages totaling $353 million.

Nick McBride

The largest loan recorded in April 2020 was $14 million between DRT Properties LLC and Truist Bank with the Tombras Building as collateral.

As for property transfers in April 2020, we recorded 999 totaling $264 million. This number is 13 percent lower than April 2019’s 1,154 transfers that came to a total of $304.3 million.  But, with the current COVID-19 restrictions easing up, we can expect to see an increase in May and June’s sales numbers.

The highest value property transfer of April 2020 was the Visionworks/Aspen Dental building at 2960 Miller Place Way, which sold for $4.32 million.

To recap last week’s transactions: We recorded 270 property transfers that came to a total of $72.5 million and 614 loans totaling $150.1 million. The highest value property transfer was between Lyne Realty LP and BenRachel Properties LLC. This property is located at 3028 E. Governor John Sevier Highway in East Knoxville, and it sold for $1.4 million.

The highest value loan of the week was obtained by Knoxville Landfills LLC. The company borrowed an additional $7.47 million from Goldman Sachs. The second-largest loan was between Middlebrook Farm LLC and CBBC Bank. This $2.5 million construction loan will be used for the development of the property located on the corner of Ed Shouse Drive and Middlebrook Pike.

The Tombras Building on Gay Street is collateral for a $14 million loan to DRT Properties LLC.

In our year-to-date numbers, we see an increase in both categories over the same period in 2019. So far in 2020, we have recorded 7,165 loan documents which come to a grand total of $1.88 billion! This is a 46.47 percent increase over the total of loans recorded in 2019 which topped out at $1.28 billion. Also, in 2020 we have recorded a total of 3,854 property transfers equaling $1.08 billion for a 10.76 percent increase over the 3,828 recorded in 2019 which equaled $978.2 million.

We want to keep our team members and our customers safe and healthy, so we will continue following the guidelines suggested by Mayor Jacobs and the Knox County Health Department, including social distancing and keeping foot traffic to a minimum.

Please support your local small businesses in whatever ways you can in the upcoming weeks and months.

Don’t forget, we’re on Facebook! Just search Facebook for @KnoxRegister to find us, and while there, please give us a ‘like’ and share the page.  Have a great week!

Nick McBride is register of deeds for Knox County.

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