Year-to-date lending tops $1.5 billion

Nick McBrideOn the Grow

It sure seems like February flew by in an instant, doesn’t it? They say time goes faster as we get older, and I find that to be true!

In the four weeks of February 2021, we recorded a total of 2,179 loan documents and 2,044 property sales. That’s not too shabby compared to February 2020, the beginning of the pandemic, when we recorded 1,495 loans and only 836 property transfers.

Nick McBride

As for dollar totals, last week the 544 loans that we recorded came to a total of $140.43 million. For the month of February, the total was $532.66 million, and YTD 2021 the total is already over a billion dollars at $1.15 billion! That’s a lot of lending!

Last week’s property transfers were the busiest they’ve been all month, with 274 recordings. The total value of the sales was $70.55 million. The total value of the transfers for the month came to $257.5 million, and so far in 2021 we have recorded $629.76 million!

Unlike last week, we did record one commercial property transfer that was over a million. Olympic Investments Limited Partnership owned the property/retail center on the corner of Young High Pike and Chapman Highway, anchored by Subway, from 1998 until they sold it to Kelly Peterson for $1.25 million last week.

The banks were busy lending, with quite a few loans over $1 million. The banks with the highest lending over a million dollars last week were:

  • HomeTrust Bank – $1.03 million
  • Truist Bank – $1.04 million
  • First-Citizens Bank & Trust – $1.29 million
  • Mountain Commerce Bank – $3.0 million
  • Home Federal Bank of Tennessee – $4.6 million
  • Y-12 FCU – $4.75 million
  • Wilson Bank & Trust – $10.88 million

Hopefully March will be an even better month for the economy, not just real estate but all the businesses that have been struggling through the pandemic.

Have a great week and check us out on Facebook: @knoxregister. Please give us a like and follow!

Nick McBride is register of deeds for Knox County.


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