April Lender Analysis
There were 1,540 total loans filed in Shelby County for April including loans at time of sale, refinances and second mortgages with a total of $241 million in total loan revenue.
The Top Lenders based on number loans and total loan revenue were:
- Regions Bank: 125 loans valued at $19.3 million
- Wells Fargo: 109 loans valued at $16.8 million
- SunTrust Bank: 77 loans valued at $10.1 million
For residential loans placed at time of sale, Community Mortgage led with 65 loans and an average loan amount of $151,127 followed by Magna Bank with 51 loans averaging $189,730 per loan.
The majority of residential loans were Conventional Fixed Rate with 244 filed for the month averaging $166,492 closely followed by FHA Fixed loans with 215 filed averaging $135,034.
Cordova North (38016) had the most loans filed for the month with 56 total, an average mortgage amount of $131,801 and an average loan to value ratio of 97%.
First Tennessee led for the most commercial loans at time of sale with 3 for the month averaging $184,333.
The largest loan for the month was a $3.4 million loan to Greer Land Co-Restaurants out of KY by The Metropolitan Bank. The loan was filed on April 29th with the $1.35 million sale of property located at 7864 Winchester Road. The anticpated use is for a 8,600 square foot Cheddars restaurant in the Centennial Commons Retail Center.
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