Vol.42, No.20
www.thewarrengroup.com
W E E K O F M O N D A Y, M A Y 1 8 , 2 0 2 0
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
GROWTH OPPORTUNITY
PPP Helps Millyard Bank Generate New Business
Bath CARBEE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,207,066 B: DC Timberlands LLC S: Chocorua Forestlands LLC Mtg: Richard Carrier Truck $1,603,521
Emergency Loans Help Introduce De Novo to Future Customers
Center Harbor
BY BRAM BERKOWITZ
22 LAKEVIEW LANDING LN. . . . . . . . . . . . . . . . . . . . . $3,200,000 B: Jonathan A Talbott & Beverly J Talbott S: Belle Vest LLC
SPECIAL TO THE REGISTRY REVIEW
I
t’s a difficult time to be a bank. Interest rates are at zero, squeezing margins. And most financial institutions are bracing for huge loan losses as a result of the coronavirus pandemic, which has essentially shut down the economy. But if you are a startup de novo bank, the unprecedented times have presented a huge opportunity to add market share and make your presence known, largely because of the Paycheck Protection Program, or PPP. Part of the landmark $2 trillion federal economic rescue package, the PPP allows lenders to issue loans of up to $10 million to struggling small businesses that are fully guaranteed by the U.S. Small Business Administration. G. Frank Teas, president and CEO of the new Millyard Bank based in Nashua, said the bank has originated roughly 140 PPP loans as of May 1, many of which are going to customers the bank has never worked with before. “We didn’t have a lot of clients at the time because we were brand new, so it was somewhat of a business development opportunity and a relationship opportunity to meet new folks,” he said, adding that loans from the bank have helped save 1,700 jobs in the greater Nashua region. “Many PPP customers have now said they’re moving their entire [banking] relationships to us.”
Manchester 1037 ELM ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,400,000 B: Cambridge T Co S: 1037-1045 Elm Street LLC & Cambridge T Co Use: Office Bldg-general, Lot: 9500sf
Seabrook 609 LAFAYETTE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000 B: Nanco Realty LLC S: GRA Real Estate Holdings LLC Mtg: Newburyport Five Cent $1,000,000 Use: Commercial Use, Lot: 65246sf
Rye 25 RECREATION RD. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,700,000 B: Clare H Whipple & Robert J Bergan S: William R Pierce & Andrea M Pierce Mtg: JPMorgan Chase Bank $1,445,000 Use: 4 Bdrm Cape Cod, Lot: 175111sf
Bridgewater 58 OLD CLUBHOUSE LN . . . . . . . . . . . . . . . . . . . . . . . $1,640,000 B: James B Calnan Tr, Tr for James B Calnan RET S: John D Brennan 3rd Tr, Tr for John D Brennan 3rd RET
Rye 735 OCEAN BLVD . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,640,000 B: Seacoast Apart Hotels LLC S: Stephen J Mccann & Bethanie Mccann Mtg: David M Stanton $2,300,000 Use: Accessory Land Improved, Lot: 16250sf
Hillsboro 4 BEAR HILL RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,450,000 B: 4 Bear Hill Rd LLC S: Brown&Koelewijn Props Mtg: Digital FCU $905,000 Use: Commercial Building, Lot: 13068sf
Bank Just Six Months Old Millyard Bank launched in December of 2019 after raising $21 million in capital from 211 shareholders. It was the first bank headquartered in Nashua
Alton 20 PIPERS POINT LN. . . . . . . . . . . . . . . . . . . . . . . . . . $1,435,000 B: B Boynton-Hinman Tr, Tr for Barbara Boynton Hinman LT S: Jose Ferro & Jennifer D Ferro Mtg: Citibank Na $1,148,000 Use: 3 Bdrm Contemporary, Lot: 80150sf
Both
INDEX 4000
Refinance
4,000 4000
3000
2000 REAL ESTATE RECORDS
Purchase
3,000 3000
TRANSACTIONS THRU
Jan. Feb. MarchApril May June July Aug. Sept. Oct. Nov. Dec. Jan.
3 Belknap �������������������������� 05/05/20 3 Carroll ���������������������������� 05/05/20 4 Cheshire ������������������������ 05/05/20 4 Coos �������������������������������� 05/05/20 5 Grafton ���������������������������� 05/05/20 5 Hillsborough ������������������ 05/05/20 7 Merrimack ���������������������� 05/05/20 8 Rockingham ������������������ 05/05/20 10 Strafford ������������������������ 05/05/20 11 Sullivan �������������������������� 05/05/20 11 Bankruptcies 11 Lien & Attachments 11 Foreclosure, Mortgagee & Other Lien Auctions 11 Requests for Bids & Proposals
2,000 2000 1,000 1000
00
Mar. Apr. Apr. May May June June July July Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Mar. ’19
’20
4000 4,000
6000
BothMonth
Both
5000
3000
Refinance
Purchase
2000 1000
0
Jan. 15
Jan. 16
Jan. 17
Jan. 19
1600 1,600 800 800
00
Refinance
Both
Mar. 2016
733
1,794
2,527
Mar. 2017
853
1,739
2,592
Mar. 2018
833
1,618
2,451
Mar. 2019
821
1,396
2,217
Mar. 2020
861
3,029
3,890
Purchase
2400 2,400
Jan. 18
Purchase
Refinance
3200 3,200
4000
Mar. 16 Mar.
Mar. Mar.17
Mar. Mar.18
Mar. Mar.19
Mar. Mar.20
’16
’17
’18
’19
’20
Continued on Page 12
TO OUR CUSTOMERS
T
5,000 5000
5000
0
While PPP loans come with very little interest income because portions of the loan used on expenses such as payroll do not need to be repaid if certain criteria are met, they do come with origination fees from the government. But, perhaps even more important than the fees being generated, the PPP loans serve as inroads to new customers that are hard to come by for de novo banks, said Giuseppe “Joe” Femia, vice president at the Boston-based accounting firm GT Reilly & Co.
Number of Mortgages for Single-Family Homes
51 ISLINGTON ST U:501. . . . . . . . . . . . . . . . . . . . . . . $1,325,000 B: Judith Bergeron & Stephen G Marcotte S: John A Ornell Tr, Tr for John A&K E Ornell RET Mtg: Peoples United Bank $925,000 Use: 3 Bdrm Condo
1000
since The Nashua Bank was acquired in 2012. Millyard’s goal was to fill the gap that many small business owners saw with few lenders operating in the $50,000 to $3 million loan range. But as any new bank will tell you, breaking into new markets is no easy task because of established lenders’ brand loyalty. When the coronavirus pandemic struck and Congress passed the PPP, small businesses flooded the banks looking for much-needed capital in order to survive social distancing measures that significantly limit in-person interaction and hampers many businesses.
NEW HAMPSHIRE MARKET STATISTICS
Portsmouth
PG COUNTY
Nashua’s Millyard Bank was less than six months old when the coronavirus pandemic struck, but it appears to be coming through the crisis stronger than it started, with many new deposit relationships.
❑ Statistics based on single-family home sales ❑ Source: The Warren Group
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he Warren Group is making every reasonable effort to collect real estate data during these unprecedented times. As more registries restrict acBoth cess and courts close down, we anticipate further collection issues and Refinance as a result you will see fewer sales, notices and liens in [The Registry RePurchase view/The Commercial Record/Banker & Tradesman]. We will publish this information as it is available. We apologize for any inconvenience this crisis may cause, and we thank you for your understanding and continued support of our newspapers. Please call or email customer service at 617-8965388 or customerservice@thewarrengroup.com if you have any questions. All collection issues are also available on our website, www.thewarrengroup. com/data-collection-issues. Sincerely, Cassidy Norton, Associate Publisher The Warren Group