WASHINGTON, D.C. – RealEstateRama – In 2024, 2,463 different multifamily lenders originated a total of $288.7 billion in new mortgages for multifamily properties with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market.
Last year’s $288.7 billion in multifamily lending volume represents a 17 percent increase from 2023 levels. Fifty-three percent of the active lenders made five or fewer multifamily loans over the course of the year.
“Following 2023’s low-volume year, multifamily lending picked up in 2024, with activity increasing across lenders of all sizes and capital sources,” said Reggie Booker, MBA’s Associate Vice President of Commercial Real Estate Research. “While the multifamily market is served by some of the largest institutions in the country, it remains broad and diverse, with more than half of lenders active in the space making only a handful of loans in a year.”
MBA’s report is based on its surveys of the larger multifamily lenders and the recently released Home Mortgage Disclosure Act (HMDA) data that covers multifamily loans made by many smaller lenders, particularly commercial banks.
The $288.7 billion of multifamily mortgages originated in 2024 went to a variety of investors. By dollar volume, the greatest share (41 percent of the total) went to government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
The top five multifamily lenders in 2024 by dollar volume were JPMorgan Chase & Co., Walker & Dunlop, Berkadia, Wells Fargo, and CBRE.
The MBA report is the most comprehensive view available of the multifamily lending market and includes:
- A detailed summary of the $288.7 billion multifamily market;
- Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) lender segment;
- A breakout of 2024 multifamily lending volume by investor group;
- A listing of 2,463 lenders who made multifamily loans in 2024, including their lending volume; number of loans made and average loan size; and,
- A listing of metropolitan areas and the volume of very-small loans made in each in 2024.
The report is based on data from the MBA 2024 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). MBA’s survey targets dedicated commercial/multifamily originators and covered $411 billion in commercial/multifamily loans in 2024. The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. When combined, the two datasets provide the most comprehensive assessment of the multifamily lending market available.
To purchase the report, please visit: https://www.mba.org/news-and-research/research-and-economics/commercial-multifamily-research/annual-report-on-multifamily-lending.
Contact
Falen Taylor
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