Data: Commercial/Multifamily Borrowing Increased 16 Percent In Q2 Of 2026
Commercial and multifamily mortgage loan originations were 16 percent higher in the second quarter of 2026 compared to a year earlier, and increased 12 percent from the first quarter of 2026, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
“Commercial and multifamily mortgage lending maintained its upward trajectory in the second quarter as improving capital markets and stronger transaction activity supported higher origination volumes,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “Office lending was strong, with increases in originations on an annual and quarterly basis, signaling renewed financing activity in a sector that has faced significant headwinds. Additionally, CMBS and bank lenders posted particularly strong gains in the second quarter. Although activity remains uneven across some capital sources and property sectors, the overall increase in lending points to continued improvement in commercial real estate finance markets.”
Compared to a year earlier, a rise in originations for retail, office, hotel, industrial, and multifamily properties led to an overall increase in commercial/multifamily lending volumes. There was a 61 percent year-over-year increase in the dollar volume of loans for retail properties, a 47 percent increase for office properties, a 19 percent increase for hotel properties, an 8 percent increase for multifamily properties, and a 6 percent increase for industrial properties. Health care property loan originations decreased 19 percent compared to the second quarter of 2025.
Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 68 percent year-over-year. There was a 61 percent increase in loans for depositories, an 18 percent increase in investor-driven lender loans, a 17 percent decrease in government sponsored enterprises (GSEs – Fannie Mae and Freddie Mac), and a 27 percent decrease in life insurance company loans.
On a quarterly basis, first-quarter originations for industrial properties increased 38 percent compared to the first quarter 2026. There was a 23 percent increase in originations for office properties, a 15 percent increase for multifamily properties, and a 3 percent increase for retail properties. Originations for hotel properties decreased 36 percent and originations for health care properties decreased 50 percent compared to the first quarter of 2026.
Among investor types, between the second quarter of 2026 and first quarter of 2026, the dollar volume of loans for CMBS increased 55 percent, loans for depositories increased 22 percent, originations for life insurance companies increased 15 percent, loans for investor-driven lenders increased 5 percent, and the dollar volume of loans for GSEs decreased 7 percent.
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