Multifamily Lending Increased 32 Percent To $382 Billion In 2025

In 2025, 2,530 different multifamily lenders originated a total of $381.8 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 $381.8 billion in multifamily lending volume represents a 32 percent increase from 2024 levels. Forty-five percent of the active lenders made five or fewer multifamily loans over the course of the year.

“Multifamily lending gained significant momentum in 2025, with dollar volume increasing 32 percent from 2024 as lenders of all sizes remained active across a broad range of capital sources,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “Greater rate stability and clearer pricing expectations helped bring borrowers and lenders back to the market, supporting increased refinancing and acquisition activity throughout the year. The market also continues to benefit from a deep and diverse lender base, with 2,530 lenders originating multifamily loans in 2025. Nearly half made five or fewer loans, underscoring the important role that both large and smaller lenders play in financing multifamily properties.”

The MBA 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 $381.8 billion of multifamily mortgages originated in 2025 went to a variety of investors. By dollar volume, the greatest share (40 percent of the total) went to Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac.

The top five multifamily lenders in 2025 by dollar volume were JPMorgan Chase & Co., Wells Fargo, Walker & Dunlop, Berkadia, and CBRE.

The MBA report is the most comprehensive view available of the multifamily lending market and includes:

  *   A detailed summary of the $381.8 billion multifamily market;
  *   Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) lender segment;
  *   A breakout of 2025 multifamily lending volume by investor group;
  *   A listing of 2,530 lenders who made multifamily loans in 2025, 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 2025.

The report is based on data from the MBA 2025 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated commercial/multifamily originators and covered $606 billion in commercial/multifamily loans in 2025. 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.