A new data report from the Mortgage Bankers Association (MBA) determined that 2,530 different multifamily lenders originated a total of $381.8 billion in new mortgages for multifamily properties with five or more units during 2025.
Last year’s multifamily lending volume represented a 32% increase from 2024 levels. By dollar volume, the greatest share (40% of the total) went to government-sponsored enterprises, 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 also noted that 45% of the active originators only made five or fewer multifamily loans over the course of the year.
“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,” said Reggie Booker, MBA’s associate vice president of commercial research.
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