Multifamily Mortgage Lending Up 17%

A total of $288.7 billion in new mortgages for multifamily properties with five or more units was originated in 2024, according to data from the Mortgage Bankers Association (MBA). This represented a 17% year-over-year increase.

While the MBA tracked 2,463 different multifamily lenders last year, more than half (53%) of the active lenders made five or fewer multifamily loans over the course of the year. The top five multifamily lenders in 2024 by dollar volume were JPMorgan Chase & Co., Walker & Dunlop, Berkadia, Wells Fargo, and CBRE. By dollar volume, the greatest share of these mortgages (41%) went to government-sponsored enterprises Fannie Mae and Freddie Mac.

“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.”