In 2010, 2,548 different multifamily lenders provided a total of $68.8 billion in mortgage financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA). The 2010 dollar volume represents a 31 percent increase from 2009 levels. Just one percent of the lenders accounted for 51 percent of the dollar volume, while three-quarters of the lenders made five or fewer loans over the course of the year.
In terms of total dollar volume, the top five multifamily lenders in 2010 were Wells Fargo Bank NA, CBRE Capital Markets Inc., Berkadia Commercial Mortgage LLC, PNC Real Estate and Prudential Mortgage Capital Company.
"The multifamily lending market grew 31 percent in 2010, with credit extended by a broad range of lenders to a broad range of properties," said Jamie Woodwell, MBA's VP of commercial real estate research.
MBA's report is based on data from the MBA 2010 Commercial Multifamily Annual Origination Volume Rankings and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets specialized commercial/multifamily originators and covered $119 billion in commercial and multifamily loans in 2010. 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 mortgage market available.