Multifamily Loans Led the Pack in 2024
Key facts and figures from the Mortgage Bankers Association. Read the report.
Total commercial real estate mortgage borrowing and lending is estimated to have totaled $498 billion in 2024, a 16 percent increase from the $429 billion in 2023, and a 39 percent decrease from $816 billion in 2022. This is according to the Mortgage Bankers Association’s 2024 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.
MBA’s survey tracked $411 billion of loans closed by dedicated commercial mortgage bankers in 2024—a 34 percent increase from the $306 billion reported in 2023. Activity from smaller and mid-sized depositories is estimated from other data sources to arrive at the $498 billion estimate for the total market.
Among different property types, multifamily properties saw the highest volume last year, with an estimated $326 billion of total lending and $219 billion directly tracked by dedicated mortgage bankers. First liens accounted for 92 percent of the mortgage bankers’ dollar volume closed.
Dedicated mortgage banking firms reported closing $411 billion of CRE loans in their own names and serving as intermediaries on $303 billion. Firms reported serving as investment sales brokers for $247 billion of deals.
—Posted on May 27, 2025
