By all accounts, 2025 was a very good year for multifamily lending.

Data published Thursday by the Mortgage Bankers Association (MBA) shows total multifamily lending volume of $381.8 billion last year, a 32% increase from 2024.

“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,” observed Reggie Booker, the MBA’s associate vice president of commercial research, in a press release teasing the association’s full annual report.

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Booker highlighted the market’s “deep and diverse lender base,” with 2,530 companies originating multifamily loans in 2025. Nearly half of those lenders made five or fewer loans, which he said underscores “the important role that both large and smaller lenders play in financing multifamily properties.”

America’s largest bank, JPMorgan Chase, led all multifamily lenders in dollar volume in 2025, according to MBA data. Rounding out the top five were Wells Fargo, Walker & Dunlop, Berkadia and CBRE.

A separate report released Wednesday by Newmark, a commercial real estate advisory and services firm, suggests 2026 could blow past last year’s figures if first-half trends continue.

Newmark reported a 26% year-over-year increase in multifamily debt originations during the first half of 2026. If the second half of the year meets or exceeds that pace, total multifamily lending volume would surpass the recent high-water mark of $437 billion recorded in 2021.

“Borrowers benefited from narrow loan spreads, improved confidence in fundamentals as construction slowed, and continued momentum starting in the second half of 2024,” Newmark noted.

Banks saw multifamily originations rise 65% during the first six months of 2026, with financial firms booking a 45% increase. Those gains came at the expense of government-sponsored enterprises Fannie Mae and Freddie Mac, which “continue to lead multifamily originations by market share, through their dominance has recently declined slightly,” Newmark stated.

The GSEs’ average market share was 39% on a 12-month rolling basis, according to Newmark data, followed by banks at 28% and financial firms at 23%.