Commercial and multifamily mortgage loan originations were 66 percent higher in the second quarter of 2025 compared to a year earlier and increased 48 percent from the first quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
“Commercial and multifamily borrowing gained significant momentum in the second quarter of 2025, with strong increases across most property types and capital sources,” said Reggie Booker, MBA’s associate vice president of commercial research. “While multifamily and hotel lending remain below last year’s levels, much of the strong annual growth reflects the exceptionally low levels of activity reported last year. Lending by depositories more than doubled, and originations by investor-driven lenders surged by over 90 percent, highlighting renewed interest from both traditional institutions and private capital.”
Compared to a year earl
