Commercial and Multifamily Lending Makes Strides in Q2

Commercial and multifamily mortgage loan originations were 16 percent higher in the second quarter of 2026 compared to a year earlier, and increased 12 percent from the first quarter of 2026, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. 

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Commercial and multifamily mortgage lending maintained its upward trajectory in the second quarter as improving capital markets and stronger transaction activity supported higher volumes. Office lending was strong, with increases in originations on an annual and quarterly basis, signaling renewed financing activity in a sector that has faced significant headwinds. Additionally, CMBS and bank lenders posted particularly strong gains in the second quarter. Although activity remains uneven across some capital sources and property sectors, the overall increase in lending points to continued improvement in commercial real estate finance markets. 

Originations increased by 8 percent in Q2 

Compared to a year earlier, a rise in originations for retail, office, hotel, industrial and multifamily properties led to an overall increase in commercial/multifamily lending volumes. There was a 61 percent year-over-year increase in the dollar volume of loans for retail properties, a 47 percent increase for office properties, a 19 percent increase for hotel properties, an 8 percent increase for multifamily properties, and a 6 percent increase for industrial properties. Health care property loan originations decreased 19 percent compared to the second quarter of 2025.   

Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities increased by 68 percent year-over-year. There was a 61 percent increase in loans for depositories, an 18 percent increase in investor-driven lender loans, a 17 percent decrease in government sponsored enterprises (Fannie Mae and Freddie Mac), and a 27 percent decrease in life insurance company loans. 

—Posted on September 22, 2026