What a difference a year makes. Last year, 2,739 multi-family lenders provided more than $147.7 billion in financing for apartment buildings with at least five units and closed 48,577 individual loans, according to a report from the Mortgage Bankers Association. The average loan size came in at $3 million, while the average lender provided 18 multi-family loans in 2007. Wachovia Corp., Washington Mutual Bank, Deutsche Bank Commercial Real Estate, Capmark Financial Group Inc. and Wells Fargo Bank N.A. were the top five multi-family lenders in 2007 based on total dollar volume. The report–based on data from the MBA 2007 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act–also slotted Washington Mutual, Wells Fargo and Wachovia as the top three lenders based on the number of multi-family loans closed. The multi-family lending industry has undergone a dramatic year-over-year transformation, with some of its leading players now being folded into other firms, most recently Wachovia and Washington Mutual.