US Commercial and Multifamily Mortgage Loan Originations Rise in Q2

On Thursday, the Mortgage Bankers Association (MBA) reported that commercial and multifamily mortgage loan originations were 66% higher in Q2 compared to the same quarter in 2024 and increased 48% from Q1.

By property type, originations for industrial properties jumped 102% on a quarterly basis. Health care property originations rose 90%, while retail property originations increased 58%. Hotel property lending was unchanged. Office property originations declined 18%, and multifamily lending fell 41%.

Among capital sources, loans from investor-driven lenders rose 107% from the previous quarter. Life insurance companies increased their lending volume by 71%, while GSE originations were up 54%. Loans from depositories climbed 36%. CMBS loan volume, however, fell 20%.

Commenting on the report, MBA Associate Vice President of Commercial Research Reggie Booker said:

“Commercial and multifamily borrowing gained significant momentum in the second quarter of 2025, with strong increases across most property types and capital sources. 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%, highlighting renewed interest from both traditional institutions and private capital.”