Commercial and multifamily mortgage loan originations were 66% higher year-over-year in the second quarter of 2025 and up 48% from Q1, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A rise in originations for office, healthcare and industrial properties led to an overall increase in lending volume.
MBA reported a 140% Y-O-Y increase in dollar volume of office property loans, a 77% increase for healthcare properties, a 53% increase for industrial and a 30% increase for retail properties. Originations for multifamily properties decreased 35% Y-O-Y, and hotel property loan originations decreased 30%.
“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 VP 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%, highlighting renewed interest from both traditional institutions and private capital.”
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