MBA: Commercial/Multifamily Borrowing Increased 16% in the Second Quarter
Commercial and multifamily mortgage loan originations were 16% higher in the second quarter of 2026 compared to a year earlier, and increased 12% from the first quarter of 2026, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
“Commercial and multifamily mortgage lending maintained its upward trajectory in the second quarter as improving capital markets and stronger transaction activity supported higher origination volumes,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “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 INCREASE 8% IN THE SECOND QUARTER OF 2026
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% year-over-year increase in the dollar volume of loans for retail properties, a 47% increase for office properties, a 19% increase for hotel properties, an 8% increase for multifamily properties, and a 6% increase for industrial properties. Health care property loan originations decreased 19% compared to the second quarter of 2025.
Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 68% year-over-year. There was a 61% increase in loans for depositories, an 18% increase in investor-driven lender loans, a 17% decrease in government sponsored enterprises (GSEs – Fannie Mae and Freddie Mac), and a 27% decrease in life insurance company loans.
SECOND QUARTER 2026 ORIGINATIONS UP 12% FROM THE FIRST QUARTER OF 2026
On a quarterly basis, first-quarter originations for industrial properties increased 38% compared to the first quarter 2026. There was a 23% increase in originations for office properties, a 15% increase for multifamily properties, and a 3% increase for retail properties. Originations for hotel properties decreased 36% and originations for health care properties decreased 50% compared to the first quarter of 2026.
Among investor types, between the second quarter of 2026 and first quarter of 2026, the dollar volume of loans for CMBS increased 55% , loans for depositories increased 22%, originations for life insurance companies increased 15%, loans for investor-driven lenders increased 5%, and the dollar volume of loans for GSEs decreased 7%.
To view the report, please click here: https://www.mba.org/news-and-research/research-and-economics/commercial-multifamily-research/quarterly-commercial-multifamily-mortgage-bankers-originations-index
