MBA: Commercial/Multifamily Borrowing Increased 52% in the First Quarter of 2026
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Commercial and multifamily mortgage loan originations were 52% higher in the first quarter of 2026 compared to a year earlier, and decreased 30% from the fourth quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
“Commercial and multifamily originations increased 52% on an annual basis in the first quarter of 2026, reflecting a meaningful rebound in lending activity,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “The most notable increase was the 80% rise in depository lending, driven in part by the large volume of bank-held loans maturing this year and the need to refinance those positions. While overall activity declined from the fourth quarter of 2025, that slowdown is consistent with typical first-quarter seasonality and does not detract from the broader improvement in market conditions.”
ORIGINATIONS INCREASE 52% IN THE FIRST QUARTER OF 2026
Compared to a year earlier, a rise in originations for healthcare, retail, hotel, and industrial properties led to an overall increase in commercial/multifamily lending volumes. There was a 209% year-over-year increase in the dollar volume of loans for health care properties, an 148% increase for retail properties, an 85% increase for hotel properties, a 56% increase for industrial properties, and a 49% increase for multifamily properties. Office property loan originations decreased 2% compared to the fourth quarter of 2025.
Among investor types, the dollar volume of loans originated for investor-driven lenders increased by 133% year-over-year. There was an 80% increase in loans for depositories, a 38% increase in government sponsored enterprises (GSEs – Fannie Mae and Freddie Mac), a 9% increase in life company loans, and a 14% decrease in commercial mortgage-backed securities (CMBS) loans.
FOURTH QUARTER ORIGINATIONS DOWN 30% FROM THE FOURTH QUARTER OF 2025
On a quarterly basis, fourth-quarter originations for multifamily properties decreased 28% compared to the fourth quarter 2025. There was a 28% decrease in originations for office properties, a 28% decrease for industrial properties, and a 5% decrease for retail properties. Originations for hotel properties increased 3% and originations for health care properties increased 70% compared to the fourth quarter of 2025.
Among investor types, between the first quarter of 2026 and fourth quarter of 2025, the dollar volume of loans for depositories decreased 37%, loans for life insurance companies decreased 36%, originations for GSEs decreased 35%, loans for CMBS decreased 23%, and the dollar volume of loans for investor-driven lenders decreased 18%.
To view the report, please visit: https://www.mba.org/news-and-research/research-and-economics/commercial-multifamily-research/quarterly-commercial-multifamily-mortgage-bankers-originations-index
