While the number of multifamily lenders has grown, multifamily originations have tumbled.
Production of loans secured by residential properties with more than four units was $88 billion during 2008, the Mortgage Bankers Association reported today. Volume tumbled from $148 billion during 2007.
Despite the decline, MBA commercial executive Jamie Woodwell said mortgage lending to apartment building owners was “broad and diverse.”
Last year’s activity was generated by 2,877 multifamily lenders — more than the 2,739 reported for 2007. But over one-quarter of multifamily lenders closed just one loans, while five or less were originated by two-thirds of the group.
MBA said that last year’s five biggest multifamily lenders were PNC Real Estate; Wachovia; Wells Fargo Bank, N.A.; Capmark Financial Group Inc; and Deutsche Bank Commercial Real Estate.
