Apartment lending jumped 32% to $381.8 billion in 2025, but Shafiq Hirani warns most of that growth went to large agency-backed deals. Small and mid-size property owners may not see easier credit, even as JPMorgan Chase, Wells Fargo, and Walker & Dunlop lead the market.
Report came out this week showing that apartment lending jumped 32% last year, nearly $382 billion in new mortgages. If you own an apartment building and you have been told that financing is tight, that headline probably surprised you, but that number is describing a different market than yours. And underneath it, there was a quieter change this year that matters far more if you own a small or mid-sized building. I'm Shafiq Hirani, MBA, CCIM, and this is an Apartment Navigator midweek update. If these breakdowns help you see past the headlines, hit subscribe and drop a comment and tell me who you bank with for your building: a local bank, a credit union, or an agency lender. I want to know what owners are actually using. Let's get into it. The Mortgage Bankers Association reported that in 2025, Roughly 2,530 different lenders originated $381.8 billion in new mortgages for apartment properties with 5 or more units. That is a 32% increase over the prior year. Their research lead credited greater rate stability and clearer pricing expectations for bringing borrowers and lenders back to the market. So capital is flowing. That is real. But look at where it went. Fannie Mae and Freddie Mac together took 40% of total dollar volume, and the top 5 lenders were JPMorgan Chase, Wells Fargo, Walker and Dunlop, Bercadia, and CBRE.
