Multifamily Mortgage Data From 2010 Suggests Plenty of Room For CUs
Data on the financing of the multifamily housing industry in 2010 depict a market that is both dominated by large institutions but also with room for credit unions and other smaller lenders to grow their business.
According to the Mortgage Bankers Association, a housing finance trade association that includes credit unions, lenders provided almost $70 billion to finance multifamily housing development in 2010.
This was a 31% increase over the amount lent in 2009, the association said, before reporting that a mere five lenders accounted for 51% of the market: Wells Fargo, CBRE Capital Markets Inc., Berkadia Commercial Mortgage LLC, PNC Real Estate and Prudential Mortgage Capital Company.
The remaining 49% of the market was served by other lenders, 75% of which made fewer than five multifamily development loans per year, the MBA added.