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Credit unions continued to increase their small share of the nation’s commercial real estate loans in the third quarter.
Credit unions had about 3.6% of the nation’s balance on Sept. 30, up from about 3.3% a year earlier. Their share of multifamily loans grew slightly from 1.7% in September 2024 to 1.8% in September 2025.
The shares are based on comparing national estimates released Tuesday by the Mortgage Bankers Association with NCUA numbers for credit unions gathered from Callahan’s Peer Suite.
“Commercial and multifamily mortgage debt continued to grow during last year’s third quarter, driven by strong increases in multifamily lending,” Reggie Booker, the MBA’s assistant vice president of commercial research, said.
Commercial banks continue to hold the largest share (37%). Others holding commercial real estate loans include Fannie Mae, Freddie Mac, life insurance companies and investors in commercial mortgage-backed securities
Credit union balances have been growing more than twice as fast as the nation’s growth rate:
- The MBA reported that the nation’s commercial real estate portfolio stood at $4.93 trillion on Sept. 30, up 4% from a year earlier and up 1.1% from June 30. The balance at credit unions was $177.3 billion, up 11.7% from a year earlier and up 3.1% from June.
- The nation’s multifamily real estate balance stood at $2.24 trillion on Sept. 30, up 5.9% from a year earlier and up 1.8% from June 30. Credit unions held $40.7.3 billion, up 13.3% from a year earlier and up 2.4% from June.
- The balance of other types of commercial real estate was $2.69 trillion on Sept. 30, up 2.5% from a year earlier and up 0.5% from June 30. Credit unions held $132.2 billion, up 11.2% from a year earlier and down 0.4% from June.
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