Commercial and multifamily mortgage loan originations took off like a rocket in the first quarter, fully 49% higher than during the same period last year, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
First quarter originations usually drop from fourth quarter and this year was no different — originations saw a decrease of 26% from fourth quarter 2014.
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“The year?end momentum from 2014 carried into the first quarter of 2015, with year?over year growth in lending for every major property type,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Multifamily lending was a key driver of first quarter originations and the GSEs drove multifamily. The GSEs’ multifamily originations increased by 306% compared to Q1 2014, marking their second highest quarter on record, while multifamily originations for other capital sources appear to have remained flat or declined.”