CRE Loan Volume Ticks Down By 3%
April 6, 2017 | by PAUL BUBNY | GlobeSt.com
WASHINGTON, DC—Although commercial and multifamily mortgage originations in 2016 fell short of the previous year’s volume, a 3% year-over-year decline from 2015’s near-record levels is nothing to sneeze at. The Mortgage Bankers Association said Thursday that lenders closed $490.6 billion of loans last year, compared to $503.8 billion the year prior.
“Last year was a strong year for commercial real estate finance,” says Jamie Woodwell, MBA’s VP for commercial real estate research. “For originations, 2016 was the third highest year on record,” after ’15 and 2007, when volume reached $508 billion. “Borrowing and lending backed by multifamily properties made up the largest share of the market, and Fannie Mae and Freddie Mac drove much of that activity.”
