Quarterly report
Who is actually lending: Q2 2026
Banks and savings institutions hold $5.8T of commercial and commercial real estate loans at June 30, 2026. Lenders made 43,226 multifamily loans for $269.2B in 2025 and 175,022 SBA 7(a) loans over the last 36 months.
- Published
- November 8, 2026
- Data as of
- June 30, 2026
- HMDA
- 2025
- SBA through
- September 30, 2026
Cite this
Source: The Lender Report, Who Is Actually Lending: Q2 2026, https://lender.report/reports/who-is-lending-2026-q2/, data as of June 30, 2026.
Use these figures
Every figure carries its source and date. Cite it as shown, or ask for the data.
What lenders hold
Call reports and credit union 5300 filings, June 30, 2026
Banks and savings institutions hold $5.8T of commercial and commercial real estate loans, and credit unions hold $202.2B. These are balances, not loans made this quarter.
Bank non-owner-occupied CRE loans rose 0.9% to $1.2T in the quarter ended June 30, 2026 (FDIC call reports).
Bank multifamily loans rose 0.3% to $670.3B in the quarter ended June 30, 2026 (FDIC call reports).
Bank construction loans rose 0.1% to $458.9B in the quarter ended June 30, 2026 (FDIC call reports).
Bank C&I loans rose 2.0% to $2.6T in the quarter ended June 30, 2026 (FDIC call reports).
Credit union non-owner-occupied CRE loans rose 2.0% to $87.9B in the quarter ended June 30, 2026 (NCUA 5300).
Banks filing call reports went from 4,353 to 4,313 between March 31, 2026 and June 30, 2026.
| Book | Banks and savings | Credit unions |
|---|---|---|
| Multifamily | $670B | $48.0B |
| Construction and land | $459B | $11.1B |
| Owner-occupied CRE | $711B | $39.6B |
| Non-owner-occupied CRE | $1.23T | $87.9B |
| Farmland | $124B | $3.32B |
| Commercial and industrial | $2.62T | $11.8B |
Who made multifamily loans
HMDA 2025, manufactured-home parks excluded unless noted
Lenders made 43,226 multifamily loans for $269.2B in 2025, up 32.5% from 32,620 in 2024 (counting every originated loan in the HMDA file, including 1,710 loans on manufactured-home parks).
Banks and savings institutions made 69.0% of the multifamily loans on record for active lenders, credit unions 9.1%, and non-banks 21.9%.
California recorded the most multifamily loans in 2025 (5,674), followed by New York (3,318) and Illinois (2,847).
| Lender | Based in | Loans | Dollars |
|---|---|---|---|
| JPMorgan Chase Bank, National Association | Columbus, OH | 3,873 | $17.2B |
| RF Renovo Management Company, LLC | Chicago, IL | 798 | $1.11B |
| Walker & Dunlop, LLC | Bethesda, MD | 765 | $20.0B |
| Berkadia Commercial Mortgage | Ambler, PA | 752 | $14.0B |
| U.S. Bank National Association | Cincinnati, OH | 500 | $1.76B |
| Arbor Realty Trust, Inc. | Uniondale, NY | 423 | $5.62B |
| Lument Real Estate Capital | Columbus, OH | 387 | $5.13B |
| Wells Fargo Bank, National Association | Sioux Falls, SD | 340 | $20.9B |
| Velocity Commercial Capital LLC | Westlake Village, CA | 330 | $191M |
| Greystone Servicing Corporation, Inc. | Memphis, TN | 318 | $6.03B |
Who made SBA loans
SBA FOIA, 36 months ending September 30, 2026
SBA 7(a) approvals totaled 175,022 loans and $89B over the 36 months ending September 30, 2026, net of 29,428 cancelled approvals.
SBA 7(a) approvals net of cancellations totaled $29.5B in the 12 months to September 30, 2026, versus $32B in the prior 12 months (SBA).
SBA 504 approvals with a named first-lien lender totaled 18,076 projects, with 7,022 marked not funded, most of those recent and awaiting funding.
| Lender | Based in | Loans | Dollars |
|---|---|---|---|
| The Huntington National Bank | Columbus, OH | 18,014 | $5.37B |
| U.S. Bank National Association | Cincinnati, OH | 8,675 | $2.30B |
| Newtek Bank, National Association | Miami, FL | 8,244 | $2.95B |
| TD Bank, National Association | Wilmington, DE | 7,798 | $1.18B |
| Readycap Lending, LLC | Berkeley Heights, NJ | 7,055 | $2.38B |
| Manufacturers and Traders Trust Company | Buffalo, NY | 6,727 | $769M |
| Northeast Bank | Portland, ME | 6,302 | $951M |
| Live Oak Banking Company | Wilmington, NC | 5,781 | $7.03B |
| JPMorgan Chase Bank, National Association | Columbus, OH | 5,128 | $1.40B |
| BayFirst National Bank | Saint Petersburg, FL | 4,508 | $693M |
SBA does not require you to use an agent or broker for a loan application. SBA has not reviewed or endorsed this site.
Credit unions
NCUA 5300, first half of 2026
1,115 credit unions reported making real-estate-secured commercial loans in the first half of 2026: 17,969 loans for $22.2B.
Credit unions filing call reports went from 4,336 to 4,299 between March 31, 2026 and June 30, 2026.
1-4 unit investor lending
HMDA 2025
Lenders made 595,971 1-4 unit investor or business-purpose loans for $202.8B in 2025. Non-banks made 65.7% of them.
What this report does not show
Banks report balances, not loans made. Bank loans made come only from HMDA and SBA files, which cover multifamily, some 1-4 unit lending and SBA programs.
Bank call reports do not split commercial real estate by property type, so office, retail, industrial and hotel lending are not separately visible.
Nothing here is a rating, a forecast or a statement about the safety of any institution.
Source and date appear beside each figure. Banks report balances, not loans made. Loans made come only from HMDA and SBA files. We do not audit filings and can make errors joining them. Report a problem
Figures come from public records and show the source and date beside them. Public records can be late, incomplete or wrong. A past loan does not mean a lender will make the same kind of loan today. Confirm anything important with the lender.