The Top 10 HUD Multifamily Lenders of 2018-2019

The 2018-2019 List of Top 10 FHA Multifamily Lenders

HUD’s multifamily loan programs are some of the most popular apartment loans on the market, offering high leverage, non-recourse, fully amortizing financing at extremely competitive rates. While it’s much easier to determine exact numbers for Freddie Mac and Fannie Mae Multifamily loans (as they publish significantly more comprehensive year end reports), we’ve done our best to provide the most recent information about the top HUD/FHA multifamily lenders in the industry today. Despite the lack of available data from 2019, there’s not much reason to believe that this list will become substantially different over the next 8-12 months.


Greystone Servicing Corporation: $1.82 Billion

Right now, Greystone is a major market leader in multifamily finance, having been ranked the #1 HUD/FHA multifamily and healthcare lender of 2018, with nearly $2 billion of loan commitments. This includes approximately $1 billion of transactions under the Multifamily Accelerated Processing (MAP) HUD 223(f) program (over 55 individual deals). In addition to its HUD-insured multifamily lending services, the company also supplied more than $5 billion of Fannie Mae and Freddie Mac multifamily loans that year. Greystone also offers CMBS loans as well as property management and investment sales advisory services. Greystone is headquartered in New York City and is currently headed by CEO Stephen Rosenberg.

Berkadia Commercial Mortgage: $1 Billion+

Berkadia Commercial Mortgage, the second largest HUD multifamily lender of 2018, is a 50/50 venture between the companies Jeffries and Berkshire Hathaway. In addition to closing more than $1 billion of HUD multifamily loans in 2018, the firm also originated more than $16 billion in Fannie Mae and Freddie Mac multifamily loans, leading to its ranking as the #2 agency multifamily lender of that year. In 2018, the firm also ranked as the #3 lender for Freddie Mac Seniors Housing Loans. Despite the fact that the company is only 10 years old, it has grown rapidly, and, is currently the largest non-bank commercial mortgage servicer in the U.S.

In addition to offering HUD and agency multifamily loans, Berkadia also provides senior housing advisory, investment sales, land acquisition, and student housing advisory services. Berkadia Commercial Mortgage is headquartered in New York City and is currently lead by CEO Justin Wheeler.

Walker & Dunlop: $1.3 Billion

In 2018, Walker & Dunlop was ranked #3 on HUD’s list of top multifamily lenders, with $1.3 billion in MAP initial endorsements. While this is a substantial number, it’s slightly down from the $1.4 billion in FHA originations the lender had in 2017. In addition, Walker & Dunlop boasts a remarkable 97% HUD Firm Application approval rate, and has specific expertise in a variety of areas, such as RAD, Section 8, Low-Income Historic Tax Credits (LIHTCs), and Historic Tax Credits (HTCs). The firm also boasts a staff with significant experience working for HUD itself, including a former HUD director.

Dwight Capital: $1 Billion+

Dwight Capital has been one of the top 5 HUD multifamily lenders for the last four years, and currently services more than $3 billion in loans. Some of the most notable transactions of that year included a nearly $38 million loan for Packard Lofts, a Class-A mixed-use development located in Downtown Los Angeles. In addition to originating HUD multifamily loans, Dwight Capital also issues mezzanine debt/preferred equity, USDA multifamily loans, bridge financing, and collateralized loan obligations (CLOs). Dwight Capital is headquartered in New York City and is currently headed by Co-CEOs Adam and Josh Sasouness.

Red Mortgage Capital

While Red Mortgage Capital has not published its HUD/FHA multifamily loan origination volume for 2018, in 2017, the firm closed $1.457 billion of HUD multifamily mortgages, ranking it #3 in origination volume for all HUD multifamily lenders. In contrast, in 2016, Red ranked as the #1 HUD multifamily lender, but only closed $1.298 billion in loans. In addition to Red’s HUD/FHA multifamily loan business, the firm offers balance sheet loans, bond financing, and CMBS loans. The company also services many of its own loans. Red Mortgage Capital is headquartered in Columbus, Ohio and is currently headed by Chairman & CEO Edward J. Meylor. Red Mortgage Capital is a fully-owned subsidiary of ORIX, Inc.


Wells-Fargo, the fourth-largest global bank by market capitalization, has an estimated $1.87 trillion in assets. Like Red Mortgage Capital, Wells-Fargo did not publish its HUD/FHA multifamily loan origination volume for 2018. However, in 2017, the firm originated $1.324 in FHA multifamily loans, ranking fourth on the list for top HUD multifamily lenders that year. When it comes to multifamily lending, Wells-Fargo also has significant experience with originating agency loans. In 2018, the bank was the #4 agency lender in the U.S., providing nearly $13 billion of agency multifamily loans that year.

That same year, Wells-Fargo reported revenues of $86.4 billion and an income of $22.39 billion. Wells-Fargo is headquartered in San Francisco, California, and is currently lead by interim CEO C. Allen Parker.

Lancaster Pollard: $619.1 Million

Lancaster Pollard may not be as large as some of the other HUD multifamily lenders out there, but they have an extremely well-developed niche in originating HUD/FHA seniors housing loans. In fact, the lender was ranked #1 in HUD seniors housing originations for the year 2018. However, the firm’s dominance of the HUD senior housing niche goes back several years. From 2010-2018, the lender originated more than $5.8 billion in seniors housing loans, almost $2 billion more than its closest competitor, the Capital Funding Group, which originated $3.55 billion of loans during that 8-year period. In addition to its focus on the HUD 232 and 232/223(f) healthcare lending programs, the firm also offers HUD 242 hospital loans, Fannie Mae seniors housing loans and USDA seniors housing financing, along with a host of other sales and advisory services. Like Red Mortgage Capital, Lancaster Pollard is a fully-owned subsidiary of ORIX, Inc.

Merchants Capital  

Merchants Capital is currently one of the largest HUD multifamily lenders in the industry. However, don’t be surprised if you’re not familiar with the company’s name, as it was previously referred to as PR Mortgage & Investments, and was recently rebranded as Merchants Capital in 2018. Like several other lenders on this list, we don’t have accurate 2018 FHA multifamily origination data for Merchants Capital, but in 2017, the company originated more than $849 million in HUD multifamily financing, ranking #7 in total origination volume for that year.


With more than 1,100 locations around the U.S., KeyBank is currently ranked #27 on the list of the largest banks in the country. KeyBank originated more than $541 million in FHA multifamily financing during 2017, the most recent year for which data is available. In 2016, KeyBank was ranked as the #2 HUD LEAN lender in the U.S., second only to Lancaster Pollard. And, in 2018, the bank was ranked as the 4th largest agency multifamily lender, with nearly $10 billion in overall Fannie Mae and Freddie Mac Multifamily originations. The company was also the #1 Freddie Mac Seniors Housing lender of that year.

Keybank, which is a member of the S&P 500, reported approximately $7.4 billion of revenue during the 2018 fiscal year. The firm, a subsidiary of KeyCorp, is headquartered in Cleveland, Ohio, and is currently lead by Chairwoman and CEO Beth E. Mooney.

Love Funding

Love Funding is another major HUD/FHA multifamily lender, and, like Lancaster Pollard, places a particular emphasis on financing seniors housing and healthcare properties. The company originated more than $502 million in FHA multifamily financing during 2017, the most recent year for which data is available. Like a few of the other lenders on this list, Love Funding services many of its own loans and currently has a servicing portfolio of $3.4 billion. Love Funding is headquartered in Washington, D.C., and is currently headed by President Jonathan Camps. While Love Funding is a private lender, not a bank, it is a subsidiary of Midland States Bancorp, Inc., a community banking group with headquarters in Effingham, Illinois.

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