Fannie Mae offers some of the best multifamily financing options out there. With competitive fixed rates, these agency loans are set to become even more popular as interest rates continue to rise. Fannie Mae’s multifamily loan programs are varied in purpose and size, from small loans below $3 million to large loans exceeding $100 million.

Each January, Fannie Mae publishes the top 10 DUS loan producers of the previous year— in other words, those lenders which closed the largest volumes in Fannie-backed financing.

This year's ranking is below.

Top 10 Fannie Mae Multifamily Lenders of 2023

Rank	DUS Lender	2022 Volume ($B)
1	Walker & Dunlop	$11.4
2	Berkadia	$6.8
3	CBRE	$6.2
4	Wells Fargo	$4.7
5	Newmark	$4.6
6	Greystone	$4.4
7	JLL	$4.2
8	KeyBank	$3.6
9	Capital One	$3.3
10	Arbor	$3.1

10. Arbor

Headquartered in New York, Arbor Realty Trust is a REIT and specialty lender that focuses not only on multifamily but also health care, senior housing, and some other commercial real estate property types. The company produced $3.1 billion in Fannie Mae loans last year. While this is a drop from the $3.7 billion in 2021, Arbor remains solidly on Fannie Mae’s list.

9. Capital One

Capital One was founded in 1994 as a credit card issuer, but the lender quickly moved into other sectors, covering everything from car loans to multifamily mortgages. In 2022, Capital One’s originated Fannie Mae debt totaled $3.3 billion — like Arbor, a slight drop from the previous year. That said, Capital One was the fourth-highest producer of Fannie’s student housing loans last year and came in fifth for affordable housing loans.

8. KeyBank

Cleveland-based KeyBank ended up in eighth place, with an impressive $3.6 billion in Fannie loans last year, on par with its 2021 total volume. The bank doesn’t just offer Fannie Mae loans, of course: They’re very active with Freddie Mac and HUD-backed financing, also providing CMBS and life company loans. The company operates branches in 15 states but originates loans nationwide.

7. JLL

While better known for its property management and commercial leasing and investment brokerage services, JLL takes seventh place on our list, owing to $4.2 billion in Fannie Mae originations in 2022, just a small, 2.5% decline from the year before. Headquartered in Chicago, the firm doesn’t only handle multifamily — the company provides debt and equity for all types of commercial real estate properties.

6. Greystone

In sixth place on our list is Greystone, with $4.4 billion in Fannie Mae originations last year — a mild increase of 2.3%. The financial services firm distinguished itself in two categories this year. The lender was the top producer of Fannie Mae Small loans as well as seniors housing financing. Greystone doesn’t limit itself only to Fannie, of course: The lender also originates a high volume of Freddie Mac debt.

5. Newmark

Newmark is another company best known for the wide range of services it provides for commercial real estate, from leasing and research to property valuation and management. In 2022, Newmark closed $4.6 billion in DUS loans. That’s a sizable, $200 million increase compared to the year before. The firm also landed in third place on Fannie’s list of top DUS producers for structured transactions.

4. Wells Fargo

The fourth-largest bank by assets, Wells Fargo ended up in fourth place on Fannie Mae’s list as well, due to its $4.7 billion in loans through the agency. That’s a healthy 6.8% increase from 2021. Wells Fargo set itself apart in several ways this year: It took the top spot on Fannie’s list of producers for structured transactions and affordable housing loans, and it also landed in the top three for manufacturing housing properties and student housing assets.

3. CBRE

One of the best-known service providers in the commercial real estate space, CBRE’s Multifamily Capital division originated some $6.2 billion in Fannie Mae debt in 2022. As impressive as that figure is, it’s also a major decrease from 2021, when the giant provided financing to the tune of $6.8 billion. The firm’s loan offerings are diverse, with notable origination volumes in every category from student housing to green financing.

2. Berkadia

Berkadia Commercial Mortgage moved from third to second place this year, thanks to $6.8 billion in Fannie Mae multifamily originations. And that’s only a small part of its total loans provided in 2022, which hit $35 billion. Berkadia also does significant business through Freddie Mac loans, landing in first place on Freddie’s list of Optigo, conventional, and targeted affordable housing lenders last year.

1. Walker & Dunlop

Walker & Dunlop tops the list for the fourth consecutive year — and not by a small margin, either. The Bethesda, Maryland-based commercial real estate services firm provided $11.4 billion in Fannie Mae financing last year. Even more impressive, that’s growth of nearly 19% from 2021. Walker & Dunlop are major players in Freddie Mac financing as well: In 2022, the company originated a combined total of $18 billion in agency financing.

Should I Get a Loan From These Lenders?

That’s entirely up to you. Each of these 10 agency lenders consistently puts out a massive volume of Fannie Mae loans, which are among the most competitive financing options in the multifamily industry.

Just remember: The hundreds and thousands of banks and credit unions not on this list often can provide the same — or even better — financing through the same programs. Your best bet is to talk to someone who can take your deal and shop it around to multiple lenders. Multiple lenders means multiple quotes. That puts the power to choose the best deal squarely in your hands.

Curious how that works?

Get 10 soft quotes from 10 lenders in 24 hours: Take one minute and fill out the form below. We’ll get to work.

What are the best Fannie Mae multifamily lenders of 2023?: The best Fannie Mae multifamily lenders of 2023 are Capital One, Walker & Dunlop, and Berkadia. According to this article, Capital One offers a wide range of Fannie, Freddie, and HUD financing for multifamily properties, and it has regularly been named among the agencies’ top lenders in recent years. Walker & Dunlop is a top Fannie Mae lender, and Berkadia is a top Freddie Mac lender.
What are the advantages of working with Fannie Mae multifamily lenders?: Fannie Mae offers a variety of loan products for multifamily lenders. The advantages of working with Fannie Mae multifamily lenders include:

Very competitive interest rates

Up to 80% LTV allowance

Streamlined processing/documentation

Capital improvements may be included in the loan amount

Most loans are non-recourse

Supplemental loans are allowed after 12 months

30- 180 day rate locks available after commitment (extended rate locks also available)

No processing fees (except with written approval)

Non-recourse loans are assumable with lender approval and a 1% fee

For more information, please visit Fannie Mae Multifamily Small Loans and Fannie Mae Fixed-Rate Multifamily Loans.
What criteria should I consider when choosing a Fannie Mae multifamily lender?: When choosing a Fannie Mae multifamily lender, you should consider the lender's loan terms, such as the loan amount, interest rate, loan-to-value (LTV) ratio, amortization, and fixed or adjustable-rate terms. Additionally, you should consider the lender's qualifications, such as the borrower's income and debt ratios, to determine their ability to repay the loan. For more information, you can read Multifamily Financing: Your Comprehensive Guide and Buying Your First Apartment Building: An Investor Guide.
What are the differences between Fannie Mae and Freddie Mac multifamily lenders?: Fannie Mae and Freddie Mac are both government-sponsored enterprises (GSEs) that provide financing for multifamily properties. While both offer financing for the purchase or refinancing of multifamily properties, there are some key differences between the two.

Fannie Mae offers Fannie Mae Multifamily Loans with a variety of loan products, including the Green Rewards program, which provides incentives for energy-efficient improvements. Fannie Mae loans typically have lower interest rates than conventional loans, often with more flexible underwriting guidelines.

Freddie Mac offers Freddie Mac Multifamily Loans with a variety of loan products, including the Targeted Affordable Housing (TAH) program, which provides financing for affordable housing projects. Freddie Mac loans typically have higher interest rates than Fannie Mae loans, but they also offer more flexible underwriting guidelines.

In addition, Fannie Mae and Freddie Mac have different eligibility requirements for borrowers. Fannie Mae requires borrowers to have a minimum credit score of 620, while Freddie Mac requires a minimum credit score of 660. Fannie Mae also requires a minimum down payment of 5%, while Freddie Mac requires a minimum down payment of 10%.
What are the most competitive rates offered by Fannie Mae multifamily lenders?: Fannie Mae offers very competitive interest rates for multifamily loans, ranging from 4.95% to 7.05%. These rates are available for loan terms of 5 to 25 years. For more information, please visit Fannie Mae Fixed-Rate Multifamily Loans.

For comparison, Freddie Mac loans offer interest rates of 4.95% to 7.05% for loan terms of 5 to 25 years, CMBS loans offer interest rates of 5.30% to 8.30% for loan terms of 5 to 10 years, and HUD multifamily loans offer interest rates of 4.09% to 6.59% for loan terms of 5 to 35 years. For more information, please visit Multifamily Mortgage Rates.
What are the most important documents to provide when applying for a Fannie Mae multifamily loan?: When applying for a Fannie Mae multifamily loan, the most important documents to provide are:

HUD/FHA Multifamily Documentation, which includes:

Loan application

Credit report

Appraisal report

Environmental report

Income and expense statement

Lease agreements

Financial statements

Apartment Finance Document Templates, which includes:

Loan application

Credit report

Appraisal report

Environmental report

Income and expense statement

Lease agreements

Financial statements

Business plan

Operating statement

Rent roll

Title report

Survey

In this article:

Top 10 Fannie Mae Multifamily Lenders of 2023
10. Arbor
9. Capital One
8. KeyBank
7. JLL
6. Greystone
5. Newmark
4. Wells Fargo
3. CBRE
2. Berkadia
1. Walker & Dunlop
Should I Get a Loan From These Lenders?
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Top 10 Fannie Mae Multifamily Lenders of 2023