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The Top 15 HUD Multifamily Lenders of 2024
Find out which 15 HUD lenders provided the highest volume of new loans in the past fiscal year with our comprehensive ranking.
- The Top 15 HUD Lenders of 2024
- 15. California Housing Finance Agency
- 14. M&T Realty
- 13. KeyBank
- 12. Lument
- 11. Gershman Investment Corp.
- 10. White Oak Healthcare Finance
- 9. NewPoint Real Estate Capital
- 8. VIUM Capital Mortgage
- 7. Regions Bank
- 6. Merchants Capital
- 5. Mason Joseph Company
- 4. Berkadia
- 3. Walker & Dunlop
- 2. Dwight Capital
- 1. Greystone
- But Which Lender Is the Best ?
- Related Questions
- Get Financing
There are few better multifamily financing options than a HUD loan. With full amortization, low, fixed interest rates, high LTV allowances (which just got higher earlier in October '24, by the way), and more, they tick most if not all the boxes that a borrower is looking to buy, develop, or refinance a multifamily property.
And just to clear the air: HUD multifamily loans are by no means exclusive to affordable housing properties. They’re available for just about any apartment community you can think of.
It's worth pointing out that the volume of HUD loans has slowed in the past couple years, after peaking in 2021 to a staggering $38.1 billion in firm commitments. 2024's volume, by comparison, came in at $13.5 billion. That's no reflection of how attractive the financing programs are, but more a function of slowing multifamily transaction volume (and, in 2023 and 2024, fewer numbers of construction projects kicking off).
So, which lenders are providing the biggest chunk of these loans? The Department of Housing and Urban Development’s database shows around 700 different banks, housing finance agencies, and other lenders were involved in HUD originations during the 2024 fiscal year.
I used the data below to create our list of the top 15 HUD multifamily lenders of 2024, based on origination volumes from HUD's 2024 fiscal year. (Note that their fiscal year runs from October through September.)
Curious about who made the list in previous years? Read our older ranking on HUD Loans.
The Top 15 HUD Lenders of 2024
Rank | Lender | 2024 Volume ($MM) |
|---|---|---|
1 | Greystone | $1,693.5 |
2 | Dwight Capital | $972.0 |
3 | Walker & Dunlop | $944.4 |
4 | Berkadia | $879.3 |
5 | Mason Joseph Company | $527.2 |
6 | Merchants Capital | $521.3 |
7 | Regions Bank | $497.6 |
8 | VIUM Capital Mortgage | $463.5 |
9 | NewPoint Real Estate Capital | $387.7 |
10 | White Oak Healthcare Finance | $383.7 |
11 | Gershman Investment | $367.1 |
12 | Lument | $332.9 |
13 | KeyBank | $322.2 |
14 | M&T Realty Corp. | $301.1 |
15 | California Housing Finance Agency | $276.5 |
15. California Housing Finance Agency
The California Housing Finance Agency, or CalFHA, is the state’s agency focused on affordable housing for residents with low or middle incomes. Started in 1975, the agency provides loan programs and homebuyer assistance across the state, both to promote home ownership and create more affordable housing. The agency’s remit doesn’t stop there, though: It also has played a very active role in providing financial assistance to victims of the state’s devastating wildfires and to renters affected by the pandemic.
In 2024, CalFHA’s HUD loans with firm commitments totaled $276.5 million — a slight increase from the $256.3 million reported from the 2023 fiscal year.
14. M&T Realty
M&T Realty offers a range of commercial financing options, with a focus not only on multifamily but office, retail, and industrial properties as well. Known for their experience in FHA and Fannie Mae programs, they handle both permanent and construction loans. With a national reach, they support projects across various markets while maintaining a straightforward, efficient approach to commercial real estate lending.
In 2024, M&T's HUD firm commitments hit just north of $300 million, a big, 67% increase from the $180 million reported the year before.
13. KeyBank
Headquartered in Cleveland, KeyBank is highly active in the multifamily space nationwide. Although they primarily focus on multifamily, they consistently fund other commercial real estate types as well. Their national platform helps them handle a wide range of projects, and their ability to navigate HUD financing is worthy of note.
This past fiscal year, KeyBank had $322.2 million in HUD firm commitments, though this was a quite notable drop from the 2023 year, when the bank clocked in at $482.4 million.
12. Lument
Lument started in 2017 as a subsidiary of Orix USA. The lender was the result of a merger between Hunt Real Estate Capital, Hunt Capital Partners, and Red Mortgage Capital. Today, Lument offers all types of Freddie, Fannie, and HUD loans, plus financing for other commercial real estate assets, from office to industrial.
In 2024, Lument had HUD firm commitments of $332 million, landing it in 12th place on our list. Although this loan volume is impressive, it's a massive fall from the previous year, when HUD reported firm commitments of more than $910 million.
11. Gershman Investment Corp.
Founded by Harry Gershman in St. Louis in 1957, Gershman Mortgage is unlike many of the other lenders on our list in that it provides not only HUD multifamily loans but also provides FHA loans for first-time home buyers. The lender is a private, family-owned company.
In 2024, Gershman’s multifamily volume through HUD totaled $367.1 million, an increase of more than 25% from the previous year's $291.7 million.
10. White Oak Healthcare Finance
A relatively new entrant into the specialized lending space, White Oak Healthcare Finance focuses exclusively on — as the name clearly suggests — financing healthcare properties. Several of HUD's financing programs are tailored specifically for healthcare and residential care facilities, and White Oak has made its mark in this space.
In 2024, White Oak's firm commitments totaled $383.7 million, which is a 62% increase from 2023. This lender clearly has room to grow.
9. NewPoint Real Estate Capital
One of the youngest lenders on our list, NewPoint Real Estate Capital opened for business in 2021, headed up by former Freddie Mac CEO David Brickman. The company’s HUD financing book had explded in 2021, but it appears to have slowed significantly, with firm commitments growing only 4.3% to $387.7 million in 2024.
The lender is diversifying its approach to HUD lending, seemingly, shifting from a sole focus on 223(f) loans to include significant healthcare financing as well — two-thirds of its firm commitments in 2024 were through the HUD 232 program.
8. VIUM Capital Mortgage
VIUM Capital Mortgage is a specialized lender that focuses on providing financing for senior housing and healthcare facilities. They don't only do HUD loans, also focusing on bridge financing options.
They're also one of our fastest-growing lenders, with their firm commitments of $463.5 million indicating a 285% increase from the 2023 fiscal year.
7. Regions Bank
Based out of Birmingham, Ala., Regions Bank is not limited just to HUD financing or even just multifamily, and their reach has expanded across the country — though historically they do tend to focus more on properties within the southeastern U.S.
In 2024, their HUD firm commitments came close to $500 million, which shows an impressive gain of more than 300% from the $121.9 million in firm commitments the year before.
6. Merchants Capital
Founded in 1990, Merchants Capital offers a robust set of financing tools, from HUD multifamily loans to agency loans. The group is also a tax credit equity syndicator, involved in many projects utilizing Low-Income Housing Tax Credits, or LIHTCs.
In 2024, Merchants Capital’s HUD firm commitments totaled $521.3 million, a large — albeit certainly not unprecedented — decrease from the $581.4 billion in 2023. The group is extremely active outside of FHA financing, too, with total loan originations of over $40 billion and more than $25 billion of assets under management.
5. Mason Joseph Company
Headquartered in San Antonio, the Mason Joseph Company was established in 2011. The group has offices in Texas and Oklahoma and operates nationwide, though the overwhelming bulk of its activity occurs in the Lone Star State. In 2024, nearly 90% of its $527.2 million in firm commitments were for projects in Texas. The group also worked on roughly $62 million in Tennessee.
4. Berkadia
Formed as a joint venture between Berkshire Hathaway and Leucadia National Corporation in 2009, Berkadia is one of the largest multifamily lenders in the U.S. The group originated $35 billion last year across 1,645 loans, including Freddie and Fannie debt as well as conduit financing and life insurance company loans.
Its HUD lending activity, too, is among the top in the nation once again. In 2024, Berkadia had firm commitments of $879.3 million, but this is a huge drop from 2023. Last year, Berkadia's totals included nearly $1.4 billion of firm commitments.
3. Walker & Dunlop
Walker & Dunlop lands in third place for HUD lending, with $944 million in firm commitments in 2024. Nearly half (49.2%) of its HUD firm commitments this past year were for HUD 221(d)(4) loans.
Founded in 1937, Walker & Dunlop was one of the first companies to extend single-family loans using FHA insurance and, in the late 1980s, was one of the first groups to be chosen as a Fannie Mae DUS lender. The company has been led by CEO Willy Walker since 2007.
2. Dwight Capital
Although Dwight Capital is active in both the multifamily and healthcare sectors as a whole, its strongest focus is in the affordable housing market. The New York-based group has more than $9 billion of closed HUD loans, ranging from 221(d)(4) construction to 223(a)(7) refinancing loans.
In 2024, Dwight Capital had close to $972 billion in HUD firm commitments — impressive, even if it’s a dip from its peak at $2.8 billion in 2021. Over 90% of its HUD volume from last year was through the 223(f) program, accounting for nearly all of the HUD loans it provided.
1. Greystone
Greystone takes the top position for its seventh consecutive year, with close to $1.7 billion in HUD firm commitments in 2024. Like many lenders on our list, this is a decline from last year’s volume — $1.9 billion, in Greystone’s case — but the group stood high above every organization on our list, more than $700 million ahead of second place.
In addition to $1.35 billion of HUD 223(f) loans across seniors housing, and apartment buildings, Greystone also provided more than $342 million in 221(d)(4) loans.
But Which Lender Is the Best?
That really depends on you and your needs. This is just a list of the top lenders by volume in 2024. That doesn't mean that the #1 firm on our list is better for a 223(f) refinance than the #15 (or one of the many, many, many other lenders who didn't make our list).
It's not as easy as just applying for a loan with an originator who works at one of the firms above. There's no one lender that's the best for every single borrower, after all. Thankfully, today you don't need to know off the top of your head who the best lender in town is. You just need to know how to connect with them.
That's something we can help you with at Janover. We'll shop your deal to hundreds of lenders — yes, including many of those listed above — exploring every financing program that could be the best fit for your needs. Then you can compare what's out there and pick what works for you.
Sounds good, I know. Take a minute, fill in the form below, and get your free quote today.
Related Questions
What are the best HUD multifamily lenders of 2023?
The best HUD multifamily lenders of 2023 are not yet known, as the year has not yet ended. However, according to this article, the top 10 HUD multifamily lenders of 2018-2019 were:
- Walker & Dunlop
- Greystone
- CBRE
- Hunt Real Estate Capital
- Bellwether Enterprise
- NorthMarq Capital
- KeyBank Real Estate Capital
- PNC Real Estate
- Capital One
- Wells Fargo
These lenders are likely to remain among the top HUD multifamily lenders of 2023, but it is also possible that new lenders may enter the market. If you are looking for the best multifamily lender for your unique situation, this article suggests filling in your details to get 10 soft quotes from a wide range of lenders in 24 hours.
What are the qualifications for HUD multifamily financing?
What are the benefits of HUD multifamily financing?
HUD multifamily loans offer many benefits, including 35-year fixed rate terms, full amortization, and leverage up to 83.3% for market-rate apartment buildings or 87% for rental assistance properties. HUD loans also have few restrictions on borrower experience, unless you’re getting a construction loan, and their liquidity and net worth borrower requirements are far more flexible compared to even agency loans. Additionally, HUD multifamily loans include specific benefits for affordable properties, such as increased LTV allowances, reduced DSCR requirements, and lower mortgage insurance premiums, or MIPs. HUD multifamily loans also fit well with the Low-Income Housing Tax Credit (LIHTC) program https://www.hud.loans/hud-loans-blog/lihtc-program-hud-multifamily-loans and the Rental Assistance Demonstration (RAD) program https://www.hud.loans/hud-loans-blog/rental-assistance-demonstration.
What are the risks associated with HUD multifamily financing?
HUD multifamily financing has a few risks associated with it. The biggest downside is that it takes more time to get the financing, which can be a problem if you need the financing quickly. Additionally, HUD loans have few restrictions on borrower experience, unless you’re getting a construction loan. Lastly, HUD-insured loans may not be advantageous for borrowers seeking small balance loans, as fixed origination costs translate to higher costs.
For more information, please visit FHA and HUD Multifamily Loans and The Pros of Investing in Apartments Early.
What are the current interest rates for HUD multifamily financing?
According to Commercial Mortgage Rates in January 2023, loans backed by the U.S. Department of Housing and Urban Development offer some of the best multifamily financing terms in the industry. According to Multifamily Mortgage Rates (Updated Daily), the current interest rates for HUD multifamily financing are between 4.09% - 6.59%.
Loan Program Interest Rate Term Fannie Mae Loan 4.95% - 7.05% 5 - 25 years Freddie Mac Loan 4.95% - 7.05% 5 - 25 years CMBS Loan 5.30% - 8.30% 5 - 10 years HUD Multifamily Loan 4.09% - 6.59% 5 - 35 years What are the most important factors to consider when applying for HUD multifamily financing?
When applying for HUD multifamily financing, the most important factors to consider are the loan terms, liquidity and net worth requirements, and the time it takes to get the financing.
HUD loans offer some of the most advantageous financing options out there, with 35-year fixed rate terms, full amortization, and leverage up to 83.3% for market-rate apartment buildings or 87% for rental assistance properties. However, there are few restrictions on borrower experience, unless you’re getting a construction loan. Additionally, their liquidity and net worth borrower requirements are far more flexible compared to even agency loans. The biggest downside with a HUD loan is that it takes more time to get the financing.
For more information, please visit https://www.multifamily.loans/hud-multifamily-loans.
- The Top 15 HUD Lenders of 2024
- 15. California Housing Finance Agency
- 14. M&T Realty
- 13. KeyBank
- 12. Lument
- 11. Gershman Investment Corp.
- 10. White Oak Healthcare Finance
- 9. NewPoint Real Estate Capital
- 8. VIUM Capital Mortgage
- 7. Regions Bank
- 6. Merchants Capital
- 5. Mason Joseph Company
- 4. Berkadia
- 3. Walker & Dunlop
- 2. Dwight Capital
- 1. Greystone
- But Which Lender Is the Best ?
- Related Questions
- Get Financing