RCA Insights

US Commercial Property Lending Returns to Pre-Covid Shape

By on September 22nd, 2021

The composition of lenders in the U.S. commercial mortgage market has largely returned to its form before the Covid-19 crisis struck, the latest US Capital Trends report shows.

CMBS originators, who had been particularly hard hit in the second quarter of 2020, captured an 18% share of the commercial mortgage market in the past quarter, which put them behind only regional/local banks as the largest source of financing. The rebound reflects an easing of the uncertainty in the lending market, which had limited CMBS originators to just a 1% share of lending a year ago.

Investor-driven lenders, such as debt funds, also gained market share in Q2 2021. These lenders captured 15% of the conventional loan market, up from 6% a year ago. Before the pandemic hit, investor-driven lenders had averaged an 8% market share. 

chart showing US lender composition from Q2'20-Q2'21 and the five-year pre-pandemic average


© Real Capital Analytics

Clients of Real Capital Analytics <<click here>> to download the latest US Capital Trends report from the RCA website. In this edition we examine the lender trends of H1 2021, charting the activity of CMBS, investor-driven, agency, private, bank and other lenders. The top originators are ranked. We also report on August 2021 investment sales activity and pricing.

August 2021 US Capital Trends Big Pic report thumbnail