Top CMBS lenders in 2026
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
Citi was the most active CMBS lender in the 12 months to October 19, 2026, with 113 securitized loans totaling $4.52 billion, followed by Wells Fargo and Goldman Sachs. In all, 28 lenders put 1,047 loans worth $26.55 billion into CMBS trusts, according to SEC filings through October 28, 2026.
- Loans securitized, 12 months
- 1,047
- Volume
- $26.55B
- Median loan, excluding co-ops
- $15M
- Median note rate
- 6.40%
CMBS lender league table: October 19, 2025 to October 19, 2026
| Rank | Lender | Loans | Volume | Share | Median loan | Loan sizes | Median rate | Property mix |
|---|---|---|---|---|---|---|---|---|
| 1 | Citi | 113 | $4.52B | 17.0% | $21M | $3.5M to $552M | 6.39% | Multifamily 37%, Mixed use 16%, Retail 13% |
| 2 | Wells Fargo | 88 | $3.63B | 13.7% | $19.4M | $3.7M to $405M | 6.46% | Retail 20%, Office 18%, Hotel 17% |
| 3 | Goldman Sachs | 71 | $3.31B | 12.5% | $14.5M | $3.3M to $552M | 6.32% | Retail 24%, Multifamily 21%, Office 18% |
| 4 | Deutsche Bank | 91 | $2.90B | 10.9% | $10.5M | $2.2M to $552M | 6.45% | Multifamily 29%, Mobile home park 18%, Self-storage 16% |
| 5 | Morgan Stanley | 97 | $2.72B | 10.2% | $15.3M | $1.6M to $405M | 6.40% | Mobile home park 25%, Multifamily 19%, Hotel 12% |
| 6 | Bank of America | 90 | $2.62B | 9.9% | $14M | $2.9M to $405M | 6.38% | Self-storage 21%, Multifamily 21%, Hotel 16% |
| 7 | JPMorgan Chase | 34 | $2.49B | 9.4% | $47M | $5.8M to $552M | 6.38% | Retail 29%, Office 18%, Industrial 15% |
| 8 | Barclays | 90 | $1.86B | 7.0% | $14.7M | $2.8M to $102M | 6.48% | Multifamily 27%, Mobile home park 18%, Hotel 17% |
| 9 | BMO | 43 | $1.80B | 6.8% | $16.4M | $3M to $405M | 6.46% | Retail 28%, Multifamily 21%, Industrial 16% |
| 10 | UBS | 20 | $900M | 3.4% | $17M | $3.2M to $405M | 6.54% | Retail 30%, Industrial 25%, Multifamily 20% |
| 11 | Argentic | 41 | $889M | 3.3% | $13.9M | $3M to $102M | 6.72% | Multifamily 39%, Retail 17%, Hotel 12% |
| 12 | Societe Generale | 21 | $827M | 3.1% | $13.4M | $4.6M to $310M | 6.46% | Multifamily 62%, Retail 14%, Industrial 14% |
| 13 | Natixis | 34 | $806M | 3.0% | $17.9M | $5.3M to $90M | 6.29% | Multifamily 65%, Retail 18%, Self-storage 12% |
| 14 | Starwood Mortgage Capital | 33 | $725M | 2.7% | $13.8M | $3.2M to $87.5M | 6.70% | Industrial 24%, Multifamily 21%, Mobile home park 18% |
| 15 | MF1 Capital | 14 | $643M | 2.4% | $42.1M | $27M to $71M | 5.71% | Multifamily 93%, Mobile home park 7% |
| 16 | 3650 REIT | 11 | $557M | 2.1% | $37.2M | $11.3M to $178M | 6.36% | Office 45%, Multifamily 27%, Retail 18% |
| 17 | Zions Bank | 13 | $453M | 1.7% | $23M | $5.4M to $94.5M | 6.54% | Multifamily 38%, Hotel 15%, Retail 15% |
| 18 | Benefit Street Partners (BSPRT) | 12 | $404M | 1.5% | $26.1M | $4.5M to $97M | 6.59% | Multifamily 50%, Retail 17%, Hotel 17% |
| 19 | AxLender | 25 | $387M | 1.5% | $9.6M | $4.2M to $47.5M | 6.51% | Multifamily 100% |
| 20 | Rialto | 8 | $294M | 1.1% | $13.6M | $6.3M to $100M | 6.88% | Retail 63%, Other or not reported 13%, Hotel 13% |
| 21 | KeyBank | 25 | $286M | 1.1% | $7.4M | $2.4M to $45M | 6.44% | Mobile home park 24%, Self-storage 20%, Mixed use 12% |
| 22 | National Cooperative Bank | 84 | $284M | 1.1% | $3.4M | $1M to $8.5M | 6.02% | Co-op housing 100% |
| 23 | NWL Company | 5 | $109M | 0.4% | $10M | $7M to $45M | 6.64% | Multifamily 40%, Self-storage 40%, Retail 20% |
| 24 | Ladder Capital | 6 | $105M | 0.4% | $12.9M | $7.2M to $41.5M | 6.88% | Retail 67%, Multifamily 17%, Office 17% |
| 25 | LMF Commercial | 9 | $102M | 0.4% | $7.5M | $4.3M to $40M | 6.55% | Multifamily 56%, Mixed use 22%, Hotel 11% |
| 26 | Greystone | 3 | $45.1M | 0.2% | $14M | $7.6M to $23.5M | 6.25% | Multifamily 100% |
| 27 | Peakhill USA Inc. | 1 | $38.8M | 0.1% | $38.8M | $38.8M | 6.50% | Multifamily 100% |
| 28 | GCMC | 1 | $6.8M | 0.0% | $6.8M | $6.8M | 5.95% | Mixed use 100% |
Source: SEC EDGAR Form ABS-EE asset-level filings for 376 CMBS trusts, compiled by cmbs.news. Loans originated October 19, 2025 to October 19, 2026; filings through October 28, 2026. Share is the part of the volume shown that the lender took part in: a loan made jointly by two lenders counts in full for each, so shares add to more than 100%. Rates are original note rates, not quotes. Methodology.
How to read the table
- Who counts as the lender. Each trust files the originator of every loan with the SEC. That is the firm that made the loan and sold it into the trust. Banks often file under a real estate lending subsidiary (Citi as "Citi Real Estate Funding Inc.", Deutsche Bank as "German American Capital Corporation"); each lender's page lists the names exactly as filed.
- Securitized loans only. A loan appears once it is in a CMBS trust that reports on Form ABS-EE. Loans a lender keeps, loans still waiting for a securitization and most single-borrower private deals do not.
- Loans, not notes. A large loan is often split into notes placed in two or more trusts. The notes are put back together here, so each loan counts once, at its full original amount.
- Rates are history. The median rate is the note rate at closing. It moves with Treasury yields and with the mix of properties a lender financed. See CMBS loan rates for the current picture.
Which lenders finance which property types
Most conduit lenders take every major property type, but the volume is not spread evenly. The three most active lenders by count for each type, 12 months to October 19, 2026:
| Property type | Loans | Median loan | Most active lenders |
|---|---|---|---|
| Multifamily | 292 | $15.1M | Citi (42), Deutsche Bank (26), AxLender (25) |
| Retail | 141 | $16.7M | Wells Fargo (18), Goldman Sachs (17), Citi (15) |
| Self-storage | 115 | $8.9M | Bank of America (19), Wells Fargo (15), Deutsche Bank (15) |
| Hotel | 96 | $19M | Wells Fargo (15), Barclays (15), Bank of America (14) |
| Co-op housing | 88 | $3.5M | National Cooperative Bank (84), Morgan Stanley (3), Bank of America (1) |
| Office | 87 | $37.1M | Wells Fargo (16), Goldman Sachs (13), Morgan Stanley (11) |
| Mobile home park | 82 | $6.2M | Morgan Stanley (24), Barclays (16), Deutsche Bank (16) |
| Mixed use | 66 | $16.7M | Citi (18), Deutsche Bank (8), Goldman Sachs (6) |
| Industrial | 64 | $20.9M | Citi (8), Wells Fargo (8), Starwood Mortgage Capital (8) |
| Other or not reported | 15 | $32.7M | Citi (4), Barclays (2), JPMorgan Chase (1) |
CMBS lenders by loan size
Conduit lending thins out at the small end. 17 lenders securitized a loan under $5 million in the period, against 24 in the $10 million to $25 million band.
| Loan size | Loans | Lenders | Most active |
|---|---|---|---|
| Under $5M | 141 | 17 | National Cooperative Bank (66), Morgan Stanley (12), Deutsche Bank (11) |
| $5M to $10M | 234 | 25 | Deutsche Bank (30), Bank of America (24), Citi (22) |
| $10M to $25M | 366 | 24 | Barclays (43), Morgan Stanley (42), Citi (39) |
| $25M to $50M | 164 | 24 | Citi (26), Wells Fargo (22), Bank of America (19) |
| $50M and up | 141 | 19 | Citi (25), Goldman Sachs (23), Wells Fargo (17) |
Co-op housing loans make up 66 of the 141 loans under $5 million. Outside co-ops the smallest loan was $1.6M, and the most active small-loan lender was Deutsche Bank. More on floors and what changes below them: CMBS loan minimums.
Banks and non-bank lenders
Banks and their lending affiliates originated 87% of the period's volume. Non-bank lenders (mortgage REITs, debt funds and finance companies) make up the rest, led by Argentic, Starwood Mortgage Capital, MF1 Capital. For a borrower the difference shows up less in the loan documents, which follow conduit conventions either way, than in size appetite and property preferences, which the tables above show lender by lender. How conduit loans work and CMBS versus a bank loan cover the trade-offs.
How to get matched with a CMBS lender
Janover Capital LLC is a commercial mortgage advisor, not a lender, and is not affiliated with any lender in this table. We take one request, check it against what these lenders have actually closed recently (property type, size, leverage, market), and place it with the conduit lenders whose recent loans fit. You compare term sheets side by side. Read how to get a CMBS loan and the requirements first, or send the deal.
Already have a CMBS loan? The firms that service it are a different list: see master servicers, special servicers, or look up your loan.
Questions people ask
Who are the biggest CMBS lenders?
By loans securitized in the 12 months to October 19, 2026: Citi ($4.52B, 113 loans), Wells Fargo ($3.63B, 88 loans), Goldman Sachs ($3.31B, 71 loans), Deutsche Bank ($2.90B, 91 loans), Morgan Stanley ($2.72B, 97 loans). The ranking comes from the originator named on each loan in the trusts' SEC ABS-EE filings, so it covers loans that went into CMBS, not loans a bank kept on its own books.
What is the minimum loan size for a CMBS loan?
No rule sets one; each lender has its own floor. In the 12 months to October 19, 2026 the smallest loan securitized outside co-op housing was $1.6M, and 141 of 1,046 loans were under $5 million. Deutsche Bank made the most of those small loans (11). Most conduit loans are far larger: the median outside co-op housing was $15M.
Do banks make CMBS loans?
Yes. Banks and their real estate lending affiliates originated 87% of the 12-month volume in this table (a loan with two originators counts for both). The rest came from non-bank lenders such as Argentic, Starwood Mortgage Capital, MF1 Capital. A bank making a CMBS loan underwrites it to sell into a trust, which is why its terms differ from the same bank's balance-sheet loan.
Are these the rates CMBS lenders charge today?
No. Each rate is the note rate a loan carried when it closed, as filed with the SEC, so it reflects the Treasury yield and spread at that time and that property's risk. The median across all 1,047 loans with a reported rate was 6.40%. For current pricing see the CMBS loan rates page or ask for a quote.
How do I choose a CMBS lender?
Start with lenders whose recent loans look like yours in property type and size: the filters above show that. Lenders differ on size (median loan from $10.5M at Deutsche Bank to $47M at JPMorgan Chase among the 12 most active), on property types and on leverage. An advisor such as Janover Capital LLC, which is not a lender, can take one request to several of them.
Want lenders whose recent loans fit your deal?
Janover Capital LLC is an advisor, not a lender, and is not affiliated with any lender named here. Send the deal and we place it with conduit lenders whose recent loans look like it.