While the largest metropolitan areas may see the largest loans, they’re also increasingly popular for the smallest of loans as well.
Los Angeles and New York City topped the list of where the most small loan deals were struck in the multifamily industry in 2012, according to a report released by the Mortgage Bankers Association on Thursday.
While the very small loan lenders, those making loans of $1 million or less, accounted for 4 percent of the loan volume for the industry last year, they struck more than 10,700 deals which accounts for about 26 percent of the market’s overall loan action, according to the report.
Here’s a list of the most active large metropolitan areas with the most very small loans:
1. Los Angeles / $1.5 billion / 2,606 loans / average loan size: $608,000
2. New York City / $670.3 million / 1,301 loans / average loan size: $515,000
3. Chicago / $491 million / 1,998 loans / average loan size: $311,000
4. San Francsico / $270.1 million / 405 loans / average loan size: $667,000
5. San Diego / $267.3 million / 439 loans / average loan size: $609,000
6. Oakland / $220.5 million / 371 loans / average loan size: $594,000
7. Seattle / $163.4 million / 270 loans / average loan size: $605,000
8. Minneapolis / $144.5 million / 331 loans / average loan size: $437,000
9. Santa Anna, Calif. / $139.1 million / 217 loans / average loan size: $641,000
10. Portland, Ore. / $132.3 million / 249 loans / average loan size $531,000
For more information, log on to the Mortgage Bankers Association website.