When I first started working with national multifamily lenders (like the groups on this list), I was surprised how few of them made loans for apartments under 50 units. Since larger transaction volumes support larger fees, it makes sense that nearly all of the major real estate lenders cater to the top end of the market. In fact, based on the level of customized service they provide and the teams they need to provide this level of service, some have told us it's simply impossible to profitably underwrite loans for small properties — the fees just aren't large enough.