Private Lending Market Overview: A Growing and Fragmented Landscape

The private lending market for real estate continues to demonstrate robust growth and remarkable fragmentation, with over $125 billion in loan originations through the first ten months of 2025.

From January through October 2025, private lenders originated approximately 238,600 loans totaling $125.6 billion. This represents an 11% increase in dollar volume and 9% growth in loan count compared to the same period in 2024, signaling continued momentum in the private lending sector despite broader economic headwinds.

The private lending market is highly disaggregated. Nearly 13,631 active lenders competed for business through October 2025, up from 11,626 in the prior year (17% increase).