Answer first
In brief
Texas has 446 active HUD 221(d)(4) loans with $11.9 billion of principal balance in HUD’s October 2026 file, a balance-weighted note rate of 4.29%. HUD’s production database records 179 221(d)(4) initial endorsements in Texas from FY2022 through FY2026.
Key figures
Note rates by vintage
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 85 | 19.1% | $2.0B |
| 3.00% to 3.99% | 172 | 38.6% | $3.9B |
| 4.00% to 4.99% | 73 | 16.4% | $1.7B |
| 5.00% to 5.99% | 97 | 21.7% | $3.6B |
| 6.00% and above | 19 | 4.3% | $618.1M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 2 | 3.60% |
| 2010 to 2014 | 50 | 3.46% |
| 2015 to 2019 | 143 | 3.64% |
| 2020 to 2022 | 131 | 3.34% |
| 2023 to 2026 | 120 | 5.62% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 0 | 0.0% | $0 |
| 2031 to 2035 | 0 | 0.0% | $0 |
| 2036 to 2045 | 2 | 0.4% | $8.9M |
| 2046 to 2055 | 48 | 10.8% | $380.1M |
| 2056 and later | 396 | 88.8% | $11.5B |
Where the loans are
| City | Loans |
|---|---|
| San Antonio | 57 |
| Austin | 33 |
| Dallas | 18 |
| Fort Worth | 17 |
| Houston | 16 |
| El Paso | 10 |
| Denton | 9 |
| Mckinney | 7 |
| Metro area | Loans |
|---|---|
| Dallas-Fort Worth-Arlington, TX | 135 |
| San Antonio-New Braunfels, TX | 66 |
| Austin-Round Rock-San Marcos, TX | 65 |
| Houston-Pasadena-The Woodlands, TX | 46 |
| El Paso, TX | 11 |
| Brownsville-Harlingen, TX | 11 |
Holders and lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 117 | 26.2% | $3.4B |
| Colliers Mortgage LLC | 44 | 9.9% | $671.1M |
| Berkadia Commercial Mortgage LLC | 44 | 9.9% | $1.5B |
| Merchants Capital Corp. | 31 | 7.0% | $935.0M |
| PNC Bank, National Association | 27 | 6.1% | $465.5M |
| Davis-Penn Mortgage Co. | 27 | 6.1% | $427.3M |
| Lender at initial endorsement | Loans |
|---|---|
| Mason Joseph, LLC | 36 |
| Berkadia Commercial Mortgage LLC | 18 |
| Regions Bank | 13 |
| Merchants Capital Corp. | 12 |
| Mason Joseph Company Inc. | 12 |
| Gershman Investment Corp. | 10 |
Endorsements by fiscal year
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 48 | $1.4B | 10,033 |
| FY2023 | 26 | $729.4M | 5,342 |
| FY2024 | 27 | $934.3M | 6,189 |
| FY2025 | 31 | $1.1B | 6,805 |
| FY2026 | 47 | $2.1B | 11,596 |
What stands out
- 10.5% of Texas’s 221(d)(4) book’s insured loans are on properties HUD flags as Section 8, versus 34.0% for 221(d)(4) nationally.
- HUD’s file flags 39.9% of Texas’s 221(d)(4) book’s loans as tax-credit (LIHTC) properties, versus 55.0% for 221(d)(4) nationally.
- Holder concentration is high: Lument Real Estate Capital, LLC is holder of record on 26.2% of the loans in Texas’s 221(d)(4) book.
- 26.9% of active loans in Texas’s 221(d)(4) book were endorsed in 2023 or later (20.6% for 221(d)(4) nationally), so a larger share of the book carries post-2022 coupons.
- The average balance per loan in Texas’s 221(d)(4) book is $26.6 million, larger than the $19.6 million average for 221(d)(4) nationally.
How 221(d)(4) fits a bridge-to-HUD plan in Texas
221(d)(4) finances new construction or substantial rehabilitation and converts to a permanent loan after completion. Interim capital in a 221(d)(4) plan is usually predevelopment or land financing ahead of the insured construction closing; work started too early can create environmental or program issues. In Texas, 120 active 221(d)(4) loans were endorsed in 2023 or later. Bravo’s HUD 221(d)(4) loan guide covers terms. Related: predevelopment bridge to 221(d)(4), Davis-Bacon prevailing wages, Section 221(d)(4) explained.
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026); HUD FHA Multifamily Firm Commitments and Endorsements Database (FY2001 to Q4 FY2026, data run October 8, 2026); HUD Insured Multifamily Properties, HUD Open Data (updated October 6, 2026) for metro area and Section 8 flags. Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
How many HUD 221(d)(4) loans are active in Texas?
HUD’s October 2026 active mortgage file lists 446 221(d)(4) loans in Texas with $11.9 billion of principal balance and 92,339 units.
How many 221(d)(4) loans closed in Texas recently?
HUD’s production database shows 179 221(d)(4) initial endorsements in Texas from FY2022 through FY2026, including 47 in FY2026.
What rate do 221(d)(4) loans in Texas carry?
The balance-weighted note rate across active 221(d)(4) loans is 4.29%. Loans endorsed from 2023 to 2026 carry a weighted 5.62%, reflecting the higher rate environment.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.