Transaction Tuesday: What Would You Pay for Lument’s ledger?
ORIX USA’s agency lending and investment sales leviathan is on the market.
With so much clamoring for agency action these days, shops with the coveted triple threat licenses (Fannie, Freddie, HUD), are a hot commodity.
Background on Lument
Lument is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States.
For most multifamily lending clients, a sale of Lument would be structurally neutral in the short term/ Agency executions are governed by Fannie Mae, Freddie Mac, and HUD/FHA rules, so loans themselves should remain enforceable and transferrable regardless of who owns Lument.
In this context, we took a look at the beginnings of another agency conglomerate, NewPoint Real Estate Capital. That transaction, just a few years ago, provides a useful but conservative benchmark for valuing Lument’s agency licenses and its massive servicing book.
NewPoint’s Beginnings and looking at Lument
In 2021, Barings Multifamily Capital (an FHA, Fannie Mae and Freddie Mac lender owned by MassMutual) was acquired by a joint venture of Meridian Capital and Stone Point Capital, rebranded as NewPoint, and then combined with Housing & Healthcare Finance (HHC) to create a scaled agency/healthcare platform.
Early in 2023, Franklin Templeton’s Benefit Street Partners bought the combined NewPoint/HHC platform, including its FHA/Fannie/Freddie licenses and roughly a $55 billion servicing portfolio, for about $450 million—implying on the back of the envelope roughly 0.8–0.9% of UPB paid for the platform and servicing book.
Bonus context from elsewhere in the marketplace:
Walker & Dunlop publicly indicated a value of approximately $1.4 billion for its $135 billion servicing portfolio, implying a somewhat higher “steady state” servicing valuation multiple than what Benefit Street paid for NewPoint’s book and licenses.
Fifth Third Bancorp (FITB) announced on December 9, 2025 an all-cash acquisition of the (DUS) business line from Mechanics Bank for approximately $130 million for a $1.8 billion servicing portfolio. This move allows Cincinnati-based Fifth Third to gain direct access to Fannie Mae’s multifamily lending platform.
Against that backdrop, Lument’s rumored sale would likely price at a premium to the NewPoint precedent on a per-dollar-of-servicing and per-license basis, because Lument has:
Larger FHA origination volume and franchise strength.
Larger Fannie Mae and Freddie Mac origination platforms.
A more substantial affordable production footprint versus NewPoint.
Given these differences, applying NewPoint’s sales multiple to Lument’s roughly $51 billion servicing book may understate its value.