Multifamily lending has been doing exceedingly well lately. A growing economy combined with a shortage of housing in many areas has created an increase in rents and a decrease in vacancies in most markets. The probability of default, as of April, is a mere 11 basis points. Despite the loss given default being up due to the higher loan-to-value (LTV) levels, the projected expected loss is still near a record low. In this article, we discuss pricing, return, a new potential risk in the market plus we highlight a great opportunity for banks.