Private Lending Market Update: May 2026
May reflected continued normalization in broader lending markets as rising 10-Year Treasury yields and consumer mortgage rates disrupted the long decline of bridge and DSCR interest rates. Even so, underlying demand for private lending remained strong, with both bridge and DSCR activity demonstrating resilience and, in one key respect, record-breaking efficiency. While total monthly volume […]
Ground-Up Construction Lending Accelerates in 2026 as Investors Shift Toward Higher-Margin Development Projects
Ground-up construction lending is seeing significant momentum in 2026, with nationwide Construction Loan Documents produced in Lightning Docs up 147% in year-over-year volume through April. While established markets continue to dominate overall activity, several states have rapidly emerged as top markets as demand for new construction financing accelerates across the country. Data from Lightning Docs […]
April 2026 Private Lending Report: The Impact of Rising Treasury Yields
I often write about the macroeconomic factors that create noise in our industry—and how the most successful lenders block it out and stay focused on what they can control. In April, however, that “noise” became impossible to ignore. As the war with Iran continued and oil prices remained elevated, the 10-year Treasury yield climbed again—marking […]
Record Loan Volumes and Tightening Spreads: Inside the Q1 2026 Private Lending Market
With 22 business days, expectations for March were high — and the 351 users active on Lightning Docs in March made sure those expectations were met. For the first time ever, Lightning Docs surpassed 7,000 loans in a single month. It was just last April that we crossed the 5,000 loan threshold, and at that […]
February Sets New Record for Loans per Business Day
February, as the shortest month of the year, can be deceptive. On the surface, loan volumes were slightly up from January, but still fell short of the record highs we saw last October and December. However, February set a record of its own. With 314 loans per business day, we saw the most activity ever […]
Private Lending Trends as Rates Continue Decreasing and Competition Tightens
Definitions and Methodology Definitions A bridge loan is any loan with a duration of 36 months or less utilizing interest-only payments for the duration of the term and containing a balloon payment at the end of the loan. Bridge loans are commonly referred to as residential transition loans (RTL), fix-and-flip, non-owner occupied, hard money, or in other […]
2025 Private Lending Market Analysis: What Loan Data Reveals About Industry Shifts
In 2025, we saw clear confirmation that private lending remains a resilient industry. Despite ongoing distractions and broader macroeconomic shifts, private lenders were able to grow volumes meaningfully compared to 2024. One of the clearest takeaways from the year is the continued shift toward DSCR lending, with long-term loans far outpacing bridge loans throughout 2025. […]
Holidays Slow November Lending as Rates Continue to Decline
With Veteran’s Day and Thanksgiving weekend on the calendar, November brought four fewer business days than October, so a dip in total loan volume wasn’t surprising. Even so, when measured on a per-business-day basis, loan transactions actually increased again this month. While we’re still waiting to see the lasting effects of the most recent rate […]
New Markets Emerge Across the Country for Bridge and DSCR Lending
Bridge lending showed a rebound in October after several months of declining volume, while DSCR loans set yet another record high on Lightning Docs. As new markets continue to emerge across the country, lenders are finding opportunities for growth in regions that were once off the radar. Bridge Lending Sees Its First Uptick Since July […]
Key Markets Update
Each month when I write the Lightning Docs Private Lending Market Report, one trend remains consistent: California, Florida, and Texas continue to dominate bridge lending. For DSCR loans, Florida and Texas lead the way, with California also holding a spot in the top 10. Rather than simply noting this in the national report, this month I […]