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 […]
September Outcome of the First Rate Cut in 9 Months
Last month, the Fed cut interest rates for the first time in nine months. That coincided with some of the lowest rates we’ve seen for bridge, DSCR, and benchmark indices in nearly a year. September also brought another record month for DSCR loan transactions, even as bridge loan activity continued its gradual decline. DSCR lending […]
August 2025 Lending Trends: DSCR Growth Continues, Bridge Loans Plateau
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 terms that describe a short-term loan generally secured by a residential property for investment purposes.
Private Lending Sustains Growth Through July
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 terms that describe a short-term loan generally secured by a residential property for investment purposes.
Mid-Year Check-In: What the First Half of 2025 Tells Us About Private Lending
It feels like just yesterday I was recapping trends from 2024 and now here we are already halfway through 2025. As I noted in our 2024 recap, bridge loan volume grew steadily throughout the year, while DSCR loan volume increased exponentially. That trend hasn’t slowed. In fact, this month DSCR volume was up 129% year-over-year, […]