DSCR Lenders Ranked by Loans Made: 2025 Federal Data, Top 35

The ranking: 35 lenders by DSCR-type loans made in 2025

Pages that rank DSCR lenders usually rely on a trade-magazine volume list or on who pays for a listing. The federal mortgage record lets us count instead. Every lender above the HMDA reporting threshold files each application it decides, with the loan type, occupancy, whether it was made for a business purpose, the term, the rate, whether the payment is interest-only and, if it said no, the reason. HMDA has no DSCR field, so we use the definition our investment property loans page already uses, unchanged: loan type conventional, first lien, closed-end, one-to-four units, investment-property occupancy, business or commercial purpose coded 1, term of 360 months or more and a debt-to-income ratio of “NA”. Run on the same file it returns the same 152,049 loans and 46,315 denials. Names are as the lender filed them with the FFIEC; one legal entity can be one of several that share a brand.

The 35 largest lenders by DSCR-type loans originated, 2025 (rank by dollars in brackets)

Read the denied column with care. It is denied applications divided by originated plus denied ones in the same DSCR-type group, so it ignores withdrawn and incomplete files, and a lender that screens borrowers out before they apply can look gentler than one that decides every file it receives. It says how often a lender's decided files ended in a no, not how fair it is.

How concentrated is it?

465 lenders made at least one DSCR-type loan (530 made or denied at least one), but the 36 with 1,000 or more loans made 80.4% of the volume and the 363 with fewer than 100 loans made 3.4% (our arithmetic). The top ten made 42.8% of loans, the top 25 70.7% and the top 40 82.9%. The leader is a large national mortgage company, not a DSCR specialist: United Wholesale Mortgage made 14,836 loans (9.8%) and $3.36 billion, twice the loans of Champions Funding. Of its 14,836 loans, 8,935 were sold to a bank or savings association within 2025 and 4,172 to a credit union, mortgage or finance company, according to the purchaser field (our arithmetic).

Three patterns show up in the table.

• Specialists and mortgage companies both lend here. Champions Funding, BPL Mortgage, Kiavi, OCMBC, HomeXpress, A&D Mortgage, Hometown Equity, RCN Capital, Loan Funder and Velocity Commercial Capital fill most of the top ten alongside UWM. Banks are largely absent; the only one in the top 35 by name is East West Bank at 32nd (1,258 loans, 718 of them in California, our reading of the names).
• Count and dollars tell different stories. Small-balance lenders rank higher by count: BPL Mortgage's median loan was $125,000, Kiavi's $155,000, RCN Capital's $155,000 and Lima One's $145,000. Lenders with larger loans rank higher by dollars: Hometown Equity ($295,000, third by dollars), Logan Finance ($415,000, 15th by dollars against 25th by loans) and East West Bank ($485,000). The overall median was $225,000.
• Where they lend follows the lender. Florida was the biggest market overall (21,912 loans), but A&D Mortgage alone made 2,672 of them (12.2%). BPL Mortgage's two largest states were Ohio (1,491) and Pennsylvania (729), Kiavi's Pennsylvania (733) and Ohio (663), OCMBC's California (1,400).

Price and denials: where the largest lenders sit at the ends

Spread among the 36 lenders with 1,000 or more DSCR-type loans, 2025

What the spread means in dollars, on the median loan of $225,000 for 30 years (our arithmetic): principal and interest is $1,554.02 a month at the 7.375% median, $1,495.42 at A&D Mortgage's 6.99% (a difference of $58.60 a month, $21,096 over 360 payments) and $1,952.13 at Velocity's 9.865%. The same loan at 7.375% interest-only costs $1,382.81 a month, $171.21 less, with the principal untouched. These are arithmetic on medians, not quotes: a lender's median mixes loan sizes, credit and leverage, and HMDA has no credit score, so a low median can mean low-risk borrowers instead of a cheaper lender. East West Bank, for instance, made loans with a median combined loan-to-value of 50% (the overall median was 73.6%), which is a reason to compare quotes on the same property instead of comparing these medians.

Velocity's 9.865% is not a data error we can find: all 4,332 of its DSCR-type loans report a 360-month term, a note rate, no introductory-rate period and no balloon flag, and other pages of ours show the same figure, for example on cash-out refinancing. Our Velocity Financial review covers the company. HMDA cannot say why its median sits 2.5 points above the field.

Prepayment penalties: what the federal data cannot show

A DSCR comparison almost always asks about prepayment penalties, and HMDA is the wrong place to find them. The field exists, prepayment_penalty_term, defined as “The term, in months, of any prepayment penalty”, but Regulation C asks for it only “For covered loans or applications subject to Regulation Z” (12 CFR 1003.4(a)(22)). Regulation Z exempts “An extension of credit primarily for a business, commercial or agricultural purpose” (12 CFR 1026.3(a)(1)). A DSCR loan is made for a business purpose, and in the 2025 file all 152,049 report “NA”: zero terms, zero lenders, no share to rank.

That leaves what each lender says about itself. We read five lender pages on October 20, 2026. They are marketing statements, not loan documents; the penalty on your loan is in the note.

Prepayment penalty as each lender states it, read October 20, 2026

Two conclusions. First, any list that ranks DSCR lenders by prepayment penalty from HMDA is not using HMDA. Second, the practical question is the one the lender's page does not answer in a number: ask for the penalty schedule in writing before you pay for an appraisal, and compare it with how long you expect to hold. Our guide to refinancing a DSCR loan shows what a penalty costs at exit.

Interest-only: one lender is all of it

Of 152,049 DSCR-type loans, 10.4% were interest-only, but the share by lender runs from zero to everything. AmWest Funding reported 100.0% interest-only (3,792 loans, median rate 6.875%, the second-lowest of the large lenders), and MM Lending, a smaller lender with 977 loans, also reported 100.0%. At the other end, United Wholesale Mortgage, LendingOne, Dominion, Lima One and East West Bank reported none. Several lenders that advertise interest-only options, including Kiavi (0.3% of its loans), made few in 2025. Interest-only lowers the payment and leaves the balance; the question to ask is how long the interest-only period lasts, which HMDA does not record.

Where the loans are: the eight biggest states

DSCR-type loans by state, 2025 (eight largest)

Florida, Texas, California and New York made 57,742 loans, 38.0% of the total (our arithmetic). Michigan priced highest of the ten largest states at the median (7.75%), California lowest (7.125%). Which lender is "top" depends on where the property is: United Wholesale Mortgage is first in Texas, Georgia and Michigan, A&D Mortgage in Florida, OCMBC in California, Champions Funding in New York and New Jersey, BPL Mortgage in Ohio and Kiavi in Pennsylvania and North Carolina. Our state guides, such as DSCR loans in Florida, Texas and California, give requirements and lender notes for each.

Kiavi, Figure and the 2026 file

Kiavi is the one name on the list whose reporting entity changed in 2026. In 2025 its DSCR and rental loans were originated by Kiavi Funding, Inc., the HMDA filer (legal entity identifier ending JT49): 5,794 DSCR-type loans, $1.005 billion, median rate 7.25%, 18.7% denied, fourth by loans. All 25,528 of its investment-property originations in the extract were business-purpose, closed-end and without a debt-to-income ratio; most of the rest are short-term loans, covered in our investment property loans page. Kiavi's own disclosures page, read October 20, 2026, says “Kiavi Funding, LLC formerly known as Kiavi Funding, Inc.” and “All DSCR and Rental Loans are originated and funded by Figure Lending LLC dba Figure effective 9/1/2026.” The same page says “Kiavi Funding LLC NMLS #1125207 is a subsidiary of Figure Technology Solutions, Inc.” See our Kiavi review.

How Kiavi and Figure appear in 2025 HMDA

So for the 2026 report, which lenders file in early 2027, a ranking like this one will have to add the two filers to see Kiavi's true volume; read this year's number as Kiavi Funding alone. Nothing in the 2025 file is Figure's DSCR lending.

Banks, and the lenders we review

The FDIC-insured lenders we review barely register. Quontic Bank made 52 DSCR-type loans (40.9% of its decided applications denied, median rate 7.875%) and North American Savings Bank (NASB) 58 (median 7.0%); CFBank NA and 1st Security Bank of Washington, also covered by our reviews, have none under this definition, and Farm Bureau Bank is not on the FFIEC 2025 filer list we used (our reading of the list). See our Quontic review, NASB review, CFBank review, 1st Security Bank review and Farm Bureau Bank review. The lenders that dominate volume are covered in Visio, Kiavi, Lima One, LendingOne, RCN Capital, Velocity and Dominion Financial Services, and our forensic comparison of the specialists is best DSCR loan lender: that page reads licences, securitizations, regulators and trade rankings; this one counts loans in the federal record.

What HMDA can and cannot tell you here

• Our DSCR-type group is a proxy. HMDA has no DSCR field. The group is conventional business-purpose loans of 30 years or more with no debt-to-income ratio; it will include some loans that were not underwritten on the property's rent (for example bank-statement or asset-depletion loans with no ratio) and miss DSCR loans of shorter terms or coded with a ratio.
• Brands are not entities. Names are as filed. We tie a name to a brand only where the lender does: Visio's website names Investor Mortgage Finance LLC as an originator, and Kiavi's names Figure Lending LLC. Others, like OCMBC and BPL Mortgage, may lend under several brand names.
• Small lenders and private lenders are missing or partial. Lenders below the federal threshold do not file, and small banks and credit unions can use a partial exemption.
• No credit scores, no points, no DSCR ratio, no prepayment term. Rates are the note rate at origination; two lenders' medians are not like-for-like quotes.
• Denials count decided files only. Withdrawn and incomplete applications are not in the extract.

What a reader can do with this

1. Use the table to build a shortlist of lenders that actually close in your state. Check the state table first, then the lender's largest states in the main table: a lender that made 40 loans in your state in 2025 is a different bet from one that made 400.
2. Quote three lenders on the same property and the same day. Include one large national mortgage company, one DSCR specialist and, if your loan is small, a small-balance lender; the rate differences above are bigger than the fee differences most borrowers argue about.
3. Get the prepayment schedule in writing first. HMDA cannot give it and websites give ranges. On a $225,000 loan, a 5/4/3/2/1 step-down means a 5% charge, $11,250, if you pay it off in year one (our arithmetic on the structure Visio's page describes).
4. Treat a high denied share as a prompt, not a verdict. LendingOne's 60.0% and RCN Capital's 41.1% say that many decided files ended in a denial; ask each lender what its minimum score, loan size and rent coverage are before you apply.
5. Compare against the alternatives. If you can document income, a conventional loan priced at a median 6.99% in 2025 is on our investment property loans page; DSCR rates and requirements are in DSCR loan rates 2026 and DSCR loan requirements 2026, and DSCR loan vs conventional mortgage sets the trade-off.

Kiavi pays us a referral fee through its PartnerStack program when a borrower we send closes a loan, and its button above is marked as an affiliate link; we have no such relationship with the other lenders named on this page. Kiavi's disclosures page says its rental loans are for “Non owner-occupied rental properties only” and its DSCR page says “No prepayment penalty after year 3”; those are the lender's claims.

FAQ

Loan-level data: FFIEC/CFPB HMDA Data Browser, nationwide 2025 file of originated and denied applications (actions 1 and 3; 8,942,981 rows), streamed on October 10, 2026 with our script stream_extract.py (the extract, kept in _raw, holds the 906,337 investment-property and two-to-four-unit rows) and analyzed on October 20, 2026 with dscr_lenders.py, dscr_states.py and build_outputs.py using the same filter as hub_hmda.py on our investment property loans page; the scripts and the full output are in sources/. Field definitions from the FFIEC public LAR data fields; lender names from the FFIEC 2025 filer list (hmda_filers_2025.json). Rules from 12 CFR 1003.4(a)(22) and 12 CFR 1026.3(a) (eCFR). Lender statements from kiavi.com (DSCR page and disclosures), lendingone.com, admortgage.com, visiolending.com and limaone.com, read October 20, 2026, as those lenders' claims. All counts, shares, medians and dollar figures from HMDA are our arithmetic. This is analysis of public documents, not investment, legal, tax or lending advice.