DSCR Loan Ohio 2026: Rates, Lenders and Counties From 8,904 Federal Loan Records (2025)

What a DSCR loan costs in Ohio: the public loan-by-loan record

A lender's website shows the rate it offers its best file. The federal Home Mortgage Disclosure Act (HMDA) record shows the rates borrowers actually closed at. Most mortgage lenders report every loan they originate each year, with the note rate, amount, loan-to-value ratio, purpose, property type and county, and the FFIEC and the Consumer Financial Protection Bureau publish the loan-level file. We downloaded the Ohio files for 2024 and 2025 on October 6, 2026 and computed every figure on this page from them (our arithmetic). For the product itself see what a DSCR loan is, rates by borrower tier, lender requirements and DSCR versus a conventional loan; this page is the Ohio record.

How we found the DSCR loans, and what HMDA cannot tell you

There is no “DSCR” field in HMDA, so the group is built from fields that do exist. A business-purpose loan is reported only in some cases: the Regulation C commentary says it “is a covered loan only if it is a home improvement loan under § 1003.2(i), a home purchase loan under § 1003.2(j), or a refinancing under § 1003.2(p) and no other exclusion applies.” A lender that approves a loan without using the borrower's debt-to-income ratio reports that field as not applicable, “since no debt-to-income ratio was relied on in connection with the credit decision.” DSCR lenders underwrite on the property's rent, so their loans appear as business-purpose investment loans with DTI “NA.” A DSCR-type loan on this page is:

• originated, conventional (not FHA, VA or USDA), first lien, closed-end, not a reverse mortgage;
• occupancy type 3 (investment property), 1 to 4 units;
• business or commercial purpose = yes;
• debt-to-income ratio = NA (27 Ohio loans coded “Exempt” in 2025 are left out);
• loan term of 360 months or longer, which leaves out the 12- to 36-month bridge and fix-and-flip loans (counted separately as “short-term”).

In 2025 Ohio had 224,557 conventional originations, 23,596 of them on investment property; 17,952 of those were for a business purpose and 13,972 of those had DTI reported as NA. The 8,904 DSCR-type loans are the part of that group with a term of 30 years or more.

The proxy has limits, listed here so you can weigh the numbers:

• Not a clean DSCR count. Other no-DTI business loans fall in it, and so do loans to LLCs, trusts and corporations, where the rules also require NA for DTI. Entity borrowers are 59.9% of the 2025 Ohio loans (identified by the FFIEC coding for a “non-natural person”).
• Note rate, not total cost. Discount points were reported on 0% of these loans and the prepayment-penalty term is NA on 100%; the public file has no credit score, DSCR or rent. A lower note rate with points or a heavy prepayment penalty can cost more than a higher rate without them.
• Rounded amounts. Public loan amounts are band midpoints (100% of DSCR-type loan amounts end in 5,000), and the FFIEC field list says property values are “Rounded to the midpoint of the nearest $10,000 interval for which the reported value falls,” so medians land on multiples of $5,000.
• Who is missing. Lenders below HMDA's reporting thresholds do not file, and a loan is listed under the institution that reported it.
• Two vintages. The 2024 file is the FFIEC one-year dataset and 2025 is the snapshot dataset, both downloaded October 6, 2026. Part of the change between them may come from reporting, not only from demand.

Ohio DSCR-type loans, 2024 vs 2025

Ohio DSCR-type loans in HMDA, 2024 vs 2025

Three things set Ohio apart. Size: the median loan was $125,000 ($115,000 in 2024) on a median property value of $175,000, so a typical Ohio DSCR loan is a fraction of the $455,000 California median in the five-state table below. Borrowers: 59.9% of the loans went to entities (59.8% in 2024), against 6.9% in California, and 25.9% were on 2-4 unit properties. Structure: interest-only loans rose from 4.5% to 9.7% and balloon loans from 0.5% to 7.4%, and the 95th-percentile note rate jumped from 9.625% to 10.865%; the next section shows that most of that is one lender. Leverage is higher than in the other states: the median combined LTV was 75% and the 75th percentile 80%. Of the 2025 loans, 22.8% were sold to a private securitizer within the year and 16.3% were not sold in 2025, the pattern of lenders that fund loans and sell them into bond deals later, as described in what a DSCR loan is.

What the spread in note rates costs

The middle half of Ohio DSCR-type borrowers paid between 7.25% and 8.125% in 2025; the 10th percentile was 6.875% and the 90th 9%. On the $125,000 median loan, a 30-year fixed payment at each point is:

Monthly principal and interest on a $125,000 loan, 30-year fixed, at each Ohio 2025 rate (our arithmetic)

The 25th-to-75th percentile gap is $75.40 a month, $905 a year. The DSCR median sits $32.02 a month ($384 a year) above the median for conventional investor loans qualified on income (7.25%, 3,191 loans). Those borrowers documented their income, so this compares two markets, not two quotes for the same file.

Which loans got the lower rate

Ohio DSCR-type loans in 2025: median note rate by segment (segments with at least 30 loans)

These are medians of different borrower mixes, not prices for one file:

• Loan size is the clearest price line in Ohio. 5,595 loans under $150,000 had a 7.75% median; 2,718 loans of $150,000 to $299,999 had 7.375%, and 476 loans of $300,000 to $499,999 had 7.375%. The 2,489 loans below $100,000 (28% of the total) had a 7.875% median (our arithmetic). Fewer than 30 loans were for $1 million or more, so that row is not shown.
• Leverage barely moved the median. 7.625% at 60% LTV or below (902 loans), 7.625% at 70% to 75% (3,207 loans) and 7.75% at 75% to 80% (2,327 loans).
• Interest-only is a different product here. The 860 interest-only loans had a 10.9% median, because 54% of them came from MM Lending, LLC (our arithmetic). Adjustable-rate loans were rare (136 loans, 7.375%).
• Borrower and channel. Entity borrowers had a 7.601% median and individuals 7.75%. Loans applied for directly: 3,922 at 7.575%; through brokers or correspondents: 4,982 at 7.625%.
• Purpose and property. Purchases 7.625%, cash-out refinances 7.625%, rate-and-term refinances 7.375%; single-family 7.625% and 2-4 units 7.625%.

The 12% lender: what moved Ohio's tail

MM Lending, LLC was the fifth-largest filer of Ohio DSCR-type loans in 2025: 464 loans with a median note rate of 12% (middle half 11.5%-12%), a $165,000 median loan and a 69.255% median LTV, all applied for directly. It filed no such loans in Ohio in 2024. All of its 2025 loans are interest-only (100%) and all are flagged with a balloon payment (100%); they make up 54% of Ohio's interest-only DSCR-type loans and 70.7% of its balloon loans (our arithmetic).

That one lender explains the jump in Ohio's 95th-percentile rate to 10.865%, but not the level of the median: without MM Lending, LLC the 2025 median is 7.625% and the 90th percentile 8.625% (our arithmetic). Why Ohio's middle sits above the other four states is something HMDA cannot fully separate; the clearest pattern in the file is loan size, shown above. An interest-only loan with a balloon payment at 12% is a different product from a fully amortizing 30-year DSCR loan, even though HMDA puts both in the same box (30-year term, no DTI, business purpose). If a quote comes with interest-only payments or a balloon, ask when the balloon is due and what refinancing it would take.

Who makes Ohio DSCR loans

Top 10 DSCR-type lenders in Ohio by 2025 loans (names as filed with HMDA)

Ohio is the most concentrated of the five states: the top 10 lenders made 64.9% of the 8,904 loans, and 120 lenders filed at least one (97 in 2024). BPL Mortgage, LLC alone made 1,491 (16.7%), with a $95,000 median loan and 96.8% of its loans through brokers. United Wholesale Mortgage had the smallest median loan in the top 10 ($85,000) and a 7.875% median. Leaving out MM Lending, LLC, whose median is above the state's 90th percentile, the top-10 medians run from 7.05% (RF Renovo Management Company, LLC) to 7.875% (United Wholesale Mortgage); on the $125,000 median loan that is $70.51 a month, $846 a year (our arithmetic). Six of the ten take most applications directly rather than through brokers: KIAVI FUNDING, INC. (26.4% via brokers), RCN Capital, LLC (0% via brokers), MM Lending, LLC (0% via brokers), RF Renovo Management Company, LLC (0% via brokers), Dominion Financial Services, LLC (0% via brokers), CROSSCOUNTRY MORTGAGE, LLC (2.2% via brokers). New or fast-growing names: MM Lending, LLC from 0 loans in 2024 to 464; CV3 Financial Services, LLC from 0 loans in 2024 to 454; RF Renovo Management Company, LLC from 88 loans in 2024 to 342; CROSSCOUNTRY MORTGAGE, LLC from 92 loans in 2024 to 228. Two filing quirks show in the table: RCN Capital filed the combined LTV as a fraction (0.75 rather than 75) on 374 of 658 loans (our count), and Dominion Financial Services reported it as NA, so both appear as filed.

The lenders investors search for by name

Lenders investors search for by name: their Ohio HMDA records

A brand-name direct lender sits near the top of the Ohio list: Kiavi is third, with 663 DSCR-type loans at a 7.375% median (it was at 7.625% in 2024), and it also filed 1,289 short-term loans (36 months or less, the bridge and fix-and-flip type) at 10.49%. Across Ohio there were 2,736 short-term loans at a 10.49% median, 30.7 for every 100 DSCR-type loans (our arithmetic). Investor Mortgage Finance LLC, the lender entity named in Visio Lending's website footer, filed only 43 DSCR-type loans in Ohio (7.925%). Lima One fell from 212 to 84 loans (7.95%); LendingOne made 134 (7.44%); Angel Oak Mortgage Solutions 37 (7.25%); Velocity Commercial Capital 221 at 9.99%; Easy Street Capital none of the 30-year kind but 53 short-term loans. Griffin Funding shows 2: HMDA lists a loan under the institution that reported it, so a lender that closes loans approved elsewhere can look small (see our Griffin Funding review). Our Kiavi review and Visio vs Velocity vs Kiavi compare the direct lenders' published terms.

“Short-term” is our proxy for bridge and fix-and-flip loans: business purpose, investment property, no DTI, first lien, 36 months or less. Across Ohio there were 2,736 of them in 2025 at a 10.49% median, about 2.87 points above a DSCR-type loan. See also the best DSCR lenders and our check of 20 DSCR lenders' licenses and complaints.

Ohio next to the other states we have read

The five states we have read in HMDA, 2025 (same definition, our arithmetic)

Against the other four states Ohio has the highest median note rate, the smallest loans, the highest share of entity borrowers and 2-4 unit properties, and the most concentrated lender list. The DSCR premium over a conventional investor loan qualified on income was 0.375 points (7.25% conventional median, 3,191 loans), down from 0.433 points in 2024. The sister pages read the same file for Florida and Texas.

Where in Ohio: the top 10 counties

Top 10 Ohio counties by 2025 DSCR-type loans (HMDA)

Cleveland's county dominates: Cuyahoga had 2,681 loans, 30.1% of the state, at a $105,000 median loan and a 7.63% median rate, up 82.4% from 2024. The top 10 counties made 76.8% of all Ohio DSCR-type loans. Within them the small-loan pattern repeats: Franklin (Columbus, $175,000 median loan) and Hamilton (Cincinnati, $185,000) had medians of 7.375% and 7.5%, while Summit (Akron, $95,000) and Lucas (Toledo, $85,000) were both at 7.75%. Lucas grew fastest of the ten (92.8%). Every county's 2025 median was at or below its 2024 median. The counties map to the metros investors search for: Cuyahoga is Cleveland, Franklin is Columbus, Hamilton is Cincinnati, Summit is Akron, Lucas is Toledo, Montgomery is Dayton, Butler sits between Cincinnati and Dayton, Lorain is west of Cleveland, Stark is Canton and Mahoning is Youngstown.

Ohio's interest and prepayment statutes and a DSCR loan

Two sections of Chapter 1343 of the Ohio Revised Code matter to a DSCR borrower, and Ohio's small loan sizes make both more relevant than they would be in a high-price state.

Interest: R.C. 1343.01. Division (A) lets the parties to a promissory note agree on interest “at any rate not exceeding eight per cent per annum payable annually, except as authorized in division (B) of this section.” Division (B) lists when a higher rate may be agreed. Three of its cases fit investment-property loans: when the original principal stated in the note “exceeds one hundred thousand dollars” (B)(1); when the note evidences a loan secured by a mortgage on real estate that does not otherwise qualify, in which case the rate “shall not exceed eight per cent in excess of the discount rate on ninety-day commercial paper in effect at the federal reserve bank in the fourth federal reserve district” (B)(4); and when “the loan is a business loan to a business association or partnership” or to the other business owners listed in (B)(6), where “business” means an enterprise “carried on for the purpose of investment or profit.” In the 2025 data, 2,461 Ohio DSCR-type loans (27.7%) carried a note rate above 8%, and 2,489 loans (28%) were below $100,000, of which 915 were above 8% (our arithmetic). For those loans the size exemption in (B)(1) is not available, so a rate above 8% has to fit another division; which one applies depends on who the borrower is and how the loan is documented, and HMDA shows neither.

Prepayment: R.C. 1343.011. The section defines a “residential mortgage” by property size, a lien on Ohio real property “containing two or fewer residential units.” For those loans, division (C)(1) says the obligation may be prepaid “without penalty at any time after five years from the execution date of the mortgage,” and before then a penalty may be provided “not in excess of one per cent of the original principal amount.” Division (C)(2)(a) allows no penalty at all on a first-lien residential mortgage “of less than seventy-five thousand dollars” that is made or arranged by a mortgage broker, loan officer or nonbank mortgage lender “as those terms are defined in section 1345.01 of the Revised Code,” and (C)(2)(b) adjusts that amount each January for inflation. 93% of Ohio's 2025 DSCR-type loans were on one- or two-unit properties (our arithmetic). The definition quoted does not mention occupancy or loan purpose, and the section 1345.01 definitions it borrows are not reproduced here, so whether it reaches a particular business-purpose loan to an LLC is a question for an Ohio attorney. HMDA cannot answer it either: the prepayment-penalty field is NA on 100% of these loans. Get the penalty schedule in writing before you sign.

We read both sections from Justia's reproduction of the Revised Code because the state's site, codes.ohio.gov, did not accept connections from our network on October 6, 2026; the saved text is in the page's sources. This is a reading of statute text, not legal advice.

What an Ohio investor can do with this

1. Place any quote on the distribution. A note rate at or below 7.25% was in the cheapest quarter of Ohio DSCR-type loans in 2025; at or above 8.125% it was in the costliest quarter. Rates move with the market and with your file, so treat 2025 as a range and ask for today's quote.
2. Expect small loans to price higher. Below $150,000 the 2025 median was 7.75%; from $150,000 to $299,999 it was 7.375%. The smaller the loan, the more a second and third quote are worth.
3. Read the structure, not just the rate. An interest-only loan with a balloon is not the same loan as a 30-year amortizing one; in Ohio the interest-only group had a 10.9% median in 2025.
4. Ask for the prepayment penalty in writing. HMDA does not show it, and R.C. 1343.011 sets limits for some loans on one- and two-unit properties. Ask the lender and, if it matters to your plan, an Ohio attorney.
5. Compare lenders, not channels. Direct and broker medians were close (7.575% and 7.625%), but top-10 lender medians differed by $70.51 a month on the median loan.
6. Check whether you qualify conventionally. The conventional investor median was 7.25% in 2025 against 7.625% for DSCR-type loans. Our DSCR vs conventional comparison and DSCR calculator help you see which one your property clears.

FAQ

Loan-level data: FFIEC/CFPB HMDA Data Browser, Ohio originated conventional loans for 2024 and 2025, downloaded October 6, 2026 (request URLs in the data file; scripts in sources/); Florida and Texas figures from the same pipeline, run on October 5, 2026; definitions from the Regulation C text and commentary and the FFIEC HMDA field list; lender names from the FFIEC filer lists; county names from the Census Bureau 2020 county list; Visio Lending's lender entities from its website footer; Ohio Revised Code sections 1343.01 and 1343.011 as reproduced by Justia (the state's site was unreachable from our network that day). All percentiles, medians, shares and payment figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice, and not a loan offer.