Easy Street vs Kiavi 2025 HMDA: 2,409 Loans at 9.90% vs 25,528
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Quick Answer
As of November 2, 2026, the 2025 federal mortgage file (HMDA) shows Easy Street Capital LLC with 2,409 originated loans totaling $863,645,000 at a median 9.90% note rate, every one coded “other purpose” with a term of 6 to 18 months; Kiavi Funding, Inc. shows 25,528 loans totaling $7,786,260,000 at a median 9.95%, and 10.45% on its 19,485 loans of 24 months or less. The file cannot tell you which of those loans were flips and which were ground-up builds: HMDA has no construction-loan field, and Regulation C leaves out a construction-only loan to build a house for sale. It can tell you three things a lender's website does not: Easy Street priced 61.1% of its 2025 loans at exactly 9.90%, Kiavi's rates ranged far more widely, and Easy Street's file holds about two-thirds of the loans the company says it funded in 2025 (our arithmetic). HMDA reports no points or fees, so a lower rate is not a lower cost.
Key Takeaways
- Easy Street Capital LLC (LEI 254900DRSIZBQXDCJ875) reported 2,409 originated loans, $863,645,000, in its 2025 HMDA file, up from 1,937 loans and $720,825,000 in 2024 (+24.4% by count, +19.8% by dollars, our arithmetic). Median loan $245,000, median note rate 9.90% (10.90% in 2024). Kiavi Funding, Inc. reported 25,528 loans and $7,786,260,000 (21,996 and $6,501,660,000 in 2024), median 9.95% (10.70% in 2024).
- Premise corrected: HMDA purpose code 4 is “Other purpose”, not home improvement (code 2). All 2,409 Easy Street loans carry code 4. Kiavi's 25,528 are coded 18,845 home purchase and 6,683 refinancing. So the file does not separate Easy Street's flips from its ground-up loans, and Kiavi's purchase code does not mean a flip.
- Like for like, Easy Street's median rate (9.90%) is 0.55 of a percentage point below Kiavi's median on loans of 24 months or less (10.45%). On a $245,000 interest-only loan that is $1,347.50 over 12 months, or $673.75 over 6 months, the term of 56.2% of Easy Street's loans (our arithmetic). HMDA shows neither lender's points; Easy Street's own FAQ says “zero to two points, and a $1,995 document fee” on EasyBuild.
- Easy Street's pricing is nearly flat: 1,471 of 2,409 loans (61.1%) are at exactly 9.90%, and the middle half of loans spans 9.90% to 9.90%. Kiavi's short-term middle half runs 9.50% to 11.24%. At or below each lender's advertised floor: 185 Easy Street loans (7.7%) at 8.90% or less; 704 Kiavi short-term loans (3.6%) at 8.25% or less.
- What HMDA can bound: 1,357 Easy Street loans (56.3%) have terms of 6 or 7 months, shorter than the 9-month minimum on EasyBuild's page, so on that page's terms they are not EasyBuild loans. For the other 1,052 the file cannot say. Under Regulation C a nine-month buy, renovate and resell loan is reportable, while a construction-only loan to build a dwelling for sale is excluded.
- Coverage: Easy Street says it funded 3,640 loans and more than $1.28 billion in 2025; its HMDA file holds 2,409 loans, 66.2% by count, and no loan with a term over 18 months. Kiavi says 24,150 loans and $7.8 billion; its file holds 25,528 loans and $7.79 billion.
- Kiavi's new-construction page changed after our October 8, 2026 reading: it now says up to 90% of total costs and up to 75% of ARV (October 8: 85% and 70%), rates as low as 9.00%, loans from $150K to $5M. Easy Street's EasyBuild: up to 90% LTC and 75% ARV, 9 to 24 months, 680 FICO.
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Easy Street Capital vs Kiavi: 2025 HMDA recount, lender-page terms and Regulation C coverage rules
158 rows: our recount of both lenders' 2025 HMDA files, the 2024 comparison, company volume claims, lender-page terms read November 2, 2026 and the Regulation C coverage rules. One source per row.
Why this comparison, and what the question really is
Searchers who type “Easy Street Capital vs Kiavi” usually want to know which lender to use for a flip, or for a ground-up build. The lenders' own pages answer with starting rates and leverage caps. The federal mortgage record answers a different question: what each lender's borrowers actually paid in 2025. We downloaded both lenders' complete 2025 HMDA files from the Federal Financial Institutions Examination Council (FFIEC) data browser, one file per Legal Entity Identifier, and counted them ourselves.
Our counting rule is simple and stated in the data file: keep every record with action_taken = 1 (originated), with no filter on state, purpose, units or term. For a like-for-like comparison with Easy Street, whose terms are all 6 to 18 months, we also show Kiavi's loans with a term of 24 months or less, which is Kiavi's short-term bridge and new-construction book. Kiavi's other loans, 6,043 with terms of 60, 120 or 360 months, are its rental (DSCR) loans; Easy Street's file has none.
One premise in the research brief for this page was wrong. It described every Easy Street loan as HMDA purpose code 4, “home improvement”. The FFIEC data-field list says code 2 is “Home improvement” and code 4 is “Other purpose”. That changes what the file means, and it is the first thing to know before using HMDA to compare these lenders.
What each lender says it sells (November 2, 2026)
These are the terms on each lender's own web pages, read on November 2, 2026. They are claims, not funded-loan data.
| Easy Street EasyFix (flip) | Kiavi fix-and-flip | Easy Street EasyBuild (ground-up) | Kiavi new construction | |
|---|---|---|---|---|
| Starting rate | “Rates starting at 8.90%” | “Rates as low as 8.25%” | 8.90% in the terms box; FAQ says “typically” starting at 9.90% | “Rates as low as 9.00%” |
| Term | 6-18 months, interest only, with extension options | 12, 18 and 24 months, interest-only options | 9-24 months, with extension options | 12, 18, 24 months, with 3 or 6 month extension options |
| Leverage | 100% rehab, 90% purchase, up to 93% LTC; up to 75% ARV | Up to 100% of purchase price; up to 80% of ARV; 100% of rehab cost | Up to 90% LTC; up to 75% ARV | Up to 90% of total costs (purchase price plus construction costs); up to 75% of ARV |
| Loan size | $75K to $5M+ | $100K to $5M | $75K to $5M+ | $150K to $5M |
| Minimum FICO | 600 | Not stated on the page | 680 | Not stated on the page |
| Fees stated | “0 Point Options”; $1,995 document fee in the EasyBuild FAQ | No application fee; no appraisal | FAQ: zero to two points and a $1,995 document fee | No application fee; no appraisal; “low origination fees”, no figure |
Two reading notes. First, the rate on each page is a floor for the best borrowers: in Kiavi's 2025 file only 3.6% of short-term loans were at or below 8.25%, and in Easy Street's only 7.7% were at or below 8.90%. Second, Kiavi's new-construction terms moved between our October 8, 2026 reading (85% of total cost and 70% of ARV, up to $10MM) and today (90% and 75%, up to $5M). Our ground-up construction loan comparison carries the October 8 figures and compares six lenders.
What the 2025 HMDA files show, side by side
| 2025, originated loans | Easy Street Capital LLC | Kiavi Funding, Inc. (all) | Kiavi (term 24 months or less) |
|---|---|---|---|
| Loans | 2,409 | 25,528 | 19,485 |
| Dollars | $863,645,000 | $7,786,260,000 | $6,753,445,000 |
| Median loan | $245,000 (middle half $185,000 to $385,000) | $215,000 ($145,000 to $335,000) | $235,000 ($165,000 to $385,000) |
| Median note rate | 9.90% (middle half 9.90% to 9.90%) | 9.95% (8.25% to 10.95%) | 10.45% (9.50% to 11.24%) |
| Median property value | $385,000 | $305,000 | $345,000 |
| Median loan_to_value_ratio | 68.34% | 71.80% | 71.49% |
| Loan purpose code | 2,409 coded 4 (other purpose) | 18,845 coded 1 (home purchase); 6,683 coded 31 (refinancing) | 18,198 purchase; 1,287 refinancing |
| Terms | 6 months 1,355; 9 months 715; 12 months 330; 15, 18 and 7 months 9 | 12 months 18,092; 360 months 5,794; 24 months 955; 18 months 438; 60 months 167; 120 months 82 | 12 months 18,092; 24 months 955; 18 months 438 |
| Interest-only / balloon | All 2,409 / all 2,409 | 19,749 interest-only; 20,075 balloon | All 19,485 / all 19,485 |
| 2024 comparison | 1,937 loans, $720,825,000, median 10.90% | 21,996 loans, $6,501,660,000, median 10.70% | Not computed |
| Records not originated | None in the file | 19,641 (3,300 denied, 12,293 withdrawn, 3,251 closed incomplete, 797 approved not accepted) | Not split |
The two lenders look alike on size: half of Easy Street's loans (1,205 of 2,409, 50.0%) and 52.8% of Kiavi's short-term loans are under $250,000, and loans of $1,000,000 or more are 4.4% and 4.5% (105 and 884 loans). Easy Street's file has 2,329 loans on one-unit properties and 80 on two to four units. Both files are first-lien, investment-property, business-purpose loans.
Kiavi's counts match what we published on our Kiavi review: 25,528 loans, $7,786,260,000, and the review's 19,477 short-term loans are the same set as our 19,485 without 8 loans on properties of five to 24 units. Easy Street's file has no denied or withdrawn applications at all, which is why we show no Easy Street denial rate: with only originations in the file, none can be computed.
Rates: flat at Easy Street, wide at Kiavi, and the point that HMDA hides
Easy Street's 2025 rates cluster. The most common rates were 9.90% (1,471 loans), 10.90% (224), 8.90% (175) and 9.50% (169). Of 2,409 loans, 382 were below 9.90% and 556 above; 135 were at 11.00% or more. The median is 9.90% at 6, 9 and 12 months alike. Kiavi's short-term loans are spread: the middle half runs from 9.50% to 11.24%, the 12-month median is 10.45%, the 18-month median 10.745% and the 24-month median 9.95%.
The rate is only part of the price, and HMDA does not carry the rest. The 2025 public file has no value for points or origination charges for either lender (the fields read “NA”). A worked example, our arithmetic:
- Take Easy Street's median loan, $245,000, interest only. At 9.90% twelve months of interest is $24,255; at Kiavi's short-term median of 10.45% it is $25,602.50. The gap is $1,347.50.
- One point of fee on $245,000 is $2,450. The 12-month rate gap is therefore worth 0.55 of a point.
- Easy Street's most common term is 6 months (56.2% of its loans). Over six months the same rate gap is $673.75, or 0.275 of a point. At nine months it is $1,010.63, or 0.41 of a point.
The practical reading: when two term sheets differ by half a point in rate, a difference of half a point or one point in origination fee, or the $1,995 document fee, can reverse the order on a loan that lasts six to nine months. HMDA cannot rank the two lenders on total cost, and neither can a rate comparison. Our hard money loan rates page puts the same caution on all lenders.
Flip or ground-up: what HMDA can and cannot show
This is the part of the question the file cannot answer, and it is worth being exact about why. Regulation C (12 CFR Part 1003, eCFR version of October 1, 2026) sets the rules:
| Loan type | Reported to HMDA? | Rule |
|---|---|---|
| Buy, renovate and resell (flip), short term | Yes | Comment 3(c)(3)-1.v: a loan with a nine-month term to enable an investor to purchase a home, renovate it, and re-sell it is not temporary financing. “Such a transaction is not temporary financing under § 1003.3(c)(3) merely because its term is short.” |
| Construction-only loan to build a house for sale (spec build) | No | Comment 3(c)(3)-2: a construction-only loan extended to a person exclusively to construct a dwelling for sale is temporary financing and excluded |
| Construction loan that converts automatically to a permanent loan with the same lender | Yes | Comment 3(c)(3)-1.iv: not designed to be replaced by separate permanent financing, so the exclusion does not apply |
| Loan on unimproved land (lot purchase only) | No | Section 1003.3(c)(2): a loan secured by a lien on unimproved land is excluded |
| Business-purpose loan that is not a purchase, improvement or refinancing | No | Section 1003.3(c)(10): excluded unless it is a home improvement loan, a home purchase loan or a refinancing |
Three consequences for reading the two files.
1. The ground-up loans most borrowers want to compare mostly are not in the file. A spec build financed by a construction-only loan is excluded, so neither EasyBuild nor Kiavi's new-construction product can be measured here for that use. A ground-up loan that is reported would look like any other loan: the only construction field, construction_method, says site-built (1) or manufactured home (2). Easy Street's 2,409 loans are all code 1, and so are 25,254 of Kiavi's 25,528.
2. The purpose code does not identify the product at either lender. Under comment 4(a)(3)-3, a loan that is both a home purchase loan and a home improvement loan is reported as a home purchase loan. Kiavi's file follows a purchase and refinancing pattern (74% and 26%; 93.4% and 6.6% among short-term loans). Easy Street reports every loan as “other purpose”. Regulation C does not list “other purpose” as a reportable category for a business-purpose loan, and the file does not say what the 2,409 loans financed or why they are coded this way. We make no claim about the reason. We only note that a reader cannot use Easy Street's purpose code to count purchases, refinances or rehab-only loans, and cannot use Kiavi's to count ground-up builds.
3. The one bound the file does give is the term. EasyFix's page says 6 to 18 months and EasyBuild's says 9 to 24. Easy Street has 1,355 loans at 6 months and 2 at 7, 1,357 loans (56.3%) shorter than EasyBuild's minimum, so on the pages' terms they are not EasyBuild loans. The other 1,052 loans, at 9 months (715), 12 (330) and 15 and 18 (7), could be either product. No Easy Street loan has a term over 18 months, so none of the file's loans uses the 24-month end of EasyBuild's range as an initial term. Kiavi's flip and new-construction pages both list 12, 18 and 24 months, so term cannot separate them there at all.
What HMDA does not cover at all. Easy Street's press release of August 18, 2026 says it funded 3,640 loans totaling more than $1.28 billion in 2025. The file holds 2,409 loans and $863,645,000, 66.2% of the loans and 67.5% of the dollars (our arithmetic, treating “more than” as the stated figure). All have terms of 6 to 18 months. The remaining roughly 1,230 loans are not in the public file; the file does not say why, and we do not know whether they are 30-year rental loans, excluded construction loans or other loans. In 2024 the same gap existed: Easy Street's release on its first securitization says it originated a record $1.2 billion in 2024, and its 2024 HMDA file has 1,937 loans and $720,825,000, about 60% by dollars (our arithmetic). For Kiavi the match is near-complete: $7.8 billion funded in 2025 on its own figures against $7.79 billion in the file, though Kiavi's 24,150 funded loans compare with 25,528 in HMDA, a difference we cannot explain from public data.
Where each lender made its 2025 loans
Easy Street's top states by loan count were Florida (590), California (463), Texas (382), Georgia (205), North Carolina (175), Tennessee (85), Pennsylvania (70), Virginia (61), Ohio (53) and Maryland (28). It reported loans in 44 states and the District of Columbia. Kiavi's short-term loans were led by California (3,165), Florida (1,921), Ohio (1,290), Texas (1,057) and North Carolina (1,050).
| State, 2025 | Easy Street loans | Easy Street median rate | Kiavi short-term loans | Kiavi short-term median rate |
|---|---|---|---|---|
| California | 463 | 9.90% | 3,165 | 9.75% |
| Florida | 590 | 9.90% | 1,921 | 10.50% |
| Texas | 382 | 9.90% | 1,057 | 9.99% |
| Georgia | 205 | 9.90% | 1,010 | 10.95% |
| North Carolina | 175 | 9.90% | 1,050 | 10.25% |
| Pennsylvania | 70 | 9.90% | 1,042 | 10.95% |
| Ohio | 53 | 9.90% | 1,290 | 10.49% |
| New Jersey | 21 | 9.90% | 974 | 10.45% |
| New York | 0 | none | 309 | 10.50% |
| Minnesota | 0 | none | 218 | 9.95% |
Easy Street's median is 9.90% in every state with a meaningful count, so state does not move its median. Kiavi's state medians run from 9.75% in California to 10.95% in Georgia and Pennsylvania. The two lenders were close in California (9.90% against 9.75%), where loans are largest (medians of $585,000 for Kiavi and $595,000 for Easy Street), and furthest apart in Georgia and Pennsylvania (1.05 points). In New York and Minnesota Easy Street made no loan in 2025 although Kiavi did. Easy Street's review records its own carve-outs for Minnesota and Louisiana; New York is listed on its site's state list, yet has no 2025 loan in the file.
Where this page differs from our other pages
- Our Kiavi review uses 19,477 short-term loans and 5,794 thirty-year loans; this page uses 19,485 short-term loans because it does not exclude 8 loans on five- to 24-unit properties. The totals (25,528 loans, $7,786,260,000) and the 10.45% short-term median are the same.
- Our ground-up construction comparison counted 1,784 Easy Street loans and 13,324 Kiavi loans in seven states only (California, Georgia, New Jersey, Ohio, Pennsylvania, Florida and Texas). This page counts all states: 2,409 and 25,528.
- Kiavi's new-construction terms on that page (85% and 70%, up to $10MM) are as of October 8, 2026; today's page says 90%, 75% and $5M.
- Our Easy Street review says Easy Street's business-purpose lending is “generally outside HMDA reporting scope”. That is not what the 2025 and 2024 files show: Easy Street filed 2,409 and 1,937 business-purpose loans. We have flagged it for correction.
What a reader can do with this
- Compare total cost, not rate. Ask each lender, in writing, for points, origination and document fees, draw and inspection fees, the extension fee and the interest reserve. On a 6- to 9-month loan these can outweigh a half-point rate difference (worked example above, our arithmetic).
- Put your project in the right box first. A flip is a purchase plus a rehab holdback; a ground-up build is a lot or a cleared site plus a construction budget, drawn as work is inspected. The two lenders' flip and build pages differ on leverage (Easy Street EasyFix up to 93% LTC against Kiavi's up to 100% of purchase price; both builds up to 90% with a 75% ARV cap) and on minimum FICO (600 for EasyFix, 680 for EasyBuild). Our fix-and-flip lender comparison and house flipping page cover the flip side; the ground-up construction loan page the build side.
- Do not read a median as a quote. Easy Street's 9.90% is a median across 2,409 loans, 61.1% of which are at that exact rate; Kiavi's 10.45% is a median of a wide range. Your rate depends on your file.
- Ask each lender how it will report your loan. If you may sell the house, a construction-only loan will not appear in the public HMDA file; do not infer anything about the lender from that.
- Check the servicing and complaint record separately. HMDA says nothing about it. Our Easy Street review and Kiavi review cover complaints and servicing.
Kiavi pays us a referral fee when a loan closes through the button in the box below. The HMDA counts, the lender-page terms and the rules above are the same either way, and Easy Street is not an affiliate. Visio and Lima One are shown as alternatives.
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Sources: loan-level data from the FFIEC HMDA Data Browser, 2025 and 2024 files for Easy Street Capital LLC (LEI 254900DRSIZBQXDCJ875) and Kiavi Funding, Inc. (LEI 5493006VAGP3GQ8FJT49), downloaded November 2, 2026, with the FFIEC public LAR data-field list and 2025 filer list; Regulation C, 12 CFR Part 1003 and Supplement I (eCFR, version of October 1, 2026); lender terms from easystreetcap.com (EasyFix, EasyBuild), kiavi.com (fix-and-flip and new-construction pages), read November 2, 2026; Easy Street Capital's release on its first securitization and its August 18, 2026 release on borrower and broker portals (GlobeNewswire, via State Journal); Kiavi's February 2026 release and 2025 Wrapped post. Our recount scripts and output are in sources/. All percentages, differences and “our arithmetic” figures are calculated by us. This is analysis of public documents, not investment, legal or tax advice. Compiled by CrowdfundedWealth on November 2, 2026.
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