Hawaii Hard Money and DSCR Loans: 400 Flip Loans, 10.4% (2025)

Hawaii in the federal record: a $515,000 loan and an island split

Most Hawaii hard money pages list lenders that advertise. The federal Home Mortgage Disclosure Act (HMDA) file lists loans that were made, with the note rate. We used the FFIEC and CFPB loan-level data for 2025 and took the Hawaii rows: 15,836 conventional originations, 3,112 of them on investment property and 2,154 of those marked as made for a business or commercial purpose.

HMDA has no “hard money” field. We use the proxy of our other state pages (Nevada, Utah and others): first lien, 1-4 units, closed-end, not a reverse mortgage, investment property, business purpose, no debt-to-income ratio. That leaves 1,850 loans in the base group, 1,059 of them with no debt-to-income ratio. Of those, 611 had a term of 360 months or more (rental and DSCR loans), 405 a term of 36 months or less and 43 something in between or no term. Of the 405 short entries, we set aside 5 with a 30-month term (one MidFirst Bank and four EMPORIUM TPO loans at 6.99% to 7.5%) that look like 30-year loans keyed in months, which leaves 400. Three more entries (a Carrollton Bank loan with a 36-month term and a First Hawaiian Bank loan with a 36-month term, and one Equity Wave Lending loan with no rate) stay in. A count that does not set the 5 aside gives 405 loans and a 10.25% median.

Hawaii business-purpose investor loans, 2025 (HMDA, our filter)

By purpose, 298 of the 400 short-term loans (74.5%) were purchases, 52 refinances, 23 cash-out refinances, 19 “other” and 8 home improvement loans; 365 were on one-unit properties, 30 on two units and 5 on three. By term, 263 had 12 months, 79 had 18 months, 23 had 24 months, 12 had 9 months and 10 had 13 months. The rental side is 335 purchases (54.8%), 217 cash-out refinances (35.5%), 56 refinances and 3 home improvement loans, with 570 loans at 360 months and 41 at 480 months; 572 are one-unit properties. The rental cash-out share is the number that stands out: more than a third of Hawaii DSCR-type loans took equity out. Points, fees and prepayment terms for business-purpose loans are not in HMDA (the prepayment field reads “NA” for all 400 short-term loans), so use our hard money loan calculator to turn a quote into a total cost, and our national rate page for the whole market. The public file rounds each loan amount to the midpoint of a $10,000 band.

Short-term median rate by loan size, Hawaii 2025 (HMDA, our arithmetic)

Large loans were the cheaper loans in Hawaii, by 0.7 of a point at the median (10.5% against 9.8125%). That is the opposite of a flat price ladder, and it is a mix effect as much as a price: the $1,000,000-plus group is led by Anchor Loans (19 loans, 9.0%), Conventus and CV3. HMDA does not show points, so a lower note rate is not proof of a cheaper loan.

Conventus, Temple View and the rest: who made the 400 flip loans

Largest lenders of Hawaii short-term investor loans, 2025 (HMDA, names from the FFIEC 2025 filer list)

26 lender identifiers (LEIs) reported at least one short-term loan; RCN Capital reports under two of them, and five loans (median 10.65%, median loan $1,075,000) come from an identifier that is not in the 2025 filer list. The largest lender made 30.0%, the top three 61.25%, the top five 74.25% and the top ten 92.0%. Conventus made 120 loans at a 9.99% median; none of its borrowers is coded as an entity, and its 120 loans are the reason the non-entity median (143 loans, 9.99%) is below the entity median (257 loans, 10.5%). That is the reverse of Nevada, where people paid more than entities, and it is again a lender-mix effect and not proof that a person pays less for the same loan. Temple View’s 92 loans are almost one price: the 25th and 75th percentiles are both 10.5%, 70 have an 18-month term, and 78 are in Hawaii County. Our reviews cover Conventus, Temple View, Loan Funder, CV3 Financial Services, Anchor Loans, Easy Street Capital, Lima One Capital, LendingOne and Velocity; the national hard money lender comparison and best fix and flip lender ranking rank the whole market. Lenders under HMDA’s reporting thresholds do not appear, so every count is a floor; our private money lender page makes the same point for other states.

Banks are nearly absent from short-term lending. Six of the 400 loans (1.5%) came from a bank or credit union (Carrollton Bank, Central Pacific Bank, Hawaii State Federal Credit Union, American Savings Bank, First Hawaiian Bank and Aloha Pacific Federal Credit Union, one each), with a 6.625% median and a $910,000 median loan (our arithmetic; the name rule is “bank”, “credit union”, “federal credit” or similar in the lender name). The other 394 had a 10.49% median.

Kiavi in Hawaii: 19 loans at the highest median

Kiavi is the lender most national pages put first. In the Hawaii record it made 19 of the 400 short-term loans (4.8%, $15.8 million), against 540 of 712 (75.8%) in Nevada. All 19 are coded to entities, 17 have a 12-month term, 16 are purchases and 3 refinances, and all are on one-unit properties. Ten are in Honolulu County, 6 in Hawaii County, 2 in Kauai County and 1 in Maui County. Its median note rate was 11.49% with a middle half of 10.1% to 12.35%, a range of 8.95% to 13.24% and a median loan of $635,000; the other 381 loans had a 10.25% median (our arithmetic). Kiavi reported no rental (DSCR-type) loan in Hawaii at all. 19 loans is a small sample, HMDA does not show points, and we do not know why a borrower landed on a given rate, so this describes 2025 and not the price a new borrower will be quoted. Our Kiavi review covers the product.

Kiavi pays us a referral fee when a loan closes through its button below. We show it because it is the lender we have a contract with, not because it leads in Hawaii: it made 19 of 400 loans and its median was higher than the rest. Visio Lending and Lima One Capital pay us nothing.

Oahu, the Big Island, Maui and Kauai: where the loans are

HMDA reports a county, not a city. Honolulu County is the island of Oahu; Hawaii County is the Big Island; Maui County and Kauai County are the others. 30 short-term loans and 7 rental loans carry no county in the public file.

Hawaii investor loans by county, 2025 (HMDA, our arithmetic)

The Big Island is a flip market and the other neighbor islands are rental markets. Hawaii County has 38.8% of the short-term loans but 21.3% of the rental loans, with a small median flip loan ($325,000) and 121 of its 155 short-term loans to entities. Maui County has 19.6% of the rental loans and 5.3% of the flip loans, and Kauai County’s 12 flip loans have a $2,290,000 median loan (our arithmetic; with 12 loans one or two large loans move it). Kauai’s 75 rental loans were 1 to an entity.

The lender mix also changes by island. In Hawaii County, Temple View made 78 of 155 short-term loans, Conventus 29, Loan Funder 13, CV3 11, LendingOne 8 and Kiavi 6. In Honolulu County, Conventus made 79 of 182, CV3 19, Easy Street 19, Loan Funder 17 and Temple View 11. Maui County’s 21 short-term loans: Conventus 9, Velocity 3, CV3 2. On the rental side, Honolulu is led by Citadel Servicing (41), HomeXpress (33), Champions Funding (18), Hometown Equity (14) and General Mortgage Capital (12); Maui by HomeXpress (26) and Hometown Equity (9); Kauai by HomeXpress (10), Guaranteed Rate (9), Angel Oak (9) and United Wholesale Mortgage (8); Hawaii County by Angel Oak (21), HomeXpress (19), Deephaven and Champions (10 each). An investor on Kauai shopping a 30-year loan meets a different list than one in Honolulu.

The rental side: 61 lenders, and the flip lenders barely appear

Searches for Hawaii hard money and Hawaii DSCR loans are two steps of one plan: the short-term loan to buy and renovate, then a 30-year rental loan to refinance it (see the BRRRR method). In Hawaii the two steps are served by different companies. The same filters with a term of 360 months or more give 611 loans, 33.0% of the 1,850 base loans, against 21.6% for short-term loans, from 61 lenders; 20 of them made 10 or more loans and 12 made exactly one. The top lender made 88 loans (14.4%), the top three 29.3%, the top five 39.9% and the top ten 55.0%.

Largest lenders of Hawaii rental (DSCR-type) loans, 2025 (HMDA, our filters)

None of the five largest rental lenders reported a short-term loan in Hawaii, so an investor refinancing out of a flip loan will usually change lenders. Names in both lists are Conventus (120 short-term and 12 rental), Temple View (92 and 3), CV3 (33 and 9), Loan Funder (33 and 3), LendingOne (12 and 2), Lima One (15 and 1) and Velocity (5 and 19). Velocity’s 19 rental loans are the exception on price: a 9.99% median, against 7.25% for the market, and all 19 are coded to individuals. Citadel Servicing’s rental loans were almost all to entities (47 of 49), the only large lender with that profile. The 14 loans from bank-named lenders (MidFirst, Northpointe, East West Bank, Bank of Hope and Royal Business Bank) had a 7.0% median, against 7.25% for the rest; the group is small and the loans differ in credit and leverage. The rental median loan of $515,000 is large: 113 of the 611 loans (18.5%) were $1,000,000 or more and the largest was $5,855,000 (our arithmetic). Read the requirements in our DSCR requirements guide, the lender ranking by loan count and the reviews of HomeXpress, Angel Oak, Champions Funding and Hometown Equity. We have no review of Citadel Servicing, United Wholesale Mortgage, The Loan Store, NewRez or Change Lending, and this page reports only what they filed.

Rental loan denials: 30.2%, and collateral is the first reason

HMDA also lists applications that did not become loans. Using the same filters as the rental loans (first lien, 1-4 units, business purpose, closed-end, no debt-to-income ratio, term 360 months or more) on the denied file, 264 Hawaii applications were denied, against 611 originated, so 30.2% of the 875 decided applications were denied (our arithmetic). Lenders can give up to four reasons; counting the first one, collateral was named for 108 (40.9%), credit history for 58, an incomplete credit application for 34, “other” for 28, unverifiable information for 15, debt-to-income ratio for 13, insufficient cash for 7 and denied mortgage insurance for 1. HMDA says only which reason was coded, not what was wrong with the property. Our state-by-state denial page counts 264 of 879 for Hawaii (30.0%) with a looser filter; the denied count is the same and the originated count differs by 4. Applications withdrawn or closed as incomplete are not in either number.

What one year of interest costs at the medians (our arithmetic)

Interest-only illustrations, no points or fees

The $515,000 is the median loan of both groups, used for both columns so the comparison holds the loan constant. These are interest-only illustrations before points, fees, extension charges and any prepayment clause, none of which HMDA reports. Our extension and default interest page shows how those charges change the total.

Hawaii law: what we could not read

A Hawaii investor loan is also a matter of state law: how much interest the contract may charge, who needs a lender license, and how a lender forecloses. We tried to read those provisions in the Hawaii Revised Statutes on the Legislature’s website, and the site blocked our requests; the commercial copies and the Internet Archive were also unreachable. We would rather leave the section out than quote from memory, so this page says nothing about Hawaii’s interest ceiling, its lender licensing rules or its foreclosure procedure. Check those chapters directly, or with a Hawaii lawyer, before you sign a note. Our LLC for rental property page and DSCR loan in an LLC page cover how the borrowing entity is chosen.

What a Hawaii investor can do with this

1. Place the quote on the distribution. A short-term note rate at or below 9.75% was in the cheapest quarter of Hawaii loans in 2025; at or above 10.67% in the costliest. Unlike Nevada, the middle of the range is spread over several lenders, not one lender’s ladder.
2. Compare by island and by size. Honolulu’s median was 9.99% and the Big Island’s 10.5%; loans of $1,000,000 or more had a 9.8125% median against 10.5% under $500,000. Ask each lender for its island and size pricing, and for the points, which HMDA does not show.
3. Compare more than the best-known name. Kiavi’s 19 loans had an 11.49% median; Anchor Loans (9.0%), LendingOne (9.49%) and Easy Street (9.9%) were lower on 12 to 19 loans each, and Conventus (9.99%) on 120. Points, draw rules and prepayment terms are not in HMDA.
4. Plan the exit before you borrow. The five biggest rental lenders made no short-term loan; the biggest short-term lenders made 12 or fewer rental loans each. A refinance usually means a new lender, a new appraisal and new closing costs, and 30.2% of rental applications were denied, most often on collateral.
5. Check the borrowing entity. 64.3% of short-term borrowers were entities and 12.6% of rental borrowers, and a lender’s transfer rules are in its note and deed, not in HMDA.
6. Read the Hawaii statutes before you rely on this page. We could not, so the rate, license and foreclosure rules are your homework.
7. Run the numbers. Use the fix and flip calculator with the full cost, not the note rate alone.

FAQ

Loan data: FFIEC/CFPB HMDA 2025 loan-level data, Hawaii rows from the Data Browser API (the raw originations file, the raw denied file and our three filtered extracts are in the sources folder), conventional loans only, and the FFIEC 2025 filer list for lender names; county names from the HMDA county codes (15001 Hawaii, 15003 Honolulu, 15007 Kauai, 15009 Maui). All counts, shares, medians, denial rates and interest figures are our arithmetic. The Hawaii Revised Statutes were not read. This is analysis of public documents, not investment, legal, tax or lending advice, and not a loan offer.