Hard Money and DSCR Loans Indiana 2026: Kiavi 51%, 10.45% Median

What the 2025 federal record shows for Indiana investors

Most Indiana 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 Indiana rows: 135,051 originated first-lien loans, 11,922 of them on investment property and 8,544 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 (Utah, Ohio and Illinois use it too): conventional, first lien, closed-end, 1-4 units, investment property, business purpose, no debt-to-income ratio. That leaves 5,701 loans in the base group. Of those, 3,219 had a term of 360 months or more (rental and DSCR loans), 1,289 a term of 36 months or less, and 1,193 a term between 37 and 359 months that we leave out of both groups. We set aside 20 short-term entries with a 30-month term: 18 from one lender (Emporium TPO LLC), one each from Lake City Bank and First Merchants Bank. That looks like a 30-year loan keyed in months, and the other state pages do the same. That leaves 1,269 short-term loans. We counted from the raw API file, and the Kiavi count of 649 matches an earlier look at the same data.

A caution on names: the FFIEC filer list gives RCN Capital, LLC two identifiers, which we merge, and it lists some banks twice with different capitalisation (First Federal Savings Bank and FIRST FEDERAL SAVINGS BANK), which we keep apart because they may be different institutions.

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

Most short-term loans are one-house purchases. By purpose, 1,039 were purchases (81.9%), 108 refinances, 55 home improvement loans, 37 “other” and 30 cash-out refinances; 1,154 were on one-unit properties and 115 on two to four units. The median loan-to-value on the 1,169 loans that report it was 69.83%, and 35 are above 80%. Loan size moves the price very little: 143 loans under $100,000 had a 10.75% median, 495 loans of $100,000 to $149,999 10.45%, 419 loans of $150,000 to $249,999 10.45%, 189 loans of $250,000 to $499,999 10.45% and 23 loans of $500,000 or more 10.25%. Entities paid a median 10.45% and the 91 other borrowers 10.75%. Points, fees and prepayment terms for business-purpose loans are not in HMDA, so use our hard money loan calculator to turn a quote into a total cost. Our national rate page covers the whole market. The public file rounds each loan amount to the midpoint of a $10,000 band, so a reported $145,000 is a loan between $140,000 and $149,999.

The size of the loan is small by national standards and the spread is wide at the top: of the 1,259 loans with a reported rate, 1,138 (90.4%) are above 8%, 713 (56.6%) above 10%, 308 (24.5%) above 11% and 64 (5.1%) above 12%. A quote above 11% was in roughly the top quarter of Indiana note rates in 2025, though HMDA does not show points.

Marion County, Lake County and the rest of the state

HMDA reports a county, not a city, so we cannot isolate Indianapolis or Gary. Marion County is the closest public unit for Indianapolis, and Lake and Porter counties for the Chicago-side market. We grouped the rest in four blocks: the seven counties around Marion (Hamilton, Hendricks, Johnson, Boone, Hancock, Morgan and Shelby), Allen County (Fort Wayne), St. Joseph and Elkhart counties (South Bend and Elkhart), and everything else. 113 loans carry no county.

Indiana short-term investor loans by area, 2025 (HMDA, our arithmetic)

The areas differ because the lenders differ. Lake and Porter counties are the most expensive block and the most Kiavi-heavy: 285 of the 293 loans went to entities, with Loan Funder (32) the next lender. Allen County is the cheapest and the least concentrated: the second lender there is a savings bank (First Federal Savings Bank, 7 loans) and the median is 8.5%. The 113 loans with no county are mostly from RCN Capital (70) and Anchor Loans (33), which report no county in HMDA; they are real Indiana loans we cannot place. The rest-of-state block includes the 28 loans of American Heritage Lending, whose borrowers were all natural persons. Our Ohio DSCR page shows the same lenders in the neighbouring state.

Who made the short-term loans

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

Fifty-six lenders reported at least one loan and 12 of them reported exactly one. Kiavi alone is 51.1%, the top three 63.4%, the top five 69.3% and the top ten 81.1%. All 649 Kiavi loans went to entities, carry the interest-only and balloon flags, and 620 have a 12-month term (the rest 24 months for 20 loans and 18 months for 9). Its median loan, $165,000, is larger than the state median of $145,000, but its median rate sits on the state median, 10.45%, and the 620 loans of all other lenders have a 10.5% median (middle half 9.26% to 11.0%). In other words, in the 2025 federal record Kiavi’s typical Indiana loan was priced where the market was, not below it. HMDA does not show points, so the total cost cannot be compared from this file.

Several of the next names are the lenders with reviews on this site: Loan Funder, RCN Capital, Dominion Financial Services, Lima One Capital, American Heritage Lending, Anchor Loans and CV3 Financial Services; the national hard money lender comparison ranks the whole market. Lenders under HMDA’s reporting thresholds do not appear, so every count is a floor.

Banks and credit unions, by our name rule. We classed a lender as a bank if its name contains bank, credit union, savings, FCU or national association. On that rule 128 short-term loans (10.1%) came from 32 lenders at a 7.5% median, against 10.5% for the other 1,141 loans. The largest were First Merchants Bank (15 loans, 7.0%), First Federal Savings Bank (12, 8.25%), Old National Bank (10, 6.86%) and German American Bank (9, 7.5%). Banks are a small share, but they are where the cheapest Indiana short-term quotes in the file sit; they may also lend against stronger borrowers or collateral, which HMDA does not show.

Kiavi pays us a referral fee when a loan closes through its button below. It belongs in an Indiana box because the 2025 federal file shows it as the state’s largest short-term investor lender by a wide margin, and as the fourth-largest maker of 30-year investor loans. Loan Funder, RCN Capital and Lima One Capital, the next lenders in the data, pay us nothing; Visio Lending, which reports under a different entity, pays us nothing either.

DSCR-type loans in Indiana: the exit

Searches for Indiana hard money and Indiana 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). The same filters with a term of 360 months or more give 3,219 loans, 56.5% of the 5,701-loan base group, against 22.3% for short-term loans. The market is far wider: 105 lenders, the top five making 39.1% and the top ten 57.0%.

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

Two things stand out. First, MM Lending is the second-largest name on the list, but it is not a 7% lender. Every one of its 296 Indiana loans is flagged interest-only with a balloon, and the median note rate is 12.0%. In 2023 and 2024 it reported a 12-month term; in 2025 it reports 360 months, which moves it from the short-term list to this one. Our MM Lending review explains the field change. Of the 322 DSCR-type loans above 10%, 290 are MM Lending’s. Without them the other 2,923 loans have a 7.39% median and only 32 loans above 10% (our arithmetic). Second, the lenders overlap: 18 of the 56 short-term lenders also reported DSCR-type loans, and four of the eight largest DSCR lenders (RCN Capital, Kiavi, BPL Mortgage and Loan Funder) also made short-term loans. Unlike our Utah page, an Indiana investor can often refinance out of a flip loan with the same lender. The Kiavi review, BPL Mortgage review, Deephaven review and OCMBC review cover several of these names, and our DSCR lender ranking uses the same filter nationally.

Within the DSCR-type group, 1,010 loans were purchases (31.4%), 1,196 cash-out refinances (37.2%), 515 refinances (16.0%), 160 “other”, 42 home improvement and 296 coded not applicable, the same 296 as MM Lending’s. 2,659 were on one-unit properties (82.6%). Of the 3,211 loans with a reported rate, 691 (21.5%) were under 7% and 1,682 (52.4%) were at or below 7.5%. Banks and credit unions made only 38 loans (1.2%) at a 7.81% median. By area, Marion County had 971 loans (7.625%), Lake and Porter counties 616 (7.475%), the seven suburban counties 238 (7.25%), St. Joseph and Elkhart 145 (7.39%), Allen County 83 (7.374%), the rest of Indiana 906 (7.58%) and 260 with no county (7.5%). Read the underwriting side in our DSCR requirements guide.

What the gap between the two products costs on one loan (our arithmetic)

Indiana law: what we could not read

A page like this usually adds the state’s interest ceiling, licensing rule and foreclosure timeline. We could not. On October 29, 2026, iga.in.gov returned only an empty JavaScript page to our requests, the Internet Archive copies of the Indiana Code pages were empty for the same reason, and the commercial sites that republish the code blocked our fetch. Our MM Lending review does not cite an Indiana statute either. We therefore state no Indiana rule on interest rates, lender licensing or foreclosure, and mark all of it not verified. We will not write one from memory.

What the federal data does say is narrower, and enough to ask the right questions. Of 1,259 short-term loans with a reported rate, 64 are above 12%; the highest is 14.625% and the lowest 3.15%, which looks like a data oddity rather than a market price. Whether a rate that high is lawful for a business or an individual is a legal question for an Indiana attorney, and we do not answer it. Before you sign, ask any lender for (1) its Indiana licence number or the exemption it relies on, (2) every fee in dollars, (3) the default rate and the prepayment terms, and (4) how long after a default it can start a foreclosure, then check each answer with the Indiana Department of Financial Institutions and counsel.

What an Indiana investor can do with this

1. Place the quote on the distribution. A note rate at or below 9.5% was in the cheapest quarter of Indiana short-term loans in 2025; at or above 11.0% in the costliest. In Marion County the middle half was 9.5% to 11.25%, in Lake and Porter counties 9.95% to 11.45%. The sample is large, but one lender sets half of it.
2. Get a second quote from outside the largest lender. Kiavi’s median equals the market median, and the 620 loans from everyone else had a 10.5% median with a middle half of 9.26% to 11.0%. A bank quote in Allen County or around Indianapolis was often lower, but ask about draws and speed.
3. Price a bank, if you can. Banks and credit unions made 10.1% of the short-term loans at a 7.5% median. Points and draw rules are not in HMDA, so ask.
4. Check what “DSCR” means in the quote. A lender listed among the largest DSCR lenders can be pricing an interest-only balloon at 12%. Ask for the amortisation, the term and the balloon date.
5. Plan the refinance. If a DSCR loan replaces the flip loan, the market median was 7.5%; 52.4% of reported rates were at or below 7.5%. Run the rest in our fix and flip calculator and the extension and default interest page.
6. Ask for the license and the legal terms in writing. We could not read the Indiana statutes, so the checklist above replaces any rule we would otherwise cite.

FAQ

Loan data: FFIEC/CFPB HMDA 2025 loan-level data, Indiana rows from the Data Browser API (originated first-lien loans, saved in the sources folder), the FFIEC 2025 filer list for lender names and the FFIEC LAR data-field definitions; county names from the Census Bureau 2020 county code file. Indiana statutes were not readable on October 29, 2026 and are not cited. All counts, shares, medians, percentiles and interest figures are our arithmetic. This is analysis of public documents, not investment, legal, tax or lending advice, and not a loan offer.