Massachusetts Hard Money and DSCR Loans: $525K Median, CCG No Rate

A $525,000 median and a lender with no rate: what Massachusetts shows that other states do not

Most state hard money pages list lenders that advertise. The federal Home Mortgage Disclosure Act (HMDA) file lists loans that were made. We took the 2025 FFIEC and CFPB loan-level file for Massachusetts: 121,851 conventional originations, 11,678 of them on investment property and 8,430 of those marked as made for a business or commercial purpose.

HMDA has no “hard money” field, so we use the proxy of our other state pages (Nevada, Indiana, Illinois and Connecticut use it too): first lien, 1-4 units, closed-end, not a reverse mortgage, investment property, business purpose, no debt-to-income ratio. That leaves 7,198 loans in the base group and 3,932 with no debt-to-income ratio. Of those, 1,388 had a term of 36 months or less and 2,060 a term of 360 months or more; 484 sit between and are in neither group. We set aside 28 of the short-term entries: all have a 30-month term, all come from one lender (Emporium TPO LLC), their median rate is 7.5575% and 22 are cash-out refinances, so they look like 30-year loans keyed in months, the same pattern we set aside on our Indiana and Illinois pages. That leaves 1,360 short-term loans.

Three things set Massachusetts apart in this record, and the rest of the page follows them.

1. The loans are big. The median short-term loan is $525,000 and the mean $919,890; in our Nevada page the median is $335,000. 390 of the 1,360 loans (28.7%) are $1 million or more and 155 are $2 million or more.
2. The dollar leader reports no rate. CCG Fund 1, LLC made 163 loans and $284.7 million, more dollars than any other lender, and every rate field reads “NA”. Any Massachusetts median that includes only reported rates is a median of everyone else.
3. Community banks are a real part of it. Savings banks, co-operative banks and trust companies made 21.8% of the short-term loans and 36.2% of the dollars, at prices 2 points below the non-banks.

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

By purpose, 1,063 of the 1,360 short-term loans (78.2%) were purchases, 136 home improvement loans, 80 cash-out refinances, 59 rate-and-term refinances and 22 “other”. By term, 1,040 had 12 months (76.5%), 167 had 18, 59 had 24 and 28 had 6. Points, fees and prepayment terms are not in HMDA for these loans (the points and prepayment fields read “NA” for all 1,360 short-term loans, and “Exempt” for five points fields), so use our hard money loan calculator to turn a quote into a total cost, and see our national rate page for the whole market. The public file rounds each loan amount to the midpoint of a $10,000 band.

Lenders: RF Renovo leads by count, CCG Fund 1 by dollars

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

Forty-six lenders reported at least one short-term loan. The top lender made 26.0% of the loans, the top three 48.8%, the top five 63.5% and the top ten 79.9%; by dollars, CCG Fund 1 alone is 22.8%, the top two 41.1% and the top five 60.9%. Compare that with our Nevada page, where one lender made 75.8% of the loans: Massachusetts is a market of several mid-sized names, not of one price list. RCN Capital files under two legal-entity identifiers with the same name (88 and 39 loans); we show them as one. All 127 RCN loans carry no county in the file, so they appear in no county table below.

RF Renovo. RF Renovo Management Company made 354 loans and $230.0 million, all coded to entities, 338 with a 12-month term and 16 with 18 months, 306 of them purchases and 41 cash-out refinances. Its median note rate was 10.0% with a middle half of 9.75% to 10.75% and a 10th to 90th range of 9.5% to 11.0%; the single most common rate is 9.75%, on 100 loans. Its median loan was $465,000 (mean $649,689), and 98 of its loans are on two- to four-family properties. It also made 51 rental loans, all to entities, at a 7.0% median, so it is one of the few names on both lists. Our Renovo Financial review covers the company nationally; this page reports only what it filed in Massachusetts.

CCG Fund 1. The fund is the dollar leader and the least visible in the data. It made 163 loans with a combined $284,745,000, a median of $1,735,000 and a 90th percentile of $3.139 million. Of its loans, 127 have a 12-month term, 34 have 18 months and 2 have 15; 78 are on one-family properties, 31 on two-family, 41 on three-family and 13 on four-family; by purpose 63 are coded as home improvement, 58 as purchase, 22 as cash-out refinance and 20 as refinance; the median loan-to-value is 71.13%. Geography is Boston and its ring: 58 loans in Middlesex County, 35 in Suffolk County, 16 in Norfolk, and 10 each in Plymouth and Essex. What HMDA does not give us for CCG is the one number a borrower most wants: the interest rate, points and prepayment fields read “NA” for all 163 loans, and another lender (BARH Dunmore LLC) has two such loans of its own. We cannot say from this file why the fields are blank, and we draw no conclusion about the lender from it. It means only that the 9.99% statewide median is calculated on the 1,195 loans that do report, and that the price of the largest dollar block of Massachusetts short-term lending is not in the public record we used. We did not read the fund’s other filings for this page.

Kiavi in Massachusetts. Kiavi Funding made 147 loans ($62.5 million, 5.0% of the dollars), 145 of them purchases, 117 on one-family properties and 30 on two- to four-family. Its median note rate was 11.0% with a middle half of 9.97% to 11.725% and a 10th to 90th range of 9.7% to 11.99%; the two most common rates are 11.49% (21 loans) and 11.99% (19). That is 1.05 points above its 9.95% Nevada median on our Nevada page, for a loan smaller than the Massachusetts median ($405,000 against $525,000). HMDA shows no points, so a higher note rate does not by itself show a dearer loan. Kiavi also made 23 rental loans at a 7.0% median. 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; in Massachusetts it ranks third by loan count, and its median here is among the highest of the large lenders, so volume is not price. Visio Lending and Lima One Capital pay us nothing.

The other names are mostly covered in our reviews: Loan Funder (112 loans, 10.5%, also 24 rental loans), RCN Capital, Lima One Capital (14 loans, 10.25%), Easy Street Capital (19 loans, 9.9%) and Conventus Lending (6 loans). We have no review of ABL RPC Residential Credit Acquisition; its 45 loans have an 11.625% median (middle half 9.5% to 11.625%) and five of the eight loans above 13% in the state. Our 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.

Banks against non-banks: a two-price market

The cleanest split in the Massachusetts file is not between lenders but between kinds of lender. We classified a lender as a bank, savings bank, co-operative bank, trust company or credit union when its name says so (our rule; it is a reading of the name, not a charter check). Twenty-one such institutions reported short-term loans.

Massachusetts short-term investor loans by kind of lender, 2025 (HMDA, our arithmetic)

No bank loan is above 9.5% and no non-bank loan with a rate is below 8.5%, so the two groups barely overlap. The banks lend more per loan ($1.235 million against $465,000) and charge about two points less (8.25% against 10.27%, our arithmetic). The leaders are Rockland Trust Bank (56 loans, 8.0%, median loan $965,000), Needham Bank (44, 8.5%, $1,530,000), Dedham Institution for Savings (38, 8.0%, $1,565,000), Enterprise Bank and Trust Company (34, 8.5%, $680,000), Salem Five Cents Savings Bank (23, 7.5%, $1,095,000), Leader Bank (23, 8.5%, $1,245,000) and Walpole Co-operative Bank (22, 8.375%, $1,815,000). Greenfield Savings Bank (16 loans, 7.25%, $250,000) is the smallest-ticket bank among them. HMDA does not show a bank’s requirements, so we cannot say who qualified; the usual differences are in the borrower’s other deposits and guarantees, which are not in this file, and we did not read these banks’ product terms. The practical point is that a Massachusetts investor with a track record and a local relationship can price a bank first. On the rental side the same split holds in a milder form: 23 banks made 151 DSCR-type loans at a 6.75% median, against 7.35% for the other 1,909.

Bank loans also pull down the statewide median wherever the banks are. In Middlesex County 129 of the 334 short-term loans are bank loans, and the county median is 9.0%; the 147 non-bank loans there that are not CCG Fund 1’s are priced at 10.25%. In Worcester County only 3 of 154 are bank loans, and the median is 10.45%.

Where the loans are: Boston and its ring, and the three-decker

HMDA reports a county, not a city. Suffolk County is Boston, Middlesex County holds Cambridge, Somerville, Lowell and the Route 128 suburbs, Norfolk County the southern ring, and Essex, Plymouth and Bristol the North Shore, South Shore and Fall River–New Bedford areas. Hampden is Springfield, Worcester County is Worcester, and Berkshire, Franklin and Hampshire are the western counties. County names come from the Census Bureau county codes in the file. 135 short-term loans (127 of them RCN Capital’s) and 70 rental loans have no county.

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

The loan size falls with distance from Boston: the short-term median is $1,065,000 in Suffolk and $1,225,000 in Middlesex, $375,000 in Worcester and $245,000 in Hampden. Counties with fewer than 30 loans (Franklin, Hampshire, Nantucket, Dukes) are in the CSV and not in the table. The rental market is the reverse: Bristol (223), Hampden (181) and Worcester (263) have large rental counts for their short-term counts, and Suffolk has 289 rental loans against 117 short-term ones.

The other Massachusetts-specific fact is the house itself. 398 of the 1,360 short-term loans (29.3%) and 1,079 of the 2,060 rental loans (52.4%) are on two- to four-family properties; 557 rental loans (27.0%) are on three- or four-family houses, which in Massachusetts are largely the triple-deckers of the cities, though HMDA does not give the building type. On the rental side the price does not change with the unit count (median 7.25% for one unit and two units, 7.375% for three, 7.3875% for four), but the loan does: median $355,000 for one unit, $485,000 for two, $585,000 for three and $570,000 for four. On the short-term side the median loan runs from $465,000 for one unit to $665,000, $985,000 and $1,785,000 for four, at medians of 10.0%, 9.75%, 9.99% and 9.75%. Our DSCR requirements guide covers how DSCR lenders treat multi-unit income.

Short-term loans by size, 2025 (HMDA, our arithmetic)

Unlike Nevada, loan size does move the price here, and the reason is the lender mix: loans above $1 million are mostly bank loans, and CCG Fund 1 (no rate) accounts for much of the $2 million tier. We do not read this as a size discount from the same lender.

The rental side: 127 lenders, and the flip leaders are not the rental leaders

Searches for Massachusetts hard money and Massachusetts DSCR loans are two steps of one plan: the short-term loan to buy and renovate, then a 30-year rental loan (see the BRRRR method). The same filters with a term of 360 months or more give 2,060 loans, 28.6% of the 7,198 base loans against 18.9% for short-term loans, from 127 lenders; 43 made 10 or more and 26 made exactly one. The top lender made 6.5% of the loans, the top three 17.4%, the top five 26.3% and the top ten 42.7%. By purpose 953 (46.3%) were purchases and 789 (38.3%) cash-out refinances, 268 rate-and-term refinances; 2,012 had a 360-month term and 47 a 480-month term. 306 of 2,056 loans with a rate are above 8% and 145 below 6.5%.

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

Two things stand out. First, the rental leaders are national DSCR lenders and their loans are almost all coded to natural persons (OCMBC, CrossCountry, Hometown Equity, HomeXpress, United Wholesale and A&D report no entity borrower at all), while RF Renovo’s 51 and Velocity’s 65 loans are different: RF Renovo’s are all to entities, and Velocity’s median is 9.865%, far above everyone else, and we do not know what product explains it. Second, a Massachusetts investor refinancing out of a flip loan usually changes lender: RF Renovo (354 short-term and 51 rental), RCN Capital (127 and 50), Kiavi (147 and 23) and Loan Funder (112 and 24) do both, and the largest rental lenders made no short-term loans. East West Bank has the lowest median of the big names (6.5%) and the largest loan ($535,000). Reviews of the main names: OCMBC, Hometown Equity, HomeXpress, Velocity, Champions Funding and Deephaven; the national ranking is on our DSCR lenders by loan count page. We have no review of CrossCountry Mortgage, United Wholesale Mortgage, East West Bank, A&D Mortgage, Guaranteed Rate or AmWest.

The rental split between people and entities is the opposite of the flip side: 1,691 of 2,060 rental loans (82.1%) are coded to natural persons against 4.6% of the short-term loans. HMDA codes the applicant, not the title after closing. If you plan to buy in an LLC and refinance in your name, or the reverse, ask each lender about the transfer before you close; the legal side of the choice is on our LLC for rental property page and our DSCR loan LLC page.

Massachusetts law: a 20% line that counts the points

Most states we have read either set no ceiling on a business loan or exempt it. Massachusetts has a ceiling that is written as a crime and that counts fees. The texts below are from the Massachusetts Legislature’s published General Laws.

Massachusetts provisions that bear on the price of an investor loan (statute text saved October 30, 2026)

The note rates in the file are far under 20%: the highest of the 1,195 reported short-term rates is 14.625%, and 27 are above 12%. But HMDA shows neither points nor extension fees, and the statute counts both. A short loan makes the point sharper because section 49(a) measures the aggregate “per annum” or at “the equivalent rate for a longer or shorter period”.

Interest plus points on the $525,000 median loan at the 9.99% median rate (our arithmetic; the 2 or 3 points are hypothetical)

This is arithmetic, not a legal test: the statute also names recording fees, commissions and services, and a court decides what counts and whether an exemption applies. The point for a borrower is only that in Massachusetts the cost of a short bridge loan is measured against a statutory line, so ask the lender for the all-in cost in dollars, and ask whether it relies on an exemption. We do not say that any lender in this file charged more than 20%, and we read only section 49 of chapter 271. Our extension and default interest page covers the fees that sit outside the note rate.

Licensing. The licensing chapter is narrower than the one in Nevada. Chapter 255E, section 1 defines a “mortgage loan” as “a loan to a natural person made primarily for personal, family or household purposes” secured by a mortgage on residential property, and “residential property” as a dwelling for four or fewer households “occupied, or to be occupied, in whole or in part by the obligor on the mortgage debt”. Section 2 then makes it unlawful to act as a mortgage lender “with respect to residential property” without a license from the commissioner of banks, and exempts a lender making “fewer than five mortgage loans within any period of twelve consecutive months”. On the words of those sections, an LLC’s loan to buy a house it does not occupy is outside the definition of a mortgage loan, which fits the finding above that 95.4% of the short-term borrowers are entities. We did not read the Division of Banks’ regulations or any other chapter on lenders (such as the small loan provisions of chapter 140), and we do not conclude how any given lender is licensed; the practical step is to ask for the lender’s Massachusetts license number or the exemption it relies on.

Foreclosure: three weeks of notice, no redemption, and no 90-day cure for an investor

Massachusetts foreclosures on a mortgage with a power of sale happen outside court, under the “Statutory Power of Sale” of chapter 183, section 21. Under chapter 244, section 14, a sale is not “effectual to foreclose a mortgage” unless notice has been “published once in each of 3 successive weeks, the first publication of which shall be not less than 21 days before the day of sale”, and mailed by registered mail to the owner of the equity of redemption “at least 14 days prior to the date of sale”, with a copy to junior interest holders. A properly noticed sale, says section 21, “shall forever bar the mortgagor and all persons claiming under him from all right and interest in the mortgaged premises, whether at law or in equity”.

Two other texts matter to an investor-borrower. The 90-day right to cure in chapter 244, section 35A is for residential property occupied by the mortgagor as a principal residence, and the section says that residential property “shall not include an investment property or residence other than a primary residence” and “shall not include residential property taken in whole or in part as collateral for a commercial loan”. So the consumer cure period is not written for an investor’s loan. And a lender that wants to sue for a deficiency after the sale must have mailed a notice of its intention to foreclose, with a warning of liability for the deficiency, “not less than twenty-one days before the date of the sale” (chapter 244, section 17B), and sworn an affidavit within thirty days after the sale.

Notice clock for a power-of-sale foreclosure, Massachusetts (statute text saved October 30, 2026; our arithmetic)

The table covers only the sale notice: it does not include the contractual notice of default and cure period in the mortgage, the Servicemembers Civil Relief Act process, or any step before the first publication, none of which we read. Our example is a hypothetical, not a prediction of how long a foreclosure takes, and we give no average duration or count of Massachusetts investor foreclosures because we have no source for either. Read the cure and notice terms in your own mortgage.

What a Massachusetts investor can do with this

1. Place the quote on the distribution, by lender type. A non-bank short-term quote near 10% is the middle of the 898 non-bank loans with a rate (median 10.27%); a bank quote near 8.25% is the middle of the 297 bank loans. A quote of 11% or more is in the top 197 of 1,195.
2. Price a bank or savings bank first if you qualify. Rockland Trust, Needham, Dedham, Enterprise, Salem Five, Leader and Walpole made 17.6% of the state’s short-term loans (240 of 1,360) at 7.5% to 8.5% medians, for loans of $680,000 to $1.8 million. HMDA does not show what they required.
3. For a non-bank, ask what the rate is not telling you. CCG Fund 1’s 163 loans report no rate, so the largest dollar lender cannot be benchmarked from this file; ask it, in writing, for rate, points and extension fees.
4. Compare more than Kiavi and RF Renovo. RF Renovo (354 loans, 10.0%), Kiavi (147, 11.0%), RCN (127, 10.34%) and Loan Funder (112, 10.5%) reported different medians on different loan sizes. Points, draw rules and prepayment terms are not in HMDA.
5. Plan the exit before you borrow. The top rental lenders (OCMBC, CrossCountry, Hometown Equity, HomeXpress) made no short-term loans, and 82.1% of rental loans are coded to individuals. Run the numbers in the fix and flip calculator.
6. Ask for the all-in cost against the 20% line. Chapter 271, section 49 counts brokerage, extension and service charges with interest; ask whether the lender is regulated or relies on the attorney general notice.
7. Know the clock. The sale notice is three weeks of publication, the first at least 21 days before the sale, and the sale bars the mortgagor; the 90-day cure is not written for investment property.

FAQ

Loan data: FFIEC/CFPB HMDA 2025 loan-level data, Massachusetts rows from the Data Browser API (the raw file and our two filtered extracts are in the sources folder), conventional originations only, and the FFIEC 2025 filer list for lender names; county names from the Census Bureau county codes. Statutes: Massachusetts General Laws c. 107, s. 3; c. 183, s. 21; c. 244, ss. 14, 17B and 35A; c. 255E, ss. 1 and 2; and c. 271, s. 49, from the Massachusetts Legislature’s published text (malegislature.gov) as archived by the Internet Archive (copies captured between May and October 2026). Our Nevada and Indiana page figures are from those pages. All counts, shares, medians and interest figures are our arithmetic. This is analysis of public documents, not investment, legal, tax or lending advice, and not a loan offer.