Nevada Hard Money and DSCR Loans: 712 Flip Loans, Kiavi 76% (2025)

One lender, 540 loans: what the 2025 federal record shows for Nevada

Most Nevada 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 Nevada rows: 48,970 conventional originations, 6,075 of them on investment property and 4,405 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, Illinois and Virginia 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 3,925 loans in the base group, 2,295 of them with no debt-to-income ratio. Of those, 1,457 had a term of 360 months or more (rental and DSCR loans) and 712 a term of 36 months or less. Utah and Illinois set aside short-term entries with a 30-month term that look like 30-year loans keyed in the wrong unit; Nevada has none, so nothing is set aside. We counted from the raw API file. Our earlier draft count of 1,473 DSCR-type loans did not apply the closed-end filter: 16 East West Bank open-end loans were in it, which is why East West Bank shows 74 loans here, not 90.

Nevada is a small hard money market and an extremely concentrated one, so the median here is the median of one lender’s price list. Read the percentiles as a description of 2025, not as a stable rate sheet.

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

Almost all are one-house purchases. By purpose, 659 of the 712 short-term loans (92.6%) were purchases, 40 rate-and-term refinances, 5 home improvement loans, 4 cash-out refinances and 4 “other”; 701 were on one-unit properties and 11 on two to four units. By term, 594 had 12 months, 50 had 13 months, 24 had 6 months, 14 had 24 months and 13 had 18 months. Loan size sets the price very little: the median was 9.95% for loans under $250,000 and for loans of $250,000 to $499,999, 9.8875% for $500,000 to $999,999 and 9.95% for $1,000,000 or more. 690 of the 711 loans with a reported rate (97.0%) are above 8%, 277 above 10%, 141 above 11% and 28 above 12%. Points, fees and prepayment terms for business-purpose loans are not in HMDA (the points and prepayment fields read “NA” for all 712 loans), 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.

Kiavi in Nevada: the share, the price points and what is left for everyone else

In the 2025 file Kiavi Funding reported 540 of Nevada’s 712 short-term investor loans: 75.8% of the count and $232.9 million, 66.2% of the dollars. That is a far larger single-lender share than the 52.6% held by the largest lender in our Utah page, and Kiavi reported no Utah loan under the same filter at all. All 540 are coded to entities, 537 have a 12-month term and 3 a 24-month term, 526 are purchases and 14 refinances, and 536 are on one-unit properties. The median loan was $335,000, the same as the whole market, and the median loan-to-value 72.69%.

Kiavi’s note rates are a ladder, not a smear: its median was 9.95% with a middle half of 9.0% to 10.95% and a 10th to 90th range of 8.5% to 11.49%. Six rates account for 293 of its 540 loans (54.3%): 9.95% on 75 loans, 9.5% on 55, 8.75% on 54, 9.0% on 42, 11.49% on 37 and 10.45% on 30. HMDA does not say why a borrower landed on one step or another, and it does not show points, so we draw no conclusion about who qualified for which rate.

Kiavi against the other 11 lenders, Nevada short-term investor loans, 2025 (HMDA, our arithmetic)

The two groups price almost the same in the middle: 9.95% against 9.875%. The difference is the tail. The other 172 loans have a wider spread, from 7.0% to 13.0%, because they come from eleven very different lenders. Kiavi made 10.6 short-term loans for every DSCR-type loan it made in the state (540 to 51, our arithmetic). Our Kiavi review covers the product, and Kiavi against Lima One compares the two largest names in this table.

Las Vegas, Reno and the rest: where the Nevada loans are

HMDA reports a county, not a city. Clark County holds Las Vegas, Henderson and North Las Vegas; Washoe County holds Reno and Sparks. We grouped every other county as the rest of Nevada. County names come from the Census Bureau county codes in the file.

Nevada investor loans by area, 2025 (HMDA, our arithmetic)

Reno is a thin flip market in this record. Four lenders reported all 34 Washoe short-term loans, and Kiavi made 26 of them, Genesis Capital 6, Choice Financial Group 1 and Temple View 1. The rest of the state has 28 loans from four lenders: Elko County 12, Nye County 8, Carson City 3, Lyon County 3, Humboldt County 1 and White Pine County 1; Kiavi made 20 of the 28 and Lima One 6. The rental side is the reverse of the flip side. Clark County has 94 DSCR-type lenders, and Washoe has a different top five: Champions Funding 19, CrossCountry Mortgage 17, Deephaven Mortgage 15, United Wholesale Mortgage 11 and Guild Mortgage 7, against OCMBC 127, AAA Capital Investment 108, East West Bank 74, United Wholesale Mortgage 68 and A&D Mortgage 60 in Clark. A Reno investor shopping a 30-year loan will meet other names than a Las Vegas one.

The other eleven: who made the remaining 172 flip loans

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

Twelve lenders reported at least one short-term loan (two more, Builder Finance and Choice Financial Group, have one each and are not in the table). The largest made 75.8%, the top three 90.4%, the top five 96.1% and the top ten 99.7%. Lima One Capital made 57 loans at an 8.8% median, and Genesis Capital 24 at 8.475%, both lower than Kiavi’s 9.95% on smaller counts; HMDA shows no points, so a lower note rate is not proof of a cheaper loan. Temple View’s 47 loans had the largest median loan among lenders with 10 or more loans ($545,000) and a 10.5% median. CV3 Financial Services priced at 10.99% and 212 Loans at 11.99%. Nine of 212 Loans’ eleven loans, all with a 6-month term and coded to natural persons, carry exactly 11.99% (one is 10.99% and one reports a zero rate).

Natural persons are the high-priced corner. Only 28 of the 712 borrowers were not entities, and their median note rate was 11.24%, against 9.925% for entities (our arithmetic). That is the lender mix again: 212 Loans, Velocity Commercial Capital and Generations Bank all lent to natural persons. It does not show that a person pays more than an LLC for the same loan. Our reviews cover Lima One Capital, Temple View Capital, Genesis Capital, CV3 Financial Services, 212 Loans, Velocity, Easy Street Capital and Loan Funder, and 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 Nevada’s 12 lenders.

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, and because the Nevada record makes it the lender most Nevada flip borrowers in 2025 used; that is volume, not a ranking of price, and Lima One’s and Genesis’ medians were lower on much smaller counts. Visio Lending and Lima One Capital pay us nothing.

The rental side: 99 lenders, and none of the flip lenders lead it

Searches for Nevada hard money and Nevada 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 Nevada the two steps are served by different companies. The same filters with a term of 360 months or more give 1,457 loans, 37.1% of the 3,925 base loans, against 18.1% for short-term loans, from 99 lenders; 33 of them made 10 or more loans and 25 made exactly one. The top lender made 145 loans (9.95%), the top three 23.7%, the top five 33.8% and the top ten 53.4%.

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

None of the eight largest DSCR lenders reported a short-term loan in Nevada, so a Nevada investor refinancing out of a flip loan will change lenders. Six names appear in both lists: Kiavi (540 short-term and 51 DSCR-type), Lima One Capital (57 and 2), Temple View (47 and 5), CV3 Financial Services (16 and 11), Velocity Commercial Capital (7 and 25) and Loan Funder (3 and 5). The prices differ more than the names. The ten lenders with a bank or savings name in the DSCR file (East West Bank, Bank of Hope, Cathay Bank, Northpointe Bank and six others) made 99 loans, 6.8%, at a 6.5% median, against 7.125% for the rest; East West Bank alone made 74, all in Clark County and all with a 360-month term, at a 6.5% median, with 11 coded to entities. AAA Capital Investment’s 109 loans (6.75%) and OCMBC’s 145 (6.999%) were all coded to natural persons. United Wholesale Mortgage’s 92 loans had the highest median of the five largest (7.625%); HMDA does not show why.

By purpose, 822 of the 1,457 were purchases (56.4%), 411 cash-out refinances (28.2%), 205 rate-and-term refinances (14.1%), 17 home improvement loans and 2 “other”; 1,401 had a 360-month term and 56 a 480-month term. 144 of the 1,454 loans with a reported rate are above 8% and 142 below 6.5%. Read the requirements in our DSCR requirements guide, the lender ranking by loan count and the reviews of OCMBC, Champions Funding, HomeXpress, Deephaven, Nexera and Hometown Equity. We have no review of AAA Capital Investment, United Wholesale Mortgage, East West Bank, A&D Mortgage or CrossCountry Mortgage, and this page reports only what they filed.

Two markets, two kinds of borrower

The most unusual number on this page is the split between entities and people. 96.1% of the short-term borrowers were entities, and 8.2% of the rental borrowers. The rental median was 7.0% for the loans to natural persons and 7.25% for the 119 to entities (our arithmetic). HMDA codes the applicant, not the title the borrower will hold after closing, so this does not say that Nevada landlords hold in their own names; it says that the flip lenders took LLC applicants and the rental lenders mostly took individuals. If you plan to buy in an LLC and refinance in your name, or the other way round, ask each lender about the transfer before closing. The legal side of that choice is on our LLC for rental property page, and a lender’s transfer rules are in its note and deed of trust, not in HMDA.

What one year of interest costs at each median (our arithmetic)

The $335,000 is the short-term median loan, used for both columns so the comparison holds the loan constant; the rental median loan is $285,000. These are interest-only illustrations before points, fees and any prepayment clause, none of which HMDA reports.

Nevada interest law: no ceiling in the text, but the rate must be in writing

Nevada has no usury ceiling in the sections we read. NRS 99.050(1) says the parties “may agree for the payment of any rate of interest on money due or to become due on any contract, for the compounding of interest if they choose, and for any other charges or fees”, and that they “shall specify in writing the rate upon which they agree” and any compounding and fees. NRS 99.040(1) supplies a default only where there is “no express contract in writing fixing a different rate of interest”: the prime rate at the largest bank in Nevada, as ascertained by the Commissioner of Financial Institutions, plus 2 percent. We read the Legislature’s text of chapter 99 as revised April 15, 2026, from an Internet Archive copy, because the Legislature’s own site blocked our request.

Nevada provisions that bear on the price of an investor loan (statute text saved October 29, 2026)

Of the 711 short-term loans with a reported rate, 277 carry a note rate above 10%, 141 above 11% and 28 above 12%, and the highest is 13.49%. We do not claim any loan is lawful or unlawful. HMDA shows neither the borrower’s legal form for the purpose of the statute nor the points, and we read only the sections in the table, not the rest of the Nevada Revised Statutes, federal law on high-cost mortgages or the rules on disclosure. What the text shows is that these sections do not cap the price of a business loan, and that the live questions for a borrower are the fees, the prepayment clause and the default rate in the note.

Licensing: Nevada asks who holds out as a lender, not what the loan is for

In Utah the licensing definition has no personal-use test, and in Illinois it has one. Nevada’s chapter has both, in different places. A “residential mortgage loan” is “any loan primarily for personal, family or household use” secured by a mortgage or deed of trust on a dwelling (NRS 645B.0132), so a business-purpose flip loan is outside that definition on its words. But a “mortgage company” is a person who, directly or indirectly, “holds himself or herself out as being able to make loans secured by liens on real property”, or as able to buy or sell notes secured by them, or offers exempt securities that invest in such notes (645B.0127(1)), and the chapter makes it “unlawful for any person to offer or provide any of the services of a mortgage company” without a license unless the person is exempt and meets that exemption’s requirements (645B.900). Our private money lender page shows the same provisions in a table of seven states.

Nevada licensing provisions read for a hard money loan (statute text saved October 29, 2026)

We do not reach a conclusion on how the Division of Mortgage Lending applies these provisions to a given flip lender: the exemption in 645B.015(7) is written for commercial loans and for a person lending on his or her own account, the definition of a mortgage company is broad, and we found no ruling or guidance to cite. The practical point for a borrower is the one on our other state pages: ask the lender for its Nevada license or NMLS number, or the exemption it relies on, and check it with the state regulator before you sign. We did not read the conduct rules in the rest of chapter 645B for this page.

Foreclosure: 35 days, three months and no redemption

Nevada loans on real property are usually secured by a deed of trust, and NRS 107.080 gives the trustee a power of sale outside court. It cannot be exercised until the grantor, the title holder or a subordinate lienholder “has, for a period of 35 days, computed as prescribed in subsection 3, failed to make good the deficiency in performance or payment”, the beneficiary or trustee has recorded a notice of the breach and election to sell, the beneficiary or servicer has instructed the trustee, and “not less than 3 months have elapsed after the recording of the notice” (107.080(2)). The trustee then gives notice of the sale: recorded, served on the trustor, posted “for 20 days successively, in a public place in each county where the property is situated”, and published “three times, once each week for 3 consecutive weeks, in a newspaper of general circulation” (107.080(4)).

A sale “vests in the purchaser the title of the grantor and any successors in interest without equity or right of redemption” (107.080(5)). A court must declare a sale void if the trustee did not substantially comply with the section and an action is started in the county “within 30 days after the date on which the trustees deed upon sale is recorded”, with a lis pendens recorded within 5 days of starting it (107.080(5)); a person who did not receive proper notice has 90 days from the sale (107.080(6)).

Example earliest trustee’s sale on a $335,000 loan at the 9.95% median (our arithmetic, hypothetical dates)

For scale, three months of interest on $335,000 at the 9.95% median is $8,333.13 and four months $11,110.83, before points, fees and default interest (our arithmetic). The point for a borrower is not to plan for a default: the three-month floor is why a lender can move to a sale in a little over three months, and why a cure has to come early. The court route has its own rules. NRS 40.430(1) says “there may be but one action for the recovery of any debt, or for the enforcement of any right secured by a mortgage or other lien upon real estate”, and NRS 40.455(1) requires an application for a deficiency judgment “within 6 months after the date of the foreclosure sale”. The copies of chapters 107 and 40 that we could read are archive copies revised June 29, 2024 and December 9, 2024, so any change made in the 2025 legislative session is not verified here. We did not read the owner-occupied protections (such as NRS 107.085 and 107.086), the mediation rules or the sections after 40.455, and have no source for how many Nevada foreclosures involved investor loans in 2025, so we give none.

What a Nevada investor can do with this

1. Place the quote on the distribution. A short-term note rate at or below 8.9% was in the cheapest quarter of Nevada loans in 2025; at or above 10.95% in the costliest. Because 540 of 712 loans come from one lender, the middle of the range is mostly that lender’s ladder (9.0% to 10.95%).
2. Compare more than Kiavi. Lima One Capital (57 loans, 8.8% median) and Genesis Capital (24 loans, 8.475%) reported lower medians on far fewer loans; Temple View (10.5%), CV3 (10.99%) and 212 Loans (11.99%) reported higher ones. Points, draw rules and prepayment terms are not in HMDA, so ask for the full cost.
3. Plan the exit before you borrow. The flip lenders made 51 or fewer DSCR-type loans each; the DSCR leaders (OCMBC, AAA Capital, United Wholesale Mortgage, East West Bank) made no short-term loans. A refinance usually means a new lender, new appraisal and new closing costs.
4. Price a bank or credit union for the rental loan. The bank-name group’s 6.5% median was 0.625 point below the rest, 99 loans; the sample is small and loans differ in credit and leverage.
5. Ask for the license or the exemption. Nevada’s mortgage company statute turns on holding out as a lender, with an exemption for one person’s own money in commercial loans; ask which one applies.
6. Read the fees, not the rate. The Nevada text leaves the rate to a written contract, so points, extension fees, the prepayment clause and the default rate are what the note decides; see our extension and default interest page.
7. Know the clock. A sale cannot be held until 3 months after the notice is recorded, there is no redemption afterwards, and the lender has 6 months to apply for a deficiency. Run the numbers in the fix and flip calculator.

FAQ

Loan data: FFIEC/CFPB HMDA 2025 loan-level data, Nevada 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; county names from the Census Bureau county codes. Statutes: Nevada Revised Statutes 99.040 and 99.050, 645B.0127, 645B.0132, 645B.0149, 645B.015, 645B.018 and 645B.900, 107.080, and 40.430 and 40.455, from the Nevada Legislature’s published text (leg.state.nv.us) as archived by the Internet Archive; chapters 99 and 645B are the April 15, 2026 revision, chapter 107 the June 29, 2024 revision and chapter 40 the December 9, 2024 revision. 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.