Oregon Hard Money and DSCR Loans 2026: 3 Lenders Make 60%

What the 2025 federal record shows for Oregon investors

Most Oregon hard money pages list lenders that advertise. The federal Home Mortgage Disclosure Act (HMDA) file lists loans that were made, with the note rate, and applications that were denied. We used the FFIEC and CFPB loan-level data for 2025 and took the Oregon rows: 64,135 originated first-lien loans, 5,432 of them on investment property and 3,950 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 (Oklahoma, Nevada and Washington use it too): conventional, first lien, closed-end, 1-4 units, investment property, business purpose, no debt-to-income ratio, not a reverse mortgage. That leaves 1,662 loans in the base group. Of those, 1,030 had a term of 360 months or more (rental and DSCR loans), 539 a term of 36 months or less, and 93 a term between 37 and 359 months or no term, which we leave out of both groups (70 and 23). We set aside 2 short-term entries with a 30-month term, both from Emporium TPO LLC; that looks like a 30-year loan keyed in months, and the other state pages do the same. That leaves 537 short-term loans. A first look at this state used a looser filter that keeps buildings of five or more units and open-end lines of credit and gave about 586 short-term and 1,032 DSCR-type loans, so the numbers on this page are slightly lower.

For denials we took the same file for denied applications (action 3) and applied the same filters. An application has no loan to describe, so the term field on it is what the lender entered; 32 denied applications in the base group have no term and sit in neither group.

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

Most short-term loans are one-house purchases or are coded “other”. By purpose, 318 were purchases (59.2%), 140 “other” (138 of them Rain City Capital’s), 42 refinances, 28 cash-out refinances and 9 home improvement loans; 486 were on one-unit properties and 51 on two to four units. The median loan-to-value on the 350 loans that report it was 70.0%. Loan size barely moves the price: 13 loans under $100,000 had an 11.99% median, 11 loans of $100,000 to $149,999 10.995%, 92 loans of $150,000 to $249,999 10.5%, 271 loans of $250,000 to $499,999 10.5% and 150 loans of $500,000 or more 10.45%. Entities paid a median 10.49% and the 297 other borrowers 10.5%. 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 $365,000 is a loan between $360,000 and $369,999.

The top of the range is thin. Of the 513 loans with a reported rate, 492 (95.9%) are above 8%, 341 (66.5%) above 10%, 143 (27.9%) above 11% and 12 (2.3%) above 12%. A quote above 12% was in roughly the top fortieth of Oregon note rates in 2025, though HMDA does not show points. The 24 loans with no reported rate are all Rain City Capital’s.

Oregon is a private-lender market

In Oklahoma banks make two thirds of the short-term investor loans (see the Oklahoma page). Oregon is the reverse. We classed a lender as a bank if its name contains bank, credit union, savings, FCU, national association or trust co., plus Washington Federal by name. “Merchants Mortgage & Trust Corporation” is not a bank under that rule, and we class it with the private lenders. On that rule 4 of 537 short-term loans came from banks or credit unions, and 533 came from 19 other lenders.

Largest short-term lenders in Oregon, 2025 (HMDA, names from the FFIEC 2025 filer list)

The ten lenders above made 496 of the 537 loans (92.4%); the other 12 lenders made 41. The terms differ more than the rates. Merchants Mortgage & Trust, the second-largest lender, made 94 of its 101 loans for 15 months, none carries the balloon flag and 27 are interest-only; its middle half runs from 10.0% to 10.5%, and none of its loans is coded to an entity by our proxy. Its own page is the Merchants Mortgage & Trust review, which counts 108 Oregon loans under a wider filter. Rain City Capital’s 138 loans are all interest-only with a balloon, 137 have a 12-month term, all are coded “other purpose”, 24 report no rate and 92 report no county; see the Rain City Capital review. The 10 loans from Center Street Lending VIII SPE, LLC come from a filer whose LEI is not in the FFIEC 2025 filer list; the Global LEI Foundation record names it, and our Center Street Lending review covers the lender. 212 Loans lends in Oregon through an Oregon-named affiliate: 40 loans, 35 with a 9-month term.

Conventus Lending is the exception on price. Its 29 loans have an 8.0% median, 17 are at or below 8.0%, and 8 of them are in Lane County; no other lender with more than 20 loans has a median under 9.75% (see the Conventus Lending review). HMDA does not show points, draw schedules, speed of closing or borrower track record, so a lower note rate is not a lower cost.

Kiavi’s 84 loans are 15.6% of the state’s short-term loans. All 84 went to entities, carry the interest-only and balloon flags, and 80 have a 12-month term. Its median rate, 10.49%, is within a hair of the Oregon non-bank median (10.5%), its middle half runs from 9.95% to 10.99%, and the range is 8.75% to 12.95%. Kiavi’s loans are spread more widely than most: 35 in Multnomah County (Portland), 12 in Lane County (Eugene) and 16 in counties we do not break out. Lima One Capital, which has its own review, is the fourth-largest and the biggest per loan ($625,000 median), with 13-month and 19-month terms and 9 loans on four-unit buildings.

Kiavi pays us a referral fee when a loan closes through its button below. It belongs in an Oregon box because the 2025 federal file shows it as the state’s third-largest short-term lender. Visio Lending and Lima One Capital pay us nothing. The data above also says what the button cannot: in Oregon Merchants Mortgage & Trust’s median quote was 0.24 points below Kiavi’s and Conventus Lending’s was 2.49 points below (our arithmetic), so get more than one number before you compare.

County by county: Portland, Eugene, Salem, Bend and Medford

HMDA reports a county, not a city, so we cannot isolate Portland. Multnomah County is the closest public unit for Portland; with Washington and Clackamas counties it makes the Portland tri-county core. We broke out Lane County (Eugene), Marion County (Salem), Deschutes County (Bend) and Jackson County (Medford), and grouped everything else. 102 loans carry no county.

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

The Portland tri-county core (Multnomah, Washington and Clackamas) has 271 short-term loans, 50.5% of the state’s, at a 10.45% median and a $425,000 median loan; Merchants Mortgage & Trust made 66 of them, Kiavi 47, 212 Loans of Oregon 39, Lima One 34 and Rain City 26. Lane County is the cheapest of the areas we broke out, partly because of one lender: Conventus Lending’s 8 loans there sit at the bottom of the range, and Kiavi made 12 of the 30. Marion County is a Merchants market (17 of 34). The 102 loans with no county are real Oregon loans we cannot place; they have the highest median of any row (11.0%) because they are Rain City’s.

DSCR-type loans in Oregon: the exit

Searches for Oregon hard money and Oregon 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 1,030 loans, 62.0% of the 1,662-loan base group, against 32.3% for short-term loans. The market is far wider and almost bank-free: 94 lenders, the top five making 31.6% and the top ten 48.5%, and banks or credit unions made only 24 loans (2.3%), at a 7.3125% median.

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

The ten largest lenders have medians within about half a point of each other (6.999% to 7.5%), so which of them you pick moves the rate less than the loan does. Within the group, 464 loans were cash-out refinances (45.0%), 392 purchases (38.1%), 156 refinances (15.1%), 12 home improvement loans and 6 “other”. 736 were on one-unit properties (71.5%) and 294 on two to four units (28.5%), with a 7.125% median on both and a $425,000 median loan on the multi-unit ones. Only 134 (13.0%) went to entities, against 40.1% on our Oklahoma page, and those had a 6.875% median against 7.249% for the rest. Loan-to-value moves the price a little: 344 loans under 65% had a 7.0% median, 229 loans from 65% to 70% 7.125%, 252 loans above 70% to 75% 7.25% and 128 above 75% 7.25%. Sizes of $250,000 to $349,999 were the cheapest band (348 loans, 7.0%) and loans under $150,000 the dearest (35 loans, 7.4375%). 998 loans have a 360-month term and 32 a 480-month term (40 years; HomeXpress made 18 of them), with a 7.25% median.

Two names stand out for price. Velocity Commercial Capital made 25 DSCR-type loans in Oregon at a 9.49% median, and those 25 are a quarter of the 96 loans above 8% (our arithmetic); see the Velocity review. At the other end, Guaranteed Rate’s 28 loans had a 6.875% median and OCMBC’s 32 a 6.999% median. The reviews on this site cover many of these lenders: HomeXpress, United Wholesale Mortgage, Nexera, Hometown Equity Mortgage, Deephaven, Champions Funding, OCMBC, CrossCountry Mortgage, Lendsure and Kiavi. Our DSCR lender ranking uses the same filter nationally, our DSCR requirements guide reads the underwriting side, and the Washington page shows the neighbouring state. Short-term lenders that also made DSCR-type loans in Oregon include Kiavi (7 loans, 7.375% median), Lima One (17, 6.525%), RF Renovo (17), CV3 (10), Velocity (25) and Rain City (4); 12 of the 22 short-term lenders reported both.

Oregon DSCR-type loans by area, 2025 (HMDA, our arithmetic)

The Portland tri-county core has 414 DSCR-type loans (40.2%) at a 7.125% median and a $365,000 median loan; HomeXpress (43), United Wholesale (31), Champions Funding (18), Nexera (17) and Velocity (16) lead it. Lane County and Marion County are the cheapest of the areas (6.999% and 7.0%), Clackamas County and the rest of the state the dearest (7.25%), and the spread between the best and worst area medians is about a quarter of a point. In Deschutes County, which includes Bend, the lender with the most loans is Change Lending (11), a name that does not lead any other area we broke out; the median loan there is $395,000, the largest of the areas.

Who was turned down

HMDA also lists denied applications, and that is where the DSCR market differs from the short-term one. We applied the same filters to the denied file. Denied applications use the same fields, so “denied” here means the lender recorded a denial; withdrawn, incomplete and approved-but-not-accepted applications are in neither count, and a lender that screens applicants before it records an application will show fewer denials.

Oregon denied investor applications, 2025 (HMDA, our filters)

On DSCR-type applications the other reasons were “other” (27), unverifiable information (19), insufficient cash (15) and debt-to-income ratio (14), which is notable on loans filed with no debt-to-income ratio; 5 were exempt and 1 was mortgage insurance. The 255 denied DSCR-type applications asked for $99.9 million (our arithmetic), against $395.7 million originated. Only the first listed reason is used here.

Denials at the largest Oregon DSCR-type lenders, 2025 (HMDA, our arithmetic)

Among the large short-term lenders, Rain City Capital denied 29 against 138 loans made (17.4%), Kiavi 13 against 84 (13.4%), Lima One Capital 5 against 42 (10.6%) and CV3 Financial Services 9 against 18 (33.3%); Merchants Mortgage & Trust, 212 Loans of Oregon, Conventus Lending and RF Renovo recorded no denials in this group. Anchor Loans LP recorded 11 short-term denials and no loan. A low denial share is not proof of an easy lender: it can mean a lender filters before applying, as private lenders often do. Our national denial-rate page counts 1,287 decided Oregon applications under its own definition. By area, the denial share of DSCR-type decisions was 19.2% in Multnomah County (51 of 265), 18.0% in Washington County, 16.7% in Clackamas County, 17.0% in Deschutes County, 15.8% in Marion County, 13.5% in Lane County and 13.7% in Jackson County; the rest of the state had 89 denials against 297 loans (23.1%).

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

Oregon law: what we did not read

A page like this usually adds the state’s interest ceiling, licensing rule and foreclosure timeline. We did not read any Oregon statute for this page. We therefore state no Oregon 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 says is narrower: of 513 short-term loans with a reported rate, 12 are above 12%, the highest is 13.99% and the lowest 5.88%. Whether any rate is lawful for a business or an individual is a legal question for an Oregon attorney, and we do not answer it. Before you sign, ask any lender for (1) its Oregon 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 state regulator and counsel.

What an Oregon investor can do with this

1. Get at least three short-term quotes. Banks and credit unions made 4 of 537 Oregon short-term investor loans in 2025, so the comparison is among private lenders. The middle half of their loans was 10.0% to 11.49%; Merchants Mortgage & Trust’s 101 loans were 10.0% to 10.5%, Kiavi’s 9.95% to 10.99% and Rain City Capital’s 10.5% to 12.0%. A quote above 11% was in the top 28% of Oregon note rates.
2. Ask about term, not just rate. The big lenders use different terms: 15 months at Merchants Mortgage & Trust, 12 months at Rain City Capital, Kiavi and Conventus, 9 months at 212 Loans of Oregon, 13 or 19 months at Lima One. A cheaper rate on a shorter loan can cost more if you need an extension; see our page on extension and default interest.
3. Look at the one cheap outlier, and ask why. Conventus Lending’s 8.0% median is 2.5 points below the market, and HMDA does not show its points or draw rules. Ask for the same all-in cost sheet from each lender.
4. Plan the refinance. If a DSCR loan replaces the flip loan, the market median was 7.125%; 767 of 1,028 reported rates were at or below 7.5%. Run the numbers in our fix and flip calculator and the DSCR loan calculator.
5. Expect a decision, not a formality, on the 30-year loan. One in five DSCR-type applications was denied and the top reason was the collateral. Have the appraisal and rent evidence ready; our DSCR requirements guide lists what lenders ask for.
6. Check what county you are in. Lane County (median 9.95% short-term, 6.999% DSCR) and Marion County do not price like Clackamas County (10.49% and 7.25%).
7. Ask for the license and the legal terms in writing. We read no Oregon statute, so the checklist above replaces any rule we would otherwise cite.

FAQ

Loan data: FFIEC/CFPB HMDA 2025 loan-level data, Oregon rows from the Data Browser API (originated and denied first-lien applications, saved in the sources folder), the FFIEC 2025 filer list for lender names, the Global LEI Foundation record for LEI 9845006B80369D0D9F43 and the FFIEC LAR data-field definitions; county names from the Census Bureau 2020 county code file. No Oregon statute was read and none is 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.