RCN vs Lima One vs LendingOne: 2025 HMDA Loans, Rates, Denials
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Quick Answer
As of November 2, 2026, the 2025 federal mortgage-disclosure file (HMDA) shows three very different books: RCN Capital closed 7,774 loans ($1.698 billion), LendingOne 2,519 ($1.642 billion) and Lima One Capital 2,305 ($876 million). All are first-lien, business-purpose loans on investment property. RCN's median note rate was 7.9443%, Lima One's 8.9% and LendingOne's 7.33%, but the blended medians mislead because the mix differs: short-term loans (60 months or less) were 36.0% of RCN's loans, 54.7% of Lima One's and 32.2% of LendingOne's. Inside each product the gap is small and runs the same way: the median 30-year note rate was 7.5638% at RCN, 7.233% at Lima One and 7.06% at LendingOne; the median short-term rate 10.74%, 10.2% and 9.99% (our arithmetic). LendingOne's dollars are not like the others: 99 loans on buildings of five or more units are $1.017 billion of its $1.642 billion. We downloaded the raw records for each filer ID ourselves on November 2, 2026 and counted them; the filter is in the section below.
Key Takeaways
- Volume, 2025 originated loans: RCN Capital 7,774 ($1,698,350,000, two filer IDs), LendingOne 2,519 ($1,642,205,000), Lima One Capital 2,305 ($875,855,000). The median loan was $165,000, $195,000 and $215,000. Kiavi, shown for context, had 25,528 loans ($7,786,260,000).
- Product mix explains the headline rates. Short-term loans were 2,802 of RCN's loans (36.0%), 1,260 of Lima One's (54.7%) and 812 of LendingOne's (32.2%); 30-year loans were 4,970 (63.9%), 1,045 (45.3%) and 1,696 (67.3%).
- Compare like with like. Median note rate on 30-year loans: RCN 7.5638%, Lima One 7.233%, LendingOne 7.06% (Kiavi 7.25%). Median on short-term loans: RCN 10.74%, Lima One 10.2%, LendingOne 9.99% (Kiavi 10.45%). On a $155,000 30-year loan the RCN-to-LendingOne gap is $53.09 a month (our arithmetic). Points and fees are not in the file.
- Size and building type differ. Short-term median loan: RCN $195,000, LendingOne $235,000, Lima One $285,000. Lima One (438) and LendingOne (464) each made about 18-19% of their loans on two- to four-unit buildings; RCN made 84 (1.1%). RCN reports no building of five or more units; LendingOne 99 ($1,017,485,000), Lima One 62 ($121,960,000).
- Denials cannot be lined up. Denied share of decided files: Lima One 27.2% (863), RCN 56.8% (10,216; 46.2% on its main filer ID) and LendingOne 61.2% (3,966). LendingOne also reports 18,000 files closed for incompleteness against 2,519 loans; RCN reports none and Lima One 43. Read a denial share as a sign of how a lender counts applications, not of quality.
- Our other pages carry different counts for the same lenders: the Lima One review (October 21, 2026) shows 2,379 loans and $912,665,000, and our fresh download shows 2,305 and $875,855,000. This page uses the November 2 download and says so.
- HMDA is partial for business-purpose lending: 12 CFR 1003.3(c)(10) covers a business-purpose loan only if it is a home purchase, home improvement or refinancing, so a lender's HMDA count is not its whole book.
CSV · 259 rows
RCN Capital, Lima One Capital and LendingOne in the 2025 federal HMDA loan file
259 rows recounted from the raw FFIEC HMDA 2025 records: loans, dollars, median loan and note rate, denials, short-term and 30-year product splits, loan size, buildings, states, purpose and denial reasons, plus Kiavi as context.
How we counted: the exact filter
We did not reuse any aggregate. On November 2, 2026 we downloaded every 2025 record, for every action type, from the FFIEC and CFPB Data Browser API for each filer ID (LEI), state by state across the 50 states, the District of Columbia and Puerto Rico. The filer IDs come from the FFIEC 2025 filer list: Lima One Capital, LLC (254900FBWEZ3YUPOBN33), LendingOne LLC (54930091JQKCU3Z6IP44), Kiavi Funding, Inc. (5493006VAGP3GQ8FJT49) and two for RCN Capital, LLC (254900JXCS783CPF1D02, the main one, and 254900Y6EUNN0KGMJW67).
- Originated loans are records with action taken 1 ("Loan originated"). Denied are action 3. Denied share is denied divided by originated plus denied; withdrawn files and files closed for incompleteness are not in the base.
- Short-term means a loan term of 60 months or less; 30-year means 360 months or more. Medians and the middle half (25th to 75th percentile) are ours, from the note rate in the file.
- RCN counts both filer IDs, the same as our RCN Capital review (7,774 loans). Where we say "main filer ID" we mean the one ending D02 (7,055 loans), the figure our Lima One review uses for RCN.
- No other filter was applied. Every originated record of the four lenders in the file is conventional, first-lien, business-purpose, non-owner-occupied, with no debt-to-income ratio, no prepayment term and no points or origination charges reported (our arithmetic). The counting scripts and the raw files are saved with this page.
Because the filter is "everything the filer reported", our figures include multifamily loans of five or more units where a filer reported them. That matters for LendingOne, below.
Three books, side by side
2025 HMDA loans originated, by lender (our arithmetic on the raw file)
| 2025 | RCN Capital (both IDs) | LendingOne | Lima One Capital | Kiavi (context) |
|---|---|---|---|---|
| Loans originated | 7,774 | 2,519 | 2,305 | 25,528 |
| Dollars originated | $1,698,350,000 | $1,642,205,000 | $875,855,000 | $7,786,260,000 |
| Median loan | $165,000 | $195,000 | $215,000 | $215,000 |
| Median note rate, all loans | 7.9443% | 7.33% (2,268 loans report a rate) | 8.9% | 9.95% |
| Middle half of note rates | 7.4062% to 10.24% | 6.93% to 9.74% | 7.35% to 10.35% | 8.25% to 10.95% |
| Short-term loans, share of loans | 36.0% (2,802) | 32.2% (812) | 54.7% (1,260) | 77.0% (19,652) |
| 30-year loans, share of loans | 63.9% (4,970) | 67.3% (1,696) | 45.3% (1,045) | 22.7% (5,794) |
| Loans on 2-4 unit buildings | 84 | 464 | 438 | 1,864 |
| Loans on 5+ unit buildings | 0 | 99 ($1,017,485,000) | 62 ($121,960,000) | 10 ($11,450,000) |
| States with a loan | 47 | 46 | 46 | 47 |
| Three largest states | Ohio 904, Maryland 710, Michigan 647 | Georgia 284, Florida 276, Ohio 189 | Florida 269, North Carolina 262, Virginia 149 | California 3,237, Florida 2,385, Ohio 1,967 |
Three points stand out. First, RCN is the volume lender here by count, with more than three times Lima One's loans, but its loans are small: a $165,000 median and only 194 short-term loans of $500,000 or more. Second, LendingOne's dollars are driven by a few very large loans. Its 99 loans on buildings of five or more units are $1,017,485,000, 62.0% of its dollars; 32 loans were $5 million or more, and the largest single record is a $134.8 million, 180-month multifamily loan in Arizona, 8.2% of the year's dollars (our arithmetic). On one- to four-unit buildings only, LendingOne's $624,720,000 is below Lima One's $753,895,000, even though LendingOne made 2,420 such loans to Lima One's 2,243. Third, Lima One's median loan ($215,000) is the highest of the three, in line with its short-term book, whose $285,000 median is the largest of the three.
Product mix: the number that changes the comparison
A lender that makes mostly 12-month loans will show a higher "median rate" than one that makes mostly 30-year rentals, whatever it charges. So we split each book by term. Lima One's short-term loans have unusual terms: 746 are 13 months and 497 are 19 months. RCN's are almost all 12 months (2,654 of 2,802), and LendingOne's 612 of 812 (plus 164 at 9 months).
Median note rate and loan size by product, 2025 (our arithmetic)
| Product | Measure | RCN Capital (both IDs) | LendingOne | Lima One Capital | Kiavi (context) |
|---|---|---|---|---|---|
| 30-year | Loans | 4,970 | 1,696 | 1,045 | 5,794 |
| 30-year | Median note rate | 7.5638% | 7.06% (1,478 report a rate) | 7.233% | 7.25% |
| 30-year | Middle half of rates | 7.175% to 7.8856% | 6.8% to 7.33% | 6.8% to 7.75% | 7.0% to 7.5% |
| 30-year | Median loan | $155,000 | $175,000 | $145,000 | $155,000 |
| 30-year | Loans under $100,000 | 674 (13.6%) | 137 (8.1%) | 182 (17.4%) | 957 (16.5%) |
| 30-year | Interest-only flag | 642 | 0 | 0 | 15 |
| Short-term | Loans | 2,802 | 812 | 1,260 | 19,652 |
| Short-term | Median note rate | 10.74% | 9.99% (780 report a rate) | 10.2% | 10.45% |
| Short-term | Middle half of rates | 10.14% to 11.24% | 9.74% to 10.49% | 9.5% to 10.7% | 9.5% to 11.24% |
| Short-term | Median loan | $195,000 | $235,000 | $285,000 | $235,000 |
| Short-term | Loans of $500,000 or more | 194 (6.9%) | 157 (19.3%) | 311 (24.7%) | 3,235 (16.5%) |
What the table says, and does not:
- The ordering is the same on both products. LendingOne's median is the lowest, Lima One's in the middle and RCN's the highest; the gap is about 0.5 point on 30-year loans (7.5638% against 7.06%) and about 0.75 point on short-term loans (10.74% against 9.99%). Lima One sits closer to LendingOne on 30-year loans and in the middle on short-term loans.
- That is not a price list. These are rates on closed loans. The borrower, leverage and property mix differ by lender, and the file has no points, fees or lender credits for any of these loans, so a lower note rate can come with more cost somewhere else.
- RCN's 30-year book is the most varied. Its middle half runs from 7.175% to 7.8856%, and 905 of its 4,970 30-year loans were under 7%. At the same time 642 carry an interest-only flag, which neither Lima One nor LendingOne reports on a 30-year loan.
- Kiavi, for scale. Kiavi's medians (7.25% and 10.45%) fall inside the range of the three, so none of them is an outlier against the biggest name. For Kiavi's own corporate picture see our Kiavi vs Lima One page.
What the rate gap costs (our arithmetic)
Two examples at each lender's own 2025 median for the product, ignoring points and fees:
A $155,000 30-year fixed loan, principal and interest per month
| Lender | Median 30-year rate | Monthly payment | Against LendingOne |
|---|---|---|---|
| LendingOne | 7.06% | $1,037.47 | baseline |
| Lima One Capital | 7.233% | $1,055.59 | +$18.12 a month |
| RCN Capital | 7.5638% | $1,090.56 | +$53.09 a month ($637.08 a year) |
A $250,000 interest-only short-term loan held for 12 months, interest only
| Lender | Median short-term rate | 12 months of interest | Against LendingOne |
|---|---|---|---|
| LendingOne | 9.99% | $24,975 | baseline |
| Lima One Capital | 10.2% | $25,500 | +$525 |
| RCN Capital | 10.74% | $26,850 | +$1,875 |
The $1,875 gap between RCN and LendingOne is less than one point of origination fee on the same $250,000 loan ($2,500), and HMDA does not show points, so a fee difference can outweigh a rate difference either way. Treat these as a reason to ask each lender for the full cost, not as a ranking. For market-wide rates, see hard money loan rates and DSCR loan rates.
Who each lender lends to: size, buildings, purpose and states
Loan purpose as each lender reported it, 2025 (our arithmetic)
| Purpose code | RCN Capital (both IDs) | LendingOne | Lima One Capital |
|---|---|---|---|
| Home purchase | 3,586 (46.1%) | 934 (37.1%) | 1,078 (46.8%) |
| Refinancing | 1,105 (14.2%) | 376 (14.9%) | 525 (22.8%) |
| Cash-out refinancing | 16 (0.2%) | 1,073 (42.6%) | 702 (30.5%) |
| Other purpose | 3,065 (39.4%) | 0 | 0 |
| Home improvement | 2 (0.03%) | 136 (5.4%) | 0 |
RCN labels 3,065 loans, including 2,886 of its 30-year loans, as "other purpose", where LendingOne and Lima One report most of their 30-year loans as cash-out refinancing. The FFIEC field list defines the codes, but how a lender picks one for a rental refinance is the lender's call, so do not read RCN as making fewer cash-out loans.
Other differences a borrower would feel:
- Building type. About 19% of Lima One's and 18% of LendingOne's loans are on two- to four-unit buildings, against 1.1% of RCN's. If your deal is a duplex or fourplex, the 2025 record shows two lenders that do it often and one that does it rarely.
- Multifamily. RCN reports no loan on five or more units. LendingOne reports 99 and Lima One 62. Those are covered by HMDA only when they are purchase or refinance loans (12 CFR 1003.3(c)(10)).
- Loan size. Lima One's short-term book skews large (311 of 1,260 loans were $500,000 or more); RCN's skews small (194 of 2,802). LendingOne's 30-year book has the highest median ($175,000) and the lowest share under $100,000 (8.1%).
- Geography. Each lender has loans in 46 or 47 states, but not in the same places. Ohio is RCN's largest state (904) and third at LendingOne (189); Florida is first at Lima One (269) and second at LendingOne (276). Georgia leads LendingOne (284). Lima One's ranks 2 and 3 are North Carolina (262) and Virginia (149).
- What happened to the loan afterward. Every one of RCN's 7,774 loans carries the purchaser code "private securitizer"; Lima One reports 1,300 of 2,305 that way and the other 1,005 as "Not applicable", and LendingOne reports none (1,935 to an "other" purchaser, 333 to an affiliate and 251 not applicable). HMDA records only a sale in the same calendar year, so this says who bought the loan in 2025, not who will service it. Ask each lender who services and whether servicing can move.
Denials: why the three percentages cannot be lined up
Applications and denials, 2025 (our arithmetic)
| 2025 | RCN Capital (both IDs) | RCN, main ID (D02) | LendingOne | Lima One Capital | Kiavi (context) |
|---|---|---|---|---|---|
| Denied files | 10,216 | 6,067 | 3,966 | 863 | 3,300 |
| Denied share of originated plus denied | 56.8% | 46.2% | 61.2% | 27.2% | 11.4% |
| Denied share, short-term loans | not computed | 55.3% | 63.8% | 28.2% | 9.1% |
| Denied share, 30-year loans | not computed | 41.1% | 59.9% | 25.6% | 18.7% |
| Files withdrawn by the applicant | 492 | 187 | 1,118 | 665 | 12,293 |
| Files closed for incompleteness | 0 | 0 | 18,000 | 43 | 3,251 |
Why the percentages are not a scoreboard:
- The denominators are not the same kind of file. LendingOne reports 18,000 files closed for incompleteness, 7.1 times its 2,519 loans, and 3,966 denials. RCN reports no incomplete files. A lender that logs every web inquiry as an application will show a different denial share from one that logs only screened requests.
- RCN's two IDs behave differently. The ID ending D02 has 7,055 loans and 6,067 denials (46.2%). The ID ending W67 has 719 loans and 4,149 denials, all with the denial reason code 1111, which the FFIEC field list labels "Exempt". Combining them gives 56.8%. We show both because our RCN review uses both IDs for volume and our Lima One review uses the main ID.
- The reasons are not comparable either. For RCN's main ID, 4,941 of 6,067 denials (81.4%) give "other" as the first reason and 727 (12.0%) collateral. For Lima One, collateral is 376 of 863 (43.6%), credit history 253 (29.3%) and employment history 91 (10.5%). For LendingOne, debt-to-income ratio is 2,073 of 3,966 (52.3%), then unverifiable information 829 (20.9%), collateral 541 (13.6%) and credit history 522 (13.2%), although none of its loans reports a debt-to-income ratio.
A high denied share, in our reading, is a prompt to ask a lender what its minimum score, loan size and rent coverage are before you pay for an appraisal. It is not evidence of unfair lending or of poor quality, and a low one is not evidence of easy approval.
What this data cannot tell you
- Not the whole book. HMDA covers business-purpose credit only when it is a home purchase, home improvement or refinancing loan (12 CFR 1003.3(c)(10)), and lenders under the volume threshold in 1003.3(c)(11) are excluded. A lifetime or total-book figure from a lender's website or a filing is a different measure; do not add HMDA counts to it.
- Not the price. Discount points, origination charges and total loan costs are empty for every record of these lenders, so there is no fee comparison in public data.
- Not the credit box. The file reports no income and no debt-to-income ratio for these loans, and a property value on a basis that differs by lender (our median loan divided by reported value is 108.7% on RCN's short-term loans and about 68% on Lima One's and LendingOne's, which says the lenders report value differently, not that RCN lends more against value).
- One year. These are 2025 originations. Rates have moved since; a 2025 median is not a quote.
- Business-purpose loans have no prepayment term in HMDA. All 2025 records of the three show "NA", so prepayment penalties have to come from each lender's term sheet.
Where this page differs from our other pages
We keep one filter on this page and say where the neighbors differ:
- RCN Capital review: 7,774 loans, $1.698 billion, 12-month loans 2,654 at a 10.74% median. They agree with this page.
- Lima One Capital review (October 21, 2026): 2,379 loans, $912,665,000, 894 denials, 1,309 short-term and 1,070 30-year loans. Our November 2 download of the same filer ID gives 2,305, $875,855,000, 863, 1,260 and 1,045. We did not establish the reason for the 74-loan difference; the file is public and can be re-pulled.
- DSCR lenders ranked by loans: counts only the DSCR-type subset (30-year or longer, one to four units, no debt-to-income ratio), so RCN is 4,944 (main ID only) and LendingOne 1,646 there, against 4,970 and 1,696 for all 30-year loans here. See DSCR lenders ranked by loans.
- LendingOne review: uses 2024 figures (2,564 loans, $1.28 billion); the 2025 file shows 2,519 loans and $1.642 billion, so dollars rose while loans fell. We have no 2024 breakdown by building size; in 2025, 99 multifamily loans are $1.017 billion of the total.
What a reader can do with this
- Match the product to the lender. On a 30-year rental loan the three lenders' 2025 medians sit within about half a point of each other, so the product is not the differentiator; the cost beyond the rate is. For a short-term loan of $500,000 or more, Lima One (24.7% of its short-term loans) and LendingOne (19.3%) made far more than RCN (6.9%); for a duplex or fourplex, RCN's 84 such loans in 2025 is the thing to ask about.
- Ask for the cost, not the rate. Get points, origination fee, draw fees and extension fees in writing from two or three lenders on the same deal; HMDA cannot do it for you. Our fix-and-flip loans and hard money lenders pages cover the terms to compare.
- Use the state list. The three do not lend in the same places: Ohio, Maryland and Michigan lead at RCN, Georgia and Florida at LendingOne, Florida and North Carolina at Lima One. The data file lists each lender's five largest states; a lender with no loan in your state in 2025 is one to ask about licensing before you apply.
- Read denials as a question. If one lender's denial share looks high, ask what its minimum score, loan size and rent coverage are before you apply.
- Compare all of them on the same deal. A short-term lender and a rental lender are different products; a quote from each on the same property is the only like-for-like test.
Kiavi is the other large investor lender in this file (25,528 loans in 2025). If you want quotes from lenders that close both short-term and 30-year loans, the box below lists Kiavi, Visio and Lima One. We may earn a fee if you close a loan through it; that does not change any number on this page.
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When a rate, rule or filing behind this page changes: what changed, the one number that matters, and the source to check it yourself.
FAQ
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Related reads: RCN Capital review, Lima One Capital review, LendingOne review, Best fix-and-flip lender 2026 and Best DSCR loan lender 2026.
Loan-level data: FFIEC and CFPB HMDA Data Browser API, 2025 records for the filer IDs listed above, all action types, downloaded November 2, 2026 (request URL pattern, raw files and counting scripts saved with the data file); filer IDs from the FFIEC 2025 filer list; field and code definitions from the FFIEC public LAR data fields page; coverage rules from 12 CFR 1003.3 on the eCFR (read November 2, 2026). All counts, medians, percentiles, shares and payments are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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