BPL Mortgage Review 2026: 7,255 Loans, Ohio, Constructive Link

Who BPL Mortgage is, and what the public record shows

BPL Mortgage, LLC does not advertise to borrowers. Its own domain, bplmortgage.com, returned the Constructive Capital home page on October 27, 2026 (page title “DSCR Rental Loans for Investors | Constructive Capital”, with a canonical link to constructiveloans.com), and the lender appears in practice through mortgage brokers. An appraisal-management company, NAN, keeps a landing page headed “Welcome, BPL Mortgage Brokers!” that calls BPL “a national mortgage lending company”. “BPL” here means business-purpose loan: a loan on a property bought to rent or flip, not to live in.

None of the documents we read names an officer or owner of BPL Mortgage, LLC.

Is BPL Mortgage part of Constructive Loans? What the evidence says

Our Constructive Loans review marks the link as unverified. Four documents bear on it, and they point in the same direction without settling who owns whom.

Two facts do not fit the company's own description. First, HMDA shows BPL making only 130 of its 7,255 loans (1.8%) in the seven states the website assigns to it (California 38, Arizona 35, Oregon 19, Minnesota 17, Utah 12, Idaho 9, Vermont 0), and 7,125 loans elsewhere, including 1,512 in Ohio, a state the website assigns to Constructive Loans, LLC. Constructive Loans, LLC reported no loan in those seven states. Second, GLEIF lists natural persons, not a company, as the reporting exception for BPL's parent, which is hard to square with a wholly-owned subsidiary of a listed company.

What we can say: on the public record BPL Mortgage, LLC is a lending affiliate that operates inside the Constructive Capital business, and the two HMDA filers together look like one origination platform. Who owns BPL Mortgage, LLC, and how it relates to Constructive Loans, LLC on paper, is not stated in any document we could read. Earlier versions of our Constructive page described BPL as a wholly-owned Adamas subsidiary; the 10-K does not say that, and neither do we.

What the 2025 HMDA data show

Lenders above a size threshold report every mortgage application and loan under the Home Mortgage Disclosure Act (HMDA). We downloaded BPL's complete 2025 file from the FFIEC data browser (all actions) and compared it with the national 2025 file for investor loans.

Of the 7,256 originations, 7,255 are on non-owner-occupied property and one is a second-home loan in Ohio; all carry the business-purpose flag. Every record was “initially payable” to BPL, so it is the lender named on the note. 5,964 of 7,255 loans (82.2%) were not submitted directly to BPL, so a broker or other third party brought most of the files in (our arithmetic). Purchaser type 9, “other type of purchaser”, is recorded on 7,253 loans: BPL sold almost every loan within the year, so it is not a lender that holds loans on its books for long. HMDA does not say to whom.

Two products in one filing

HMDA has no product field, so we label by term. All terms in this file are months; BPL has no term that looks like years. (A caution from our other lender pages: Emporium TPO LLC codes 30-year loans as a term of 30, and we keep its 2,490 such loans out of the 360-month group below. Adding them leaves the national median at 7.25% and BPL's rank at 4th.)

The 30-year loan is a rental (DSCR-type) loan: $125,000 on a $175,000 property at 75% loan-to-value, 3% interest-only. The short-term loan is a 12-month interest-only bridge: 298 loans at 12 months, 15 at 15 or 18 months. A median loan-to-value of 92.4% on the bridge loans is too high for a loan against a property's value, so the ratio may be measured against cost; HMDA does not say. One loan carries a 365-month term (a likely typo for 360) and is in neither column.

By purpose, 3,457 loans (47.6%) were cash-out refinances, 2,603 (35.9%) purchases and 1,195 (16.5%) refinances without cash out. By building, 5,798 loans were on one-unit properties, 938 on two-unit, 237 on three-unit, 167 on four-unit and 115 on five-to-24-unit buildings. By size, 2,485 loans (34.3%) were under $100,000, 1,769 were $100,000 to $149,999, 1,703 were $150,000 to $249,999, 927 were $250,000 to $499,999 and 371 were $500,000 or more; the largest was $3,255,000 and 70 were $1,000,000 or more.

Against the other large lenders

For a like-for-like comparison we used originated, first-lien, closed-end loans on non-owner-occupied 1-4 unit homes, flagged business-purpose, with a 360-month term: 259,903 loans from 1,057 lenders. BPL had 6,826 of them (2.6%). Other pages of ours that use a DSCR-ratio proxy count 6,827 BPL loans and a slightly different set of lenders; see our DSCR lenders ranked by loans for that definition.

BPL is a small-balance, refinance-heavy, broker-fed lender. Its rate is not low for the group, but small loans cost more everywhere: within BPL's own 30-year loans the median rate was 7.625% under $100,000, 7.375% from $100,000 to $149,999, 7.125% from $150,000 to $249,999, 7.25% from $250,000 to $499,999 and 7.5% at $500,000 and over. HMDA shows no points or fees, so the note rate is a floor on the cost, not the cost.

BPL's median loan is the smallest in the group. Compare with Kiavi, Visio Lending and Champions Funding, whose pages carry the same HMDA method. The short-term loans are a side business: 313 loans against 62,694 nationally with a term of 24 months or less, at a median of 10.49% against 10.04%. For short-term competitors see our hard money lender ranking.

Where BPL lends: Ohio first

BPL originated loans in 46 states and the District of Columbia. Five states (Ohio, Pennsylvania, Illinois, Michigan, Missouri) account for 3,534 of 7,255 loans, 48.7% (our arithmetic).

Ohio is 20.8% of BPL's loans (1,512 of 7,255), and in Ohio BPL out-lends United Wholesale Mortgage (1,245) and Kiavi (663) on 30-year investor loans. Our Ohio page counts 1,491 BPL loans out of 8,904 on a narrower definition (a debt-service ratio must be reported), so its 16.7% share is not comparable to the 12.2% here. See DSCR loans in Ohio, Pennsylvania, Illinois and Michigan for the state markets. In Ohio, Pennsylvania and Missouri its median rate is within 0.03 of a point of the other lenders'; in Illinois and New York it is 0.375 above, in Texas and Alabama 0.25 above. State gaps follow loan mix as much as pricing, and we make no claim about cause.

Applications and denials

The national investor extract we keep holds only originations and denials, so we used BPL's complete file for this. Of 8,580 files BPL decided (originated or denied), 1,324 were denied, 15.4%. The split by product is wide: 13.9% of 30-year files (8,067 decided) and 38.7% of files for terms of 24 months or less (511 decided). The first-listed denial reason was “other” in 660 of 1,324 denials, collateral in 269, unverifiable information in 161, credit history in 115, an incomplete credit application in 75 and insufficient cash in 44. A further 1,022 files were approved but not accepted by the applicant, 9.9% of all records; applicants taking another quote is one possible reason, and HMDA does not say.

Cost in dollars: our arithmetic

A 30-year, fully amortizing loan of $125,000 (BPL's median) costs $874.02 a month at 7.50% (BPL's median), $852.72 at 7.25% (the national median) and $939.08 at 8.25% (BPL's 90th percentile). The gap between 7.50% and 7.25% is $21.30 a month, $255.57 a year. A bridge loan of $225,000 (BPL's short-term median) at 10.49%, interest-only, costs $1,966.88 a month and $23,602.50 over 12 months; at the national 10.04% it would be $22,590.00, a difference of $1,012.50 (all our arithmetic, before points, fees and extensions, which HMDA does not report for these loans).

Complaints: why zero is not a clean record

On October 27, 2026 we searched the CFPB Consumer Complaint Database for “BPL Mortgage”, “BPL Mortgage LLC” and “BPL” in the company field and for “BPL Mortgage”, “bplmortgage” and “BPL Mortgage Trust” across all fields. Every search returned zero complaints. The database was last updated October 27, 2026, and control searches worked (Rocket Mortgage returned 9,635).

Read that zero with care. The database collects complaints about consumer financial products, and Regulation Z exempts “an extension of credit primarily for a business, commercial or agricultural purpose” (12 CFR 1026.3(a)(1)); every BPL loan is flagged business-purpose in HMDA, and the borrower is usually an investor or an LLC. A lender that sells through brokers and does not advertise to borrowers may also be a lender a borrower does not think to complain about directly. Other business-purpose lenders do show complaints under the same search (Kiavi 25, Lima One 40, Visio 21, Champions Funding 15, RCN Capital 9, Loan Funder 7, CV3 Financial 6), so zero is not impossible, but it measures where complaints are filed, not how borrowers were treated. We did not search state attorney-general or court records, the Better Business Bureau or review sites, so this page makes no statement about borrower experience.

One mention in SEC filings

The exact phrase “BPL Mortgage, LLC” returns no SEC filings. The only filing we found that names the lender is Exhibit 99.3 to a Form ABS-15G filed by J.P. Morgan Acceptance Corporation II on March 19, 2026 (accession 0001999371-26-006444), a due-diligence exception report for a securitization pool. In one exception on a two-unit investment purchase in Connecticut with a note date of January 4, 2026, the reviewer wrote “Lender is BPL Mortgage with non-approved AMC” and recorded that an exception approval was on the underwriting narrative. That is one loan in one pool, and it shows only that BPL loans were in the market for securitization in 2026. The other 13 EDGAR hits for “BPL Mortgage” are Redwood Trust filings; the one we opened uses “BPL Mortgage Banking” for that company's own business-purpose-loan segment, not for this lender.

Licences

The only licence data we have are the company's own: NMLS ID 2574042 for BPL Mortgage, LLC and a California Financing Law licence number (60DBO-82792) on the same policies page, which does not say which entity holds it. NMLS Consumer Access returned an access error (HTTP 403) to our request, so we did not verify any licence. Look up NMLS 2574042 yourself and check your state regulator before you rely on either name; a business-purpose lender does not need a licence in every state.

What HMDA does not show

• No pricing beyond the note rate. Points, origination charges and lender credits are blank on all 7,255 loans, and so is the prepayment-penalty term. Ask for them in writing.
• No DSCR, no credit score. HMDA has no debt-service-ratio field, and the credit-score field is “not applicable” for 6,842 of 7,255 loans, so we cannot say who qualifies.
• No funding source. The file says the loans were sold; it does not say who funds them before sale or who buys them.
• No 2026 data. The 2025 file is the newest complete year; 2026 loans appear in 2027.

What a reader can do with this

• Ask which legal entity is on the note. BPL Mortgage, LLC and Constructive Loans, LLC both appear in the public record. The lender's own text names BPL for seven states and Constructive Loans for the rest, while the 2025 loans do not follow that split. Ask the broker which one will close your loan, and look up its licence.
• Use the numbers as a cross-check, not a quote. A 30-year rental quote near 7.4% is in line with this lender's median; one above 8.25% is in the top tenth of its 2025 loans. Small loans price higher: under $100,000 the median was 7.625%.
• Ask for the full price in writing: rate, points, origination and underwriting fees, the prepayment premium and the rate-lock period. HMDA has none of them.
• Ask the broker what the broker is paid. About 82% of files came through a third party, and the broker's fee is not in the data.
• If you need a bridge loan, expect more scrutiny: 38.7% of its short-term files were denied against 13.9% of 30-year files.
• Get a second quote the same day from a direct lender. See Kiavi, Visio Lending, Lima One and our guide is this DSCR lender legit?.

FAQ

Sources, read October 27, 2026: FFIEC HMDA 2025 loan-level file for LEI 5493005PD34O8ZT7QT17 (all actions), the FFIEC aggregations API for BPL Mortgage, LLC and Constructive Loans, LLC, the FFIEC 2025 filer list and the FFIEC LAR data-field definitions; the FFIEC 2025 national investor extract (originations and denials), tabulated by us in sources/tabulation_output.txt with the script sources/hmda_tabulation_script.py; the GLEIF record and reporting exceptions for LEI 5493005PD34O8ZT7QT17; the constructiveloans.com site script (policies page marked May 2026) and bplmortgage.com; NAN's BPL Mortgage landing page; Adamas Trust, Inc. Form 10-K for 2025 (accession 0001273685-26-000029); J.P. Morgan Acceptance Corporation II Form ABS-15G, Exhibit 99.3 (accession 0001999371-26-006444); SEC EDGAR full-text search; the CFPB Consumer Complaint Database search API; 12 CFR 1026.3 on eCFR. Sums, shares, differences and payment figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.