Conventus Lending Review 2026: $2.52B in HMDA, Every Loan Sold

Who Conventus is

Conventus Lending sells short-term and long-term loans to people who buy, renovate, build and rent residential property as a business. Its website lists four products: fix and flip and bridge loans, DSCR rental loans, multifamily loans and ground-up construction. It says it “was founded in 2015,” started in California, and lends in 44 states. The same page lists its headquarters at 115 Sansome Street in San Francisco, and offices in West Palm Beach and New York City.

The names do not match across records, which matters when you search for it:

• HMDA filer name: Conventus Lending LLC. It filed for 2023, 2024 and 2025. The FFIEC returns no data rows for this identifier in 2022, so 2023 is its first year in the public file.
• Legal name in the global LEI database (GLEIF): CONVENTUS LLC, an active record first registered November 9, 2022. GLEIF lists a legal address in Glendale, California, but that is a registered-agent address (care of National Registered Agents, Inc.); its headquarters address is the San Francisco office. GLEIF also dates the entity to November 6, 2014, a year before the founding year the lender prints.
• The website’s own footnote: “all references to Conventus refers to Conventus LLC.” Its text-message consent language names Conventus Lending, LLC.

It is private and does not file periodic reports with the SEC. EDGAR holds one filing under the name Conventus LLC (CIK 1637916, San Francisco): a Form D signed March 27, 2015 that classifies the issuer as a “Pooled Investment Fund” of the type “Other Investment Fund,” with a total offering amount of $100,000,000, $0 sold at the time of filing and a $100,000 minimum investment. The GLEIF record for the lender’s LEI lists that same CIK as the registration it was validated against, so the Form D filer and the lender are the same legal entity; we cannot tell whether that offering ever sold. The lender’s site has a section for “Fund Investors” with wire instructions, which fits a lender that funds itself partly with investor money. Beyond that Form D, Conventus appears in SEC filings only as a lender to others, as shown below.

The 2023 to 2025 record

Every figure in this table is our tabulation of the loan-level HMDA files for the filer, with the filter action taken = 1 for originations. All originations are business-purpose (code 1); all but one of the 2023 loans and every 2024 and 2025 loan is coded as investment property.

Three readings:

• Growth is steady and fast. Loans grew 77.3% in 2024 and 51.1% in 2025; dollars grew 99.7% and then 66.5% (our arithmetic). The median loan rose from $515,000 to $665,000, so the book also moved toward larger loans.
• The rate path follows the market. The median note rate fell 1.26 points in two years. HMDA records the note rate; it does not record points, origination fees or extension fees on these loans (see the limits section).
• The mix is moving toward amortizing loans. Loans without a balloon were 10.0% of 2023 loans and 15.9% of 2025 loans (our arithmetic).

Our hard money lenders page counts 1,984 Conventus loans and $1.96 billion for 2025. That is a narrower filter (first liens on one-to-four-unit investment property with a term of 36 months or less and no debt-to-income ratio); this page counts every loan in the filer’s file, including second liens, 5-unit-and-larger buildings and 30-year loans.

Two books in one lender

HMDA has no field that says “fix and flip” or “DSCR,” but the contract terms separate the loans into two groups.

The first group is a short-term bridge or construction book: 12 months on 1,936 loans in all (73.3%), 18 months on 147 and 24 months on 74. The second group is 30-year loans that look like the lender’s DSCR rental product, which its website prices “Starting from 6.00%.” We call these the balloon and no-balloon groups because HMDA does not say what product a borrower chose.

Other cuts of the 2025 file:

• Purpose: 1,808 loans (68.4%) were home purchases, 459 (17.4%) cash-out refinances and 375 (14.2%) rate-and-term refinances.
• Property: 2,057 loans were on one-unit properties, 360 on two to four units and 225 (8.5%, $415.5 million) on buildings of five or more units.
• Size: 456 loans were under $250,000 (27 under $100,000), 630 were $250,000 to $499,999, 686 were $500,000 to $999,999, 621 were $1,000,000 to $1,999,999 and 249 were $2,000,000 or more. The largest was $13,055,000.
• Leverage: the combined loan-to-value ratio is filled in on 2,636 of the 2,642 loans, unusual for investor lenders. The median was 69.2% and the middle half ran from 61.0% to 75.0%; 305 loans were at 80% or more, 45 at 90% or more and 2 above 100%. The file measures the ratio against the value the lender relied on, whatever it was (a purchase price or an after-repair value); it cannot say which.
• Second liens: 65 loans, $18.4 million, median loan $135,000 and median rate 11.5%.

Where the loans are

California had 1,294 of the 2,642 loans (49.0%) and 65.6% of the dollars ($1.66 billion), at a $985,000 median loan and a 9.49% median rate. The five largest states, California, Washington (138), Hawaii (134), Florida (97) and Utah (96), made 66.6% of the loans (our arithmetic).

The footprint differs from the lender’s own list. Its states page names 44 states and says it does not lend in Nevada, North Dakota, South Dakota, Minnesota, Iowa and Vermont. The 2025 file shows loans in 40 states and the District of Columbia, which is not on its list; four states on its list have no 2025 loan. In 2024 the file also shows loans in Iowa and Nevada, two states it now lists as ones it does not lend in. A state absent from a one-year file is weak evidence; a lender can serve a state and not close a loan there in a given year. For California in particular, see hard money lenders in California, where Conventus ranks second by loans.

What the website says, next to what the file shows

These terms come from cvlending.com pages read on October 21, 2026. They are marketing, not a quote.

“Rates as low as” is a floor. The file shows where the middle of the book sits: the median 12-month loan was priced about 1.5 points above the advertised floor. The floor is real, since some loans were priced there, but a borrower should plan on a quote near the median and ask in writing what makes the difference.

The claim that matters most to a reader checking legitimacy is the funding total. The home page says “we’ve helped investors fund over $10 billion in real estate deals.” HMDA covers 2023 to 2025 for this filer: $758.6 million, $1.51 billion and $2.52 billion add to $4.80 billion (our arithmetic). The lender was founded in 2015, so earlier years and any loans outside HMDA’s scope could account for the rest, but nothing we could read confirms the $10 billion. Treat it as the lender’s claim.

Who bought the loans

HMDA asks a lender to report the type of entity that bought each loan within the calendar year. The FFIEC data dictionary describes the field this way: “Type of entity purchasing a covered loan from the institution.” The values that matter here are:

In 2025 all 2,642 loans have a purchaser: 94.7% type 5 and 5.3% type 8 (our arithmetic). Dollars were $2.43 billion to type 5 and $89.8 million to type 8. The type 8 loans are smaller (median $385,000 against $685,000) and carry a higher median rate (10.125% against 9.25%). In 2023 the lender reported 165 loans (16.7%) as not sold in the year; in 2024 and 2025 it reports none unsold.

What this does and does not mean:

• The file does not name the buyer. “Private securitizer” is a category the lender chose; the record does not say which trust, warehouse lender or fund holds a loan, and “Affiliate institution” is not defined further. A full-text search of SEC filings for “Conventus LLC” on October 21, 2026 returned the borrower filings below and one loan-level schedule in a securitizer’s Form ABS-15G that mentions the name only in a title-company note; none identifies Conventus as an originator or names its buyers, so we do not say who the buyer is.
• Selling is common. In the same nationwide file Kiavi reported a purchaser on 93.8% of its business-purpose loans, RF Renovo on 98.7%, Anchor Loans on 100% and Easy Street on 100%, while Genesis Capital reported 32.2% (our arithmetic). Selling does not mean anything went wrong.
• The borrower still faces the lender at closing. Selling a 12-month loan quickly makes it more likely that the note and the servicing sit with different parties from the one that quoted you. Ask who will hold the loan, who services it and who approves an extension, because on a balloon loan the extension decision is the one that matters.

How it compares

The table counts every business-purpose loan in our nationwide 2025 extract (investment property and one-to-four-unit loans, 441,949 loans from 1,756 lenders), so counts differ from the narrower short-term filter on our hard money lenders page. Conventus is the fifth-largest of these eight by dollars and has the second-largest median loan, behind Genesis Capital (Genesis review) and ahead of Anchor Loans (Anchor review). Its 85.7% interest-only share is more than three times the national 24.6% for business-purpose loans (our arithmetic). Its median rate is within a few basis points of RF Renovo’s and Anchor’s. For the biggest lender in the group, see our Kiavi review.

Applications, approvals and denials

HMDA lists every application, so it also shows how the files that did not close ended. For Conventus in 2025: 3,264 applications, 2,642 originated (80.9%), 574 withdrawn by the applicant (17.6%), 48 denied (1.5%). Denials were 1.78% of originated-plus-denied files, the measure used in lender rankings (our arithmetic). The first reason recorded on the 48 denials was collateral in 14, credit history in 14, “other” in 14, insufficient cash in 3, an incomplete application in 2 and unverifiable information in 1.

A very low denial rate on a hard money lender can mean the lender screens before an application is recorded, or that weak files withdraw instead. The 17.6% withdrawal share is the number to look at: HMDA does not say whether those borrowers walked away because of price, terms, appraisal or another lender. A 1.5% denial share is a feature of the pipeline, not a quality score.

What one borrower’s SEC filings show about its terms

HMDA has no points, fees or default terms. An SEC filing by one of its borrowers does. Landa App 3 LLC, a Regulation A issuer that owns apartment buildings through separate series, reported on a Form 1-U filed August 29, 2022 that it had taken four loans from Conventus LLC, funded August 25, 2022, secured by four multifamily properties in New York and Georgia.

On the $1,256,250 loan, 8.99% interest-only is $9,411 a month (the filing’s own figure for that loan, and our arithmetic agrees: $1,256,250 × 8.99% ÷ 12). This is one borrower, one deal and two years ago; it shows the structure of the typical loan in the HMDA data (a 12-month interest-only note at about 9%) and an extension path, not today’s price. The filing does not state points or extension fees, and the second filing describes the extension agreements only as exhibits.

Complaints, licensing and regulators

CFPB. On October 21, 2026 we searched the CFPB Consumer Complaint Database for “Conventus” and “Conventus Lending” in the company field and for “cvlending,” and for “Conventus” in all fields. Each search returned zero complaints, while a control search for another lender returned results the same day. That is the exact string we can state, “none on file” for those terms. The database is built for consumer financial products, and a business-purpose loan sits at its edge, so the absence is weak evidence in either direction. Our hard money lenders page reached the same result for Conventus on October 8, 2026.

Licences. The licence footer of cvlending.com, read October 21, 2026, lists NMLS ID 2334221, a California Financing Law licence numbered 60DBO-43745, an Alaska business licence 2223449, an Arizona mortgage banker licence 2001506, a Delaware business licence 2025713183, an Oregon mortgage lending licence 2334221, an Idaho mortgage banker/lender licence 2082334221, a Utah DRE mortgage entity licence 14206065 and a Florida commercial collection agency licence COM9900652. These are the lender’s claims. The NMLS Consumer Access database holds the state-by-state record and a script cannot read it, so look up NMLS 2334221 yourself. We did not check which states require a licence for business-purpose loans, so a short list is not by itself a gap.

Reviews. The testimonials printed on the lender’s site are the lender’s selection. We did not use directory or affiliate-style rankings of hard money lenders as evidence.

What the data cannot tell you

• Today’s price. HMDA is 2025. The lender’s site gives “as low as” rates; actual quotes come from a relationship manager.
• Points, fees and extension costs. The fields for total loan costs, origination charges and discount points are blank on all 2,642 loans. The prepayment-penalty term is blank too. Ask for the full cost in writing.
• Performance. HMDA does not show defaults, foreclosures or how many 12-month loans were extended.
• Who owns the loans. The purchaser field has two categories and no names.
• Ownership and funding of the company. The site calls it “still founder-led.” The only SEC filing under its name is a 2015 Form D, and nothing we read describes the funds that finance the loans.

What a reader can do with this

• Price the extension before you sign. About four loans in five have a balloon due at month 12 (84.1%). Ask what an extension costs in points and rate, how many extensions are allowed and what the default rate is, and compare the answers with our page on extension and default interest.
• Do the interest arithmetic on your loan. On the median loan, $665,000 at the 9.49% median rate is $63,108.50 of interest a year, or $5,259.04 a month, interest-only (our arithmetic). A 12-month loan that runs 3 months long costs about $15,777 more in interest at that rate, before any extension fee.
• Ask who holds the note. Since the lender reported selling every 2025 loan, ask who will own and service yours, and whether extension decisions stay with Conventus.
• Quote the rate to your file. If your credit and leverage look like the middle of the file (69% combined LTV, a 9.5% median), expect a quote near it, not near 7.99%. Ask what moves a loan to the lower end.
• Check the licence yourself. Look up NMLS 2334221 on NMLS Consumer Access and your state’s regulator, and do the same for any broker you use.
• Compare at least one other lender on the same day. See hard money loan rates, fix and flip loans and what a hard money loan is.

FAQ

Sources, read October 21, 2026: FFIEC HMDA Data Browser loan-level files for LEI 98450087981AP406JG03 (2023, 2024 and 2025; the 2022 file contains no records), its aggregation API, the FFIEC HMDA LAR data fields documentation, and the nationwide 2025 extract, tabulated by us with the filter action taken = 1 and business purpose = 1; the GLEIF LEI record for CONVENTUS LLC; the CFPB Consumer Complaint Database search API; the Form D of Conventus LLC (accession 0001637916-15-000001); Form 1-U (accession 0001213900-22-051863) and Form 253G2 (accession 0001886606-24-000035) of Landa App 3 LLC; Form ABS-15G exhibit of Toorak Depositor, LLC (accession 0001213900-22-024420); cvlending.com home, about, states, fix and flip, DSCR, DSCR pricing and funded-loans pages. This is analysis of public records, not investment, legal, lending or tax advice. We have no commercial relationship with Conventus Lending; Kiavi is a paid link.