LendSure Mortgage Review 2026: Audited Financials, HMDA, Terms

Who LendSure is, and what you cannot see from its website

Searches for “LendSure” mostly return the company's own pages, review-site listings and broker portals. The company is explicit about who it serves: its footer says the information “is intended for the exclusive use of licensed real estate and mortgage lending professionals” and that distribution to the general public is prohibited. A borrower does not apply on lendsure.com; a mortgage broker submits the file.

We found no SEC filings made under LendSure's own name. The reason its books are public is a technical one. Ellington Financial, a listed mortgage REIT, holds a stake large enough that Regulation S-X treats it as “significant,” and Ellington says so in its 10-K: the audited financial statements of LendSure “have been provided in Exhibit 99.1.” We read the exhibits for 2022 to 2025. We did not find any review of LendSure that uses them.

What its loans look like in the federal record

HMDA requires every lender above the reporting threshold to report each application it decides. We downloaded LendSure's loan-level files for 2023, 2024 and 2025 from the FFIEC HMDA Data Browser by its legal entity identifier. Our filter: originated loans only (action taken = 1), applied by us on the downloaded file because the Data Browser's own filters did not narrow the occupancy field. HMDA has no DSCR field, so, as in our ranking of DSCR lenders, a “DSCR-type” loan is conventional, first-lien, closed-end, one to four units, investment property, coded business purpose, term of 360 months or more, and with the debt-to-income ratio reported as “NA” because income was not used. Run on LendSure's 2025 file it returns 1,177 loans, the same figure as that page.

Two things in that table matter to a borrower. First, the company is doubling its rental lending: investment-property originations went from 843 to 1,680 in a year, and DSCR-type loans from 587 to 1,177. Second, the median DSCR-type note rate fell from 8.625% to 7.5% in two years, in line with the market. Our ranking of 465 lenders puts the 2025 national median for DSCR-type loans at 7.375%, so LendSure sat 0.125 point above it.

The 2025 DSCR-type loans in detail

Rates under 7% on 225 loans and 9% or more on 17 show how wide the spread is: the middle half sits within 0.625 point, but the tails are 2 points apart, and HMDA does not record credit score. Cash-out refinances were 38% of the DSCR-type loans, so a growing share of the book is investors pulling equity, not buying. Leverage is moderate: the median is 71.0%, and 77 loans (6.5%, our arithmetic) were above 80%, against a stated purchase maximum of 85%.

The denied share is unusually low. Across all 465 lenders in our ranking, 23.3% of decided DSCR-type applications were denied; at LendSure it was 3.4%. A low denial rate in a broker channel usually means files are screened before they reach the lender. LendSure says as much on its website, describing a pre-underwriting review in which an in-house professional provides “approvals and pricing usually within 24 hours.” It also means the 479 DSCR-type applications that were withdrawn and 159 that LendSure approved but the borrower did not accept (HMDA action codes 4 and 2) are the more informative drop-out, not denials.

Where the loans are

Florida and California together are 28% of all LendSure loans (973 of 3,529, our arithmetic). Lending reached 49 states plus DC, and none in North Dakota even though the licensing page lists a North Dakota license. The state medians sit within 0.44 point of each other.

Buildings of five or more units

LendSure's DSCR page offers loans on “5–10 Unit Properties.” HMDA reports multifamily loans in one bucket of 5 to 24 units, and LendSure originated 139 of them in 2025 for $102.3 million, all business purpose and 138 on investment properties, at a median note rate of 7.5%. They fall outside our DSCR-type filter, which stops at four units, and they make up 138 of the 503 non-owner-occupied loans outside it.

Owner-occupied loans

Owner-occupied lending is almost half the book (1,657 loans, $967.2 million), and 1,390 of those are not coded business purpose. Those are consumer mortgages, for self-employed borrowers among others, and they are covered by consumer-lending rules that investor loans escape. They are outside this page's scope except in one respect: none of LendSure's 3,529 loans reports a prepayment-penalty term, a field that Regulation C (12 CFR 1003.4(a)(22)) asks for only on loans subject to Regulation Z. Even the 1,568 consumer-purpose loans show none. For investor loans the field is simply not collected, so HMDA cannot tell you whether a LendSure DSCR loan carries a prepayment penalty. The company's page on its 40-year interest-only loan says it carries “no prepayment penalty on owner-occupied properties” and is silent on investment property. Ask your broker for the penalty in writing before you lock.

The program on paper

These are LendSure's own statements, read on October 20, 2026, from its investment property, DSCR, bank statement, fix-and-flip and interest-only pages. They are marketing claims for brokers, not a rate sheet or a commitment to lend.

The structural point is the interest-only qualifying rule. A DSCR is rent divided by the monthly housing payment, and an interest-only payment is smaller than an amortizing one. Worked example (our arithmetic): on the 2025 median loan of $265,000 at 7.5%, a 30-year amortizing payment is $1,852.92 a month and an interest-only payment $1,656.25. With $2,400 of gross rent and $300 a month of taxes, insurance and association dues, the ratio is 1.11 on the amortizing payment and 1.23 on the interest-only one. The example uses one note rate for both loans; a 40-year product would be priced differently. Our DSCR loan requirements guide and DSCR calculator show the formula, and LendSure's “as low as 0.75” means a loan can be made where rent covers only 75% of the payment.

The bank statement terms here match the ones we recorded on October 13, 2026 in our bank statement loans guide. For the wider non-QM menu, see non-QM loans in 2026.

What its audited financial statements show

LendSure's statements for 2022 to 2025 are exhibits to Ellington Financial's annual reports. The auditor's opinion on 2025 is unmodified. The company states that it “is currently not subject to any material adverse litigation,” that it complied with all significant debt covenants at December 31, 2025, and that it exceeded HUD's net worth and liquidity minimums for investing mortgagees.

The pattern is a cyclical origination business. Net income fell from $23.7 million in 2021 to $2.9 million in 2022 as rates rose, then recovered to $25.2 million as origination volume rebuilt. Revenue rose 49% in 2025 (our arithmetic), driven by $77.6 million of net gain on sale of loans (2024: $52.1 million). Salaries, commissions and benefits were $46.3 million, 53% of revenue.

Three features of the balance sheet are worth a broker's or borrower's attention:

• Leverage. Warehouse borrowings were $181.7 million at December 31, 2025 against equity of $35.1 million, 5.2 times (our arithmetic); total liabilities are 5.6 times equity. That is normal for a mortgage originator that funds loans and sells them within weeks, and the loans held for sale ($194.0 million) cover the lines. It also means the lender's ability to close depends on its lenders renewing. Of $315 million of lines, $300 million are uncommitted, and the committed $15 million line carried a June 2026 maturity that the statements say the company intends to renew. Two of the lines are guaranteed by affiliates of a significant stockholder.
• Payouts. Dividends were $24.6 million in 2024, twice net income, and $22.2 million in 2025, 88% of net income. Equity fell from $44.0 million at the end of 2023 to $32.0 million at the end of 2024 and was $35.1 million at the end of 2025.
• Buyers. The statements say one of LendSure's loan sale agreements “is with multiple affiliates of a significant stockholder.” Under it LendSure sold approximately $1.90 billion of loans in 2025 and approximately $1.15 billion in 2024, and recognized about $57 million and $27 million of gain on sale from those sales. In 2025 LendSure originated and purchased $2.22 billion of loans held for sale, so the related-party sales were equal to about 86% of that figure (our arithmetic; loans sold in a year are not exactly those made in it). The statements do not name the stockholder.

How Ellington fits in

Ellington Financial's 10-K reports owning 63.1% of LendSure's common shares at December 31, 2025, carried at a fair value of $52.6 million (December 31, 2024: $33.6 million), and recognized $33.0 million of net gains from the investment in 2025, mostly dividends and unrealized gains. Elsewhere the 10-K describes a flow agreement under which Ellington buys non-QM loans from an originator in which it holds a non-controlling equity investment, with $67.0 million of purchase commitments at year end and guarantees of that originator's repurchase lines capped at $15.0 million; the fair values it gives for that originator ($52.6 million and $33.6 million) match its LendSure investment, although the paragraph does not use the name. For a borrower, the practical reading is that most of LendSure's output is bought by capital that is related to its owner, which supports funding certainty and also means the pricing LendSure can offer depends on one buyer's appetite. Our page on Ellington Financial covers the REIT itself.

The HMDA purchaser field shows a change. In 2023, 1,923 of LendSure's 1,926 originations were reported as sold to a “private securitizer”; in 2025 it was 202 of 3,529, while 3,098 were reported as “other type of purchaser” and 229 as not sold during the year. The filings do not say why the coding moved.

Complaints, licensing and regulators

CFPB complaints. We searched the Consumer Complaint Database for “lendsure,” “lend sure,” “lend-sure,” “lendsure mortgage” and “lendsure mortgage corp,” in the company field and across all fields: 0 results each time. A control search for Kiavi returned its 25 complaints, so the search works. Zero is a weak signal for a wholesale lender: a borrower on a broker-originated, business-purpose loan rarely files with the CFPB, and the complaint database is dominated by consumer loans and servicing, where LendSure's loans are often held by someone else.

Licensing. LendSure's licensing page lists a state license or registration for every state except New York, 49 states plus DC by our count, with numbers such as California Residential Mortgage Lending Act 41DBO-120987 and Florida MLD1256. Its footer and home page say “This site is pending authorization by the New York State Department of Financial Services” and that no solicitation or applications for New York properties can be facilitated through the site. Its 2025 HMDA file lists 30 originated loans on New York properties ($13.4 million, all investment property, 7 of them 5 to 24 unit buildings). We do not know the license basis for them, and the website's statement may be out of date. If you are in New York, ask the broker which license the loan closes under and check it at NMLS Consumer Access, which we could not read.

Litigation and enforcement. The audited statements disclose no material litigation. State enforcement history lives in NMLS and each state regulator's database, which we could not read, so this page is not a clean bill of health.

What a reader can do with this

• Use the 2025 band as a sanity check, then ask for today's quote. LendSure's DSCR-type borrowers paid a median 7.5% with the middle half at 7.25% to 7.875%; Georgia was 7.25% and Massachusetts 7.6875%. Rates have moved since, so compare a same-day quote from two other lenders against LendSure's, not against the 2025 figure.
• Ask your broker for the lender price and the broker compensation separately, and for the prepayment-penalty term in writing. HMDA does not record either on business-purpose loans, and LendSure's website says nothing about investor prepayment penalties.
• Check the lender's financing. A lender with $315 million of mostly uncommitted warehouse lines against $35 million of equity can close loans, and a borrower's real exposure is a stalled closing if a line is pulled. Ask for a rate lock with an extension fee schedule and a stated closing date.
• Use the interest-only qualifying rule only if you can carry the amortizing payment. Qualifying on the interest-only payment can turn a 1.11 into a 1.23, but the 40-year loan converts to a 30-year amortizing payment after year ten.
• If you are in New York, or buying a 5 to 24 unit building, get the license and the program terms confirmed in writing before paying for an appraisal.
• Compare with other non-QM lenders on the same facts. See Angel Oak Mortgage Solutions, Griffin Funding and our ranking of DSCR lenders by loans made.

FAQ

Sources, read October 20, 2026: LendSure's HMDA loan-level records for 2023, 2024 and 2025 (LEI 549300UR5AOWTJJ7KZ64), FFIEC HMDA Data Browser, and the HMDA LAR data-field reference; LendSure Mortgage Corp.'s audited financial statements for 2022 to 2025 (Richey, May & Co., LLP), filed as Exhibits 99.1 to Ellington Financial Inc.'s Forms 10-K, accessions 0001411342-23-000056, 0001411342-24-000021, 0001411342-25-000015 and 0001628280-26-013279, and the notes to investments in unconsolidated entities and related party transactions in the 2025 Form 10-K; lendsure.com's home, investment property, DSCR, bank statement, fix-and-flip, 40-year interest-only, licensing, about and broker-approval pages; the GLEIF record for LendSure's LEI; the CFPB Consumer Complaint Database API; and 12 CFR 1003.4. The DSCR-type definition, medians, percentiles, shares, growth rates, leverage ratios and the worked example are our arithmetic. Statements on lendsure.com are the company's own claims, not audited terms. This is analysis of public documents, not investment, legal or tax advice.