Logan Finance Review 2026: 1,730 DSCR Loans, 4 CFPB Complaints

Which company is this?

Several unrelated companies share the name, among them Logan Bank & Trust Company. The mortgage lender in Hauppauge, New York is the one that matters here, and the public records pin it down.

The 1949 date is the age of the corporate shell, and the company itself presents the lending business as a non-QM operation that grew after 2021: the profile of its capital markets executive, on its awards page, says he took the firm “from zero to over $200 million in monthly non-QM volume.” That is a company statement we cannot audit. The HMDA series below is the independent check: 515 originations in 2022 and 3,056 in 2025.

What its loans look like in the federal record

HMDA requires lenders above the reporting threshold to report each application they decide. We downloaded Logan's loan-level files for 2022 to 2025 from the FFIEC HMDA Data Browser by its legal entity identifier. Our filter for a “DSCR-type” loan is the same as in our ranking of DSCR lenders: originated, conventional, first lien, closed-end, one to four units, investment property, coded business purpose, term of 360 months or more, and the debt-to-income ratio reported as “NA” because income was not used. HMDA has no DSCR field, so this is a proxy. Run on Logan's 2025 file it returns 1,730 loans, the figure in that ranking.

Two cautions on that table. First, “closed incomplete” is HMDA action code 5, a file the lender closed because the application was never completed; 1,661 of those in 2025 against 3,056 originations says many broker files never reach underwriting, and the count rose every year. Second, the 1,028 owner-occupied loans in 2025 are a different business from the investor book: their median loan was $885,000 (our arithmetic), jumbo size. This page is about the investor side.

The DSCR-type loans

Against the national picture in our 2025 ranking, Logan's median note rate of 7.124% was 0.251 point below the 7.375% national median, and its median loan was 1.8 times the $225,000 national figure (our arithmetic). Loans of $1 million or more were 6.0% of its DSCR-type loans, against 3.0% nationally. Its interest-only share, 6.6%, was below the 10.4% national share, and its denied share, 21.6%, was a little below the 23.4% national share. The jump in denials from 9.0% in 2024 to 21.6% in 2025 is the item to watch: either more marginal files reached Logan, or its standards tightened, and HMDA does not say which.

Purchase loans are the largest group (868, 50%, our arithmetic), cash-out refinances 40%. Leverage is moderate: the median is 71.4% and only four loans exceeded 80%. The rate range is narrow for a non-QM lender, 5.5% to 9.499%, with the middle half between 6.749% and 7.499%, which fits a book of high-credit, large-balance borrowers. The 5.5% minimum is one loan; the next lowest was 5.749%. One more point from the other side of the loan size scale: only 383 of 1,730 loans (22%) were $250,000 or less, so Logan is not the place to look for small-balance rentals.

Where the loans are

New York and New Jersey together were 795 of 1,730 loans, 46.0% (our arithmetic). That is the premise that makes Logan worth a page for a Northeast investor: in New York the 2025 median DSCR-type loan across all lenders was $435,000 and the median note rate 7.25%, so Logan's $505,000 and 7.124% sit at the larger end of the market and slightly below it on rate. California is the top state for the full book (933 of 3,056 loans) but only 155 of the DSCR-type loans, because most of its California loans are not DSCR-type.

For the other side of this market, see our hard money loans in New York and New Jersey pages. Logan's own loans are 30-year-style term loans, not bridge loans: 1,728 of 1,730 had a 360-month term.

Who buys the loans

Of the 3,056 loans Logan originated in 2025, 3,014 (98.6%) were reported sold to private securitizers during the year and 42 were not sold (our arithmetic). The 710 loans it purchased from other lenders show the correspondent side of the business: 410 were on investment property and 269 were in New York. The practical reading is that your note will probably be owned by a securitization trust within weeks, with Logan or a third party collecting payments. The company's footer lists RF Mortgage Services Corp. as the servicer for business-purpose loans, and it lists Shellpoint for consumer-purpose loans. Ask who the servicer will be before closing, and see our guide to checking a DSCR lender.

The program on paper

These are Logan's own marketing statements for brokers, read on October 22, 2026 on loganwholesale.com; the pages show an edit date of July 14, 2026. Program guidelines and matrices sit behind a broker login, so we did not read them. Treat the list as a menu, not a commitment.

The page for the legacy product says $2 million while the Open Road page says $3 million for the same kind of loan, so the products overlap and the page does not say which one a particular broker will use. In HMDA, 9 loans of $2 million or more were made in 2025 and the largest was $2,995,000, which is consistent with the $3 million ceiling and shows that few borrowers use the top of the range.

Worked example (our arithmetic). Take the 2025 New York median DSCR-type loan of $505,000 at the 7.124% median note rate. A 30-year amortizing payment is $3,401.94 a month and an interest-only payment is $2,998.02. Add $900 a month of taxes, insurance and association dues. With $4,500 of monthly rent, the ratio is 1.05 on the amortizing payment (4,500 divided by 4,301.94) and 1.15 on the interest-only payment (4,500 divided by 3,898.02). That clears Open Road's 1.00 floor on either basis, but not the 1.25 minimum for Open Road Elevated, which would need $5,377 of rent on the amortizing payment. The example uses one rate for both payments and ignores points, which the market would not. Our DSCR calculator and DSCR requirements guides show the formula.

Prepayment penalties

HMDA cannot answer this. The prepayment-penalty field is collected only for loans subject to Regulation Z, which excludes business-purpose investor loans; none of Logan's 1,730 DSCR-type loans reports a term. The only published hint is the Open Road Elevated page, which lists prepayment options of one to five years. Ask your broker for the penalty term and structure in writing before you lock, and check state limits: New Jersey and some other states restrict penalties on loans to individuals, which is one reason many investors close in an LLC (see our DSCR loan LLC guide).

Complaints, licensing and filings

CFPB complaints. We searched the Consumer Complaint Database on October 22, 2026. The search term “logan finance” returns 4 complaints, all under the company name Logan Finance Corporation and all in the Mortgage product, sub-product conventional home mortgage:

All four were answered on time. Two concern payment processing or fees and ended with monetary relief; one of those carries the company's public response, “Company believes complaint is the result of an isolated error”. A company that originated 3,056 loans in a year and has four complaints looks clean, but this is a weak signal: the database is dominated by consumer loans and servicing, and investor borrowers on broker-originated business-purpose loans rarely use it. The four complaints are consumer-purpose loans (Logan also lends to owner-occupants), not DSCR borrowers.

Licensing. Logan says it is “licensed to originate and service mortgages in most states.” The table on its licensing page lists licenses or registrations for most states, but we found no row for New York, Massachusetts or New Hampshire on October 22, 2026, although its 2025 HMDA file shows 575, 49 and 5 originated loans there, all on investment property with a business purpose. We draw no legal conclusion: state mortgage-licensing laws often treat business-purpose investor loans differently from consumer loans, and the page may not list every authorization. If your property is in one of those states, ask the broker for the lender's authorization in writing. NMLS Consumer Access, which the company links to, is the regulator database to check, and we did not read it.

SEC filings. Logan Finance is private and has no SEC filings of its own. A search of SEC EDGAR full-text for “Logan Finance Corporation” from January 1, 2023 to October 22, 2026 returns 1,320 hits, all ABS-15G or ABS-15G/A reports filed by other companies (1,230 by Fannie Mae, 86 by Freddie Mac, 4 by Morgan Stanley Mortgage Capital Holdings and an EFMT depositor) that list it as an originator or seller. That is how a conduit shows up in the securities record; there are no audited financial statements to read.

What a reader can do with this

• Do not look for a Logan application page. The company says it serves brokers and correspondents, and HMDA shows 2 of 1,730 DSCR-type loans in 2025 came to it directly. Go through a broker who is approved with Logan and ask which Logan program (legacy, Open Road or Elevated) your quote is under.
• Use the 2025 band as a sanity check, then compare a same-day quote. The middle half of its DSCR-type note rates was 6.749% to 7.499%, and New Jersey's median was 6.999%. Rates have moved since, so a 2025 median is a yardstick for a broker's quote, not a quote.
• Check the ratio before the rate. Opening at a 1.00 floor is easier than at 1.25. On the worked example above, interest-only lifted a 1.05 to 1.15 and neither reached 1.25.
• Ask for the prepayment-penalty term, the servicer and the broker's compensation in writing, and for the lender's authorization if the property is in New York, Massachusetts or New Hampshire.
• Expect a transfer. With 99% of loans sold during the year, the owner of your note and the servicer you pay will likely differ from the lender on the closing documents.
• If the loan is under about $250,000, shop elsewhere. Only 22% of Logan's DSCR-type loans were that small. Our DSCR rates page and the ranked list of DSCR lenders show lenders with smaller medians, and our OCMBC and Averra Financial profiles read the same data for two other non-QM wholesalers.

FAQ

Sources, read October 22, 2026: Logan Finance Corporation's HMDA loan-level records for 2022 to 2025 (LEI 2549002VH9C0PKB8K153), the FFIEC HMDA aggregations service for the originated totals, the FFIEC filer list for 2025 and the FFIEC nationwide 2025 originations file for the national, New York and New Jersey comparisons, FFIEC HMDA Data Browser; the CFPB Consumer Complaint Database API; the GLEIF record for LEI 2549002VH9C0PKB8K153; SEC EDGAR full-text search; loganfinance.com (home, about, news, awards and licensing pages) and loganwholesale.com (DSCR, Open Road DSCR, Open Road Elevated DSCR, DSCR No Ratio and 5 to 8 unit pages). The DSCR-type definition, medians, percentiles, shares, rankings and the worked example are our arithmetic. Statements on the company's sites are its own claims, not audited terms. This is analysis of public documents, not investment, legal or tax advice.