MM Lending Review 2026: 977 Loans, 12% Median, Ohio and Indiana

Who MM Lending is, and what the public record shows

MM Lending, LLC describes itself as “a direct private lender serving real estate investors since 2005”, with fix-and-flip, fix-to-rent and new-construction programs, and says it has been “funding over $1B in loans”. Its website names Ohio, Indiana and Kentucky and lists Cincinnati, Columbus, Cleveland, Indianapolis and Louisville as places it lends. It says it lends only to LLCs, partnerships, corporations or trusts, so a borrower is a business entity, not a person. The “hard money” label is the lender's own: its process page is headed “Hard Money Loan Process”.

Searching the lender's name returns mostly directory and review-site listings. None of them shows how many loans the lender made, at what rate or with what structure; the federal loan file does.

Our two pages disagreed about MM Lending. Here is why.

Until October 28, 2026, our hard money lenders page listed MM Lending as 703 loans in 2024 and “none in 2025”, and our Ohio DSCR page listed it as a lender with 464 loans in 2025 and “none in 2024”. Both counts are correct for the filter each page uses. The readings drawn from them, that the lender left the market and that it was a new arrival, are not.

The loans themselves look the same from one year to the next. In 2024 and 2025 the median rate is 12.0%, the median loan $155,000 and $165,000, every loan is interest-only with a balloon, and the lender's share of all investor loans reported in Ohio, Indiana and Kentucky is 4.3% in 2024 and 4.4% in 2025 (our arithmetic). The only field that breaks is the loan term.

Regulation C asks for “the scheduled number of months after which the legal obligation will mature or terminate or would have matured or terminated” (12 CFR 1003.4(a)(25)). A loan that matures in 12 months, as the lender's own fix-and-flip and fix-to-rent pages describe (“Term: 12 months with extension options”), is reported as 12 in the 2023 and 2024 files. A 360 in 2025 can mean the product changed, the extension structure changed, or the reporting practice changed; the HMDA file cannot tell which, and we did not see the loan documents. What we can say is that the 2025 loans carry the interest-only, balloon and 12% profile of the lender's earlier 12-month loans, not the profile of a 30-year amortizing rental loan. The lender's DSCR program page lists “30yr fixed mortgage, 15yr fixed mortgage, 7/1 and 5/1 adjustable-rate mortgage” at rates “As low as 5.875%”; none of its 977 loans in 2025 is a fully amortizing loan.

The practical consequence for a reader: counts of “DSCR loans” in Ohio, Indiana or Kentucky that include this lender are counting a bridge-style product at 12%, and counts of “hard money loans” that stop at 36 months leave out 976 of its 2025 loans in those three states.

What the HMDA data show, 2023 to 2025

Lenders above a size threshold report every covered mortgage under the Home Mortgage Disclosure Act (HMDA). We downloaded the complete file for LEI 984500FBG4CPBEI5EH05 from the FFIEC data browser, one request per state, for 2023, 2024 and 2025. Every record is an origination (action taken 1) on a non-owner-occupied, site-built, one-to-four-unit property, flagged business or commercial purpose.

Shares are our arithmetic on the counts in the table.

The rate distribution

The rate fell for a part of the book in 2025, not for the middle: the share below 12.0% went from 13.1% to 37.8%, but the median did not move. The most common rate below 12.0% in 2025 was 10.5% (70 loans). HMDA records the note rate; it does not record points, origination charges or lender credits for this lender (blank on all 977 loans), so the cost of a loan cannot be read from the file.

Size and leverage

The 2025 loan size ran from $115,000 at the 25th percentile to $225,000 at the 75th; the median was $165,000 ($155,000 in 2024). In 2025, 122 loans (12.5%) were under $100,000. The loan-to-value ratio is reported on 765 of the 977 loans in 2025 (all 703 in 2024); its median is 70.0% and two loans are above 80%. In 2024 the median was 70.02% and 35 loans were above 80%. The lender's website says fix-and-flip loans go “up to 75% of After Repair Value”; HMDA's ratio is built on the property value used in the credit decision and the two are not the same measure.

Where MM Lending lends

Ohio grew fastest: from 135 loans in 2023 to 263 in 2024 and 464 in 2025. The five counties with the most loans in 2025 were Jefferson County, Kentucky (128; Louisville), Hamilton County, Ohio (119; Cincinnati), Marion County, Indiana (112; Indianapolis), Franklin County, Ohio (96; Columbus) and Cuyahoga County, Ohio (67; Cleveland). The lender reported loans in 72 counties in 2025, against 55 in 2024. The single Michigan loan, $525,000, is far outside its stated footprint. County names come from the Census Bureau's 2020 county code file.

Against the other investor lenders in the same three states

HMDA has no field for “hard money” or “DSCR”. To compare like with like we pulled every originated investor loan in Ohio, Indiana and Kentucky for 2024 and 2025 and kept conventional, first-lien, closed-end, not-reverse loans on one-to-four-unit investment property made for a business purpose with no debt-to-income ratio, the same group our DSCR pages use. In that group the lender made 976 loans in 2025 (the Michigan loan is outside it).

By state in 2024, among loans of 36 months or less, it ranked second in Ohio (263 loans), second in Indiana (260) and first in Kentucky (180). In 2025, among loans of 360 months or more, it ranked fifth in Ohio (464 of 8,913), second in Indiana (296 of 3,220) and second in Kentucky (216 of 1,553). The largest lender by investor loans of any term in the three states in 2025 was Kiavi Funding, Inc. (3,016), followed by BPL Mortgage, LLC (1,763), United Wholesale Mortgage (1,470), RCN Capital, LLC (1,172) and MM Lending, LLC (976). See our reviews of Kiavi and BPL Mortgage.

The price difference is in the same direction under both filters. In 2024, other lenders' short-term loans in the three states had a median note rate of 10.95% and 360 of 3,650 (9.9%) were at 12.0% or more, against 611 of MM Lending's 703 (86.9%). In 2025, none of the other lenders' 12,710 loans of 360 months or more was at 12.0% or more, and 5.3% of them were interest-only, against 100% of this lender's 976 and 607 of them at 12.0% or more (our arithmetic). Among the 4,604 loans of 36 months or less in 2025, from other lenders, the median rate was 10.45% and 296 loans were at 12.0% or more.

What the lender publishes, and how it compares with the file

Two things are worth a question to the lender, asked neutrally. First, the website's rate range tops out at 11.99%, while 608 loans in the 2025 file are at 12.0% or more. HMDA reports the rate on the note; the website may describe a rate card that is not current, a different program, or a rate before adjustments, and we cannot tell which from outside. Second, the file does not show the points or fees that sit on top of the rate. The lender's FAQ says “An origination point is 1% of the loan amount. MM Lending collects this fee when you pay off the loan”, and says interest is billed “monthly on the total committed loan amount” under a loan system that took effect for loans closed on or after November 1, 2024.

Cost in dollars: our arithmetic

Take the 2025 median loan, $165,000, and the 2025 median rate of 12.0%. These are simple-interest figures on the whole loan outstanding; the lender bills by days outstanding, and rehab money drawn later would lower interest in a fix-and-flip.

7.5% is the median note rate of the other lenders' 360-month investor loans in the three states in 2025. The two loans are not substitutes: one is a short bridge that is paid off on a sale or refinance, the other is long-term debt. The point of the comparison is that the bridge costs several times as much per month and leaves the whole balance due, which is why the exit has to be planned before closing. Our hard money loan rates page and hard money loan calculator put points, term and extension fees into one yearly cost.

Complaints: why zero is not a clean record

On October 28, 2026 we searched the CFPB Consumer Complaint Database in the company field for “MM Lending” and “MM Lending LLC” and across all fields for “MM Lending” in quotation marks, “mmlending” and “MM Lending Bardstown”. Every search returned zero complaints. A control search worked (“Rocket Mortgage” in the company field returned 9,655). A search that included a comma, “MM Lending, LLC”, returned the whole database and was discarded.

Read the zero with care. The database collects complaints about consumer financial products, and every MM Lending loan is flagged business or commercial purpose in HMDA, with a borrower that the lender says is a company. A business-purpose bridge lender can have unhappy borrowers and no CFPB record. We did not check court dockets or state regulators for this lender.

Licences

We did not verify any licence. Check the lender and your property's state with NMLS Consumer Access and the state financial regulator in Ohio, Indiana or Kentucky before you rely on any name; whether a business-purpose lender needs a licence depends on the state and the loan.

What HMDA does not show

• No points, fees or lender credits. Those fields are blank on all 977 loans, so the rate is the only price in the file.
• No true maturity. The term is 360 months in 2025 although the lender's own pages describe 12-month bridge loans. Ask what the note says.
• No extension terms. The website mentions “extension options”; their cost is not in HMDA.
• No defaults or payoffs. HMDA records originations, not what happened afterward.
• No funding source. The file says none of the loans was reported as sold in the year; it does not say who funds 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 structure you are being quoted. If the quote is 12.0%, interest-only with a balloon, you are being offered a bridge-style loan whatever the program is called; ask for the maturity date, the extension fee and what happens to deferred interest at payoff.
• Use the file as a cross-check, not a quote. In 2025 the lender's median was 12.0% and about one loan in three (37.8%) was below it. A quote above 12.0% is in the top 3.1% of its 2025 loans (30 of 977).
• Get the full price in writing: rate, points, processing and appraisal fees, extension fees, draw fees and the payoff statement. HMDA has none of them.
• Plan the exit first. The balance is due in full at the end of the term. If you will keep the property, price the refinance into a 30-year rental loan before you sign; see our DSCR loan Ohio page and DSCR lenders ranked by loans.
• Get a second quote the same day from a lender that publishes its terms. See Kiavi, Visio Lending, Lima One and our guide is this DSCR lender legit?.

FAQ

Sources, read October 28, 2026: FFIEC HMDA loan-level files for LEI 984500FBG4CPBEI5EH05 for 2023, 2024 and 2025 (all actions, one request per state), the FFIEC filer lists for 2023, 2024 and 2025, and the FFIEC originated investor-property files for Ohio, Indiana and Kentucky for 2024 and 2025, tabulated by us in sources/tabulation_output.txt with the script sources/hmda_tabulation_script.py; the Census Bureau 2020 county code file; 12 CFR 1003.4 (eCFR, as of October 20, 2026); the GLEIF record and reporting exception for the LEI; the pages of mmlending.com (home, fix-and-flip, fix-to-rent, DSCR program, FAQ, process and about); the CFPB Consumer Complaint Database API; and our own pages on hard money lenders, Ohio DSCR loans and DSCR lenders as published before October 28, 2026. This is analysis of public documents, not investment, legal or tax advice.