Who Lends on Investment Properties? 2025 HMDA Data Across 26 States

Who lends on investment properties across these 26 states?

Every filer in the 26 state files — 3,509 of them — grouped by Legal Entity Identifier, with the 25 most active shown, ordered by the number of originated, closed-end loans on 1–4 unit investment property each reported for 2025. Volume is the reported dollar total across those states, average loan is volume divided by count to the nearest thousand, and States is the number of the 26 in which the filer reported at least one such loan. Everyone asks which lender to use. The filings do not answer that question, and this table does not try to: the order is the origination count and nothing else.

All 25 rows computed from the 26 state files (New Jersey, Florida, Pennsylvania, New York, Texas, Georgia, North Carolina, Tennessee, Ohio, Arizona, California, Colorado, Virginia, Maryland, Connecticut, Illinois, Missouri, Michigan, Indiana, Oklahoma, Washington, Alabama, Massachusetts, South Carolina, Mississippi, and New Mexico), 2025 HMDA loan-level data (CFPB/FFIEC Data Browser), retrieved October 9, 2026. Each state's full filer list is downloadable as CSV from its data page; the aggregate is computed from those files at render. † CV3 FINANCIAL SERVICES, LLC (rank 20) is filed under LEI 254900CTT87ZKAUTIJ37 with no institution name on the CFPB filers record; the name shown is the registered legal name from the GLEIF record, looked up September 10, 2026. Every figure on that row is as filed.

Why do conventional lenders top an investor list?

Because the filter is occupancy and purpose, not product. HMDA asks whether the property is owner-occupied, a second home or an investment; whether the loan bought it or refinanced it; and whether it is closed-end on 1–4 units. It does not ask how the borrower qualified. A conventional investment-property mortgage closed in a borrower's own name on the strength of a tax return and a DSCR loan closed to an LLC on the strength of the rent both pass the same four tests and land in the same count.

That is why the top of the table looks the way it does. UNITED SHORE FINANCIAL SERVICES, LLC (rank 1) and Rocket Mortgage, LLC (rank 3) are the two largest originators of agency-eligible conventional mortgages in the market. Together they reported 38,785 investor-occupancy loans across the 26 states — 8.4% of the whole count — because every investment-property mortgage their retail and wholesale channels close in a borrower's personal name qualifies for this table on the same terms as a business-purpose rental loan.

A 26-state count also rewards footprint. 18 of the 25 lenders in the table reported in all 26 states; the busiest, UNITED SHORE FINANCIAL SERVICES, LLC, alone accounts for 5.8% of the 26-state total. A lender doing exceptional investor volume in three of these states and none of the other 23 sits well down this list, and a lender whose rental business is mostly the fix-and-flip and bridge lending HMDA does not cover barely appears at all. Both are reasons to read the States column before the rank.

How concentrated is investor lending across 26 states?

Less than any single state would suggest. The 25 lenders in the table wrote 184,563 of the 461,927 loans — 40.0% by count and 36.0% by dollar volume — out of a universe of 3,509 filers. The top five wrote 80,829, or 17.5%. The other 3,484 filers divided the rest, and the average loan across the whole universe was $355,000.

Set that beside a single state. In New Jersey, the 25 most active lenders wrote 57.2% of the state's investor loans on the same vintage — the state-level picture published in who lent on New Jersey investment property in 2025, ranked. The pooled figure is lower because the busiest filers differ from state to state: New Jersey's most active, Loan Funder LLC, ranks 6 across the 26. Concentration is real inside each market and dilutes across them: no lender in this table holds even a tenth of the pool.

What do average loan size and purchase share separate?

Two different businesses at the same rank. Within the table, average loan size runs from $178,000 at BPL MORTGAGE TRUST, LLC (6,561 loans) to $448,000 at JPMorgan Chase Bank, National Association (3,817 loans). A high-count, low-average filer is writing small-balance rental loans in lower-priced markets; a low-count, high-average filer is financing larger single assets. They compete for different properties even a row apart.

Purchase share — the proportion of each filer's loans that bought the property rather than refinanced it, loan-weighted across the states it reported in — splits the table again. It runs from 19.5% at VELOCITY COMMERCIAL CAPITAL, LLC, almost entirely a refinance book, to 99.9% at LENNAR MORTGAGE, LLC, almost entirely acquisitions. The lender an investor buys with and the lender an investor refinances with are often different shops, and the filings show that as structure rather than anecdote.

What does this data not show?

Five gaps, and they matter more than the rankings.

1. Temporary financing is exempt from reporting. Fix-and-flip, bridge and most construction lending never enters HMDA, so a lender's position here reflects its reportable closed-end activity, not its whole book. Some of the busiest investor lenders in these states are largely invisible in this table by rule.
2. Small lenders do not file. An institution under roughly 25 closed-end loans a year sits below the reporting threshold. Local private lenders and the smallest community banks are absent by design, not by omission.
3. The record does not identify DSCR loans. A DSCR loan and a conventional investor-purpose loan are indistinguishable in the filing, so nothing in the table says which lenders offer one. The section above is my experience, labelled as such.
4. It is a 26-state count. The files cover New Jersey, Florida, Pennsylvania, New York, Texas, Georgia, North Carolina, Tennessee, Ohio, Arizona, California, Colorado, Virginia, Maryland, Connecticut, Illinois, Missouri, Michigan, Indiana, Oklahoma, Washington, Alabama, Massachusetts, South Carolina, Mississippi, and New Mexico. A lender strong in states outside this set will rank lower here than it would in a count that covered every state, and a lender present in all 26 is advantaged over one concentrated in a few. The States column is there so a reader can see that without being told.
5. The data is annual, and it moves. 2025 is the current vintage. The CFPB rebuilds a published file as institutions resubmit, so counts drift for months after release — which is why the retrieval date is stated everywhere the figures are. Names are as filed with the CFPB at retrieval; 94 filers, 2.2% of the loans, carried no name on the filers record at all, and where one of them reaches the table its registered legal name is supplied from the LEI record and marked as such.

The filter definition, name matching and update cadence are on the methodology page, and each state's own ranking, with purchase share by lender, is one hop from it. Federal government data, public domain. An AI agent can query this same aggregation directly — the investor_lenders_aggregate tool on our read-only MCP server returns the table this page renders, limitations attached.