Lightning Docs is a fully automated, cloud-based loan document solution developed by Fortra Law. In addition to providing automated loan documents for private lenders, Lightning Docs serves as a source of aggregated data to add clarity to the private lending industry. So far this year, more than 34,000 loans have run through the platform, including 16,776 bridge loans and 17,614 DSCR loans. This volume makes Lightning Docs a strong barometer of overall market activity.

This article reports actionable insights private lenders can use to navigate today’s market with more confidence.

Bridge Loan Volumes

The year 2025 began with stable growth in bridge lending. Recent months have averaged around 2,000 loans per month from Lightning Docs users that have been active since the start of 2024. Year-to-date, that represents a 38% increase over last year, with every month so far recording at least a 24% year-over-year gain. However, the pace of expansion has started to ease. Certain markets like San Diego  continue to perform exceptionally well, but the national trend since April indicates a gradual deceleration in bridge loan growth (see Fig. 1).

DSCR Loan Volumes

The growth of DSCR loans has been the story of the year. July set a record with 2,844 loans created in Lightning Docs by just 40 DSCR users who’ve been with us since the start of 2024. That marks a 96% increase compared to last July, and a 109% year-to-date gain. With five consecutive record-setting months, the momentum behind DSCR lending shows no signs of fading (see Fig. 2).

Bridge Loan Rates and Amounts

On the national scale, bridge loan interest rates have been on a steady decline for the last 12 months. They are down 73 basis points from July 2024, thanks to a drop in 11 of the last 12 months. Average loan amounts for bridge loans, on the other hand, have been mostly increasing, peaking at more than $732,000 in June.

DSCR Average Rates and Amounts

DSCR rates have moved in a less predictable pattern in recent months, dropping to 7.12% in October 2024, rising againin January, and dropping back to 7.48% in July. Average loan amounts have been steady, staying within a $3,000 range from January to June 2025. At $329,966 in July, DSCR loan amounts were at a multiyear high.

Bridge and DSCR vs. Indexes

Looking at the 10-year Treasury and consumer mortgage rates alongside bridge and DSCR loans, the market appears to be relatively stable. Despite a new presidential administration, ongoing economic uncertainty, and frequent headlines creating distractions, month-to-month volatility has been limited.

From January through July 2025, all four rates we track remained within a 35-basis-point range, demonstrating consistent conditions for both borrowers and lenders. Spreads between the 10-year Treasury and DSCR rates narrowed to 3.09% in July,  the tightest margin observed since January. This compression of spreads reflects strong capital markets interest and continued demand for DSCR loan products.

Although monthly averages are helpful, your experience within each month may have felt different. For example, in July the 10-year Treasury opened the month at 4.26%, peaked at 4.50% on July 15, and settled at 4.37% by month’s end. Intramonth volatility is worth watching as it shapes consumer and private lending rates more than any single data point.

As we’re accustomed to seeing, California, Florida, and Texas held down the top three spots on the list of top bridge loan states. Washington is a newcomer to the top 10 this year, becoming just the second Western state on the list alongside California. New Jersey and Pennsylvania are having strong years relative to 2024 (see Fig. 3).

Top Counties for Bridge Loans

There’s a reason California, Florida, and Texas dominate this space: Eight of the top 10 counties are in those three states. Expand to the top 20, and 15 are located there. Zoom out even further and over half (29) of the top 50 are from just those three states (see Fig. 4).

A Deeper Look into the Top 10 Bridge Markets

Figure 5 highlights volatility in interest rates and loan amounts across the top bridge loan markets. The data illustrates just how local rate trends can be. Nationally, average bridge rates fell seven basis points in July, yet in Los Angeles, our largest market, they rose 14 basis points. Half the top 10 markets saw higher rates in July than in June, with Orange County jumping 35 basis points.

Santa Clara County further underscores the localized nature of these trends. With an average interest rate of 8.87% in July, it was more than a full percentage point lower than any other county on the list, while simultaneously posting the highest average loan amounts at over $1.5 million.

Top DSCR States

The top 10 states for DSCR loans remained unchanged from June. What’s more notable is that several states—Florida, Ohio, Texas, New Jersey, New York, California, and Georgia—surpassed their total DSCR loan counts from all of 2024 by the end of July (see Fig. 6).

Top DSCR Counties

That surge isn’t limited to states. Counties like Cuyahoga, Wayne, Miami-Dade, Harris, Allegheny, and Los Angeles have also already exceeded their 2024 totals. The strength in DSCR lending is broad and growing (see Fig. 6).

Top DSCR Market Activity Report

Unlike bridge loans, the top 10 DSCR markets more closely followed the national trend in recent months. In fact, all 10 of the top markets saw a decrease in average interest rates from June to July (see Fig. 7).

Key Takeaways

The private lending market continues to evolve rapidly, and lenders are adapting just as quickly by finding ways to do more with less, close deals faster, and stay competitive in a high-rate environment. Although there is no one-size-fits-all playbook for growth, one theme keeps emerging: The lenders scaling the fastest are simplifying workflows, embracing automation, and cutting down on friction wherever possible.

Among Lightning Docs users who have been with us since early 2024, average monthly loan volume has grown 2.35 times—a sign of just how much more efficiently today’s lenders are operating.

The second half of 2025 will test whether the private lending market can sustain its pace of growth. Bridge lending has flattened, DSCR demand continues to rise, and rates remain a stabilizing force. Together, these trends suggest a market that is healthy, adaptable, and poised for continued expansion.