2025 Private Lending Market Analysis: What Loan Data Reveals About Industry Shifts

In 2025, we saw clear confirmation that private lending remains a resilient industry. Despite ongoing distractions and broader macroeconomic shifts, private lenders were able to grow volumes meaningfully compared to 2024. One of the clearest takeaways from the year is the continued shift toward DSCR lending, with long-term loans far outpacing bridge loans throughout 2025. While many lenders on the Lightning Docs platform continue to focus primarily on bridge loans, those actively producing DSCR loans are consistently posting significantly higher volumes.

In this end-of-year report, we’ll cover our usual metrics — interest rates, loan amounts, and geographic trends — while also taking a closer look at where new markets emerged in 2025 and where lenders may want to focus their attention in 2026.