April 2026 Private Lending Report: The Impact of Rising Treasury Yields

I often write about the macroeconomic factors that create noise in our industry—and how the most successful lenders block it out and stay focused on what they can control. In April, however, that “noise” became impossible to ignore.

As the war with Iran continued and oil prices remained elevated, the 10-year Treasury yield climbed again—marking its sixth increase in the past seven months. That shift put an end to the steady decline in DSCR interest rates, while bridge loan rates have held relatively flat since February of this year.

Here’s how that shift played out across private lending in April.

Bridge loans continue to present a mixed outlook. On one hand, the 2,680 loans produced by users with us since the start of 2025 represent just a 6% year-over-year increase—modest growth by historical standards. On the other hand, that same volume marks a record high on Lightning Docs for the second consecutive month.