February Sets New Record for Loans per Business Day

February, as the shortest month of the year, can be deceptive. On the surface, loan volumes were slightly up from January, but still fell short of the record highs we saw last October and December.

However, February set a record of its own. With 314 loans per business day, we saw the most activity ever on Lightning Docs. For reference, only one other month — December 2025, with 302 loans per business day — has broken the 300 mark. Bridge loans are once again showing year-over-year growth, while DSCR growth continues its strong trajectory.

Bridge lending remains an up-and-down market. After a January that showed almost zero year-over-year (YoY) growth across 216 companies, February bounced back with 9% growth over the prior year. Lately it has seemed that every time bridge lending flattens out, it follows with a rebound month. If March brings a second consecutive month of growth, that would be an encouraging sign. However, market sentiment remains bearish as interest rates continue to fall and volumes remain muted.