ProInvestorHub Data Report · 2024
How Real Estate Investors Finance Deals
Real estate investors borrow on different terms than the families they compete with. Using 2024 federal mortgage data covering every state, this report measures the premium investors pay, how often they're denied, how much they borrow through DSCR and business-purpose loans, and where each of those is hardest.
88 bps
Investor rate premium
7.5% vs 6.625% owner-occupant
17.2%
Investor denial rate
of applications denied
69%
DSCR / business-purpose
of investor loans
450,248
Investor loans
$142.3B financed
Key findings
- Investors paid a median 88 bps more than owner-occupants nationally — widest in Mississippi (163 bps) and tightest in Utah (50 bps).
- District of Columbia denied the largest share of investor applications (29.5%), followed by Hawaii and Florida.
- Business-purpose lending — the bucket that captures DSCR and LLC-held investor loans — is most concentrated in New York (84%), Connecticut, and New Jersey.
- The typical investor borrowed at a 75% LTV — meaning roughly 25% down.
The map
Switch metrics to see where investor financing is most expensive, most often denied, and most DSCR-driven. Click a state for its full breakdown.
Hover a state for its value; click to open its report.
Full state rankings
Sort by any column. Click a state to open its report.
| Mississippi | 163 bps | 11.2% | 12.4% | 8.25% | 75% | 72% | 4,654 | $722M |
| Arkansas | 138 bps | 7.9% | 14.0% | 8% | 75% | 65% | 6,379 | $1.1B |
| Louisiana | 138 bps | 13.7% | 13.0% | 7.999% | 75% | 51% | 6,443 | $1.3B |
| South Dakota | 125 bps | 8.6% | 7.3% | 7.75% | 75% | 65% | 919 | $200M |
| Alabama | 113 bps | 15.1% | 10.0% | 7.625% | 75% | 67% | 8,083 | $1.6B |
| Alaska | 113 bps | 21.4% | 5.3% | 7.5% | 75% | 74% | 482 | $149M |
| District of Columbia | 113 bps | 29.5% | 10.9% | 7.625% | 70% | 71% | 780 | $476M |
| Kansas | 113 bps | 8.4% | 11.2% | 7.75% | 75% | 54% | 4,745 | $791M |
| Missouri | 113 bps | 9.9% | 12.3% | 7.75% | 75% | 64% | 12,962 | $2.2B |
| Nebraska | 113 bps | 7.8% | 9.9% | 7.75% | 75% | 55% | 3,046 | $565M |
| South Carolina | 113 bps | 18.7% | 7.2% | 7.625% | 75% | 69% | 7,316 | $2.0B |
| Oklahoma | 112 bps | 8.7% | 15.5% | 7.749% | 75% | 63% | 8,867 | $1.6B |
| Florida | 106 bps | 22.9% | 11.0% | 7.562% | 73% | 77% | 42,282 | $15.2B |
| Connecticut | 100 bps | 20.2% | 9.1% | 7.625% | 75% | 82% | 4,595 | $1.5B |
| Georgia | 100 bps | 18.3% | 10.2% | 7.5% | 75% | 62% | 18,563 | $5.3B |
| Hawaii | 100 bps | 25.6% | 15.5% | 7.5% | 66% | 72% | 2,026 | $1.3B |
| Kentucky | 100 bps | 11.9% | 9.3% | 7.625% | 75% | 59% | 6,168 | $1.2B |
| Maryland | 100 bps | 20.2% | 9.0% | 7.625% | 75% | 75% | 8,472 | $2.1B |
| Nevada | 100 bps | 16.8% | 10.1% | 7.5% | 70% | 75% | 5,321 | $1.8B |
| New Jersey | 100 bps | 18.5% | 12.0% | 7.625% | 74% | 79% | 14,283 | $5.6B |
| New York | 100 bps | 20.2% | 11.6% | 7.625% | 71% | 84% | 17,900 | $8.5B |
| Pennsylvania | 100 bps | 17.9% | 10.8% | 7.625% | 75% | 75% | 18,938 | $3.8B |
| West Virginia | 94 bps | 14.5% | 7.7% | 7.5% | 75% | 58% | 1,592 | $273M |
| Arizona | 88 bps | 18.6% | 6.9% | 7.375% | 70% | 66% | 8,722 | $3.2B |
| California | 88 bps | 18.4% | 10.9% | 7.5% | 69% | 71% | 42,942 | $26.9B |
| Colorado | 88 bps | 18.3% | 6.5% | 7.375% | 70% | 68% | 7,138 | $3.2B |
| Delaware | 88 bps | 17.6% | 7.6% | 7.5% | 75% | 68% | 1,408 | $356M |
| Illinois | 88 bps | 16.5% | 9.0% | 7.625% | 75% | 66% | 14,989 | $3.0B |
| Maine | 88 bps | 20.3% | 6.7% | 7.625% | 75% | 73% | 1,463 | $453M |
| Michigan | 88 bps | 20.6% | 6.6% | 7.625% | 75% | 73% | 9,811 | $1.7B |
| Minnesota | 88 bps | 11.2% | 5.8% | 7.5% | 75% | 48% | 5,080 | $1.2B |
| New Mexico | 88 bps | 21.9% | 5.8% | 7.5% | 74% | 65% | 1,631 | $384M |
| North Dakota | 88 bps | 5.8% | 7.6% | 7.25% | 75% | 69% | 779 | $150M |
| Ohio | 88 bps | 17.0% | 9.2% | 7.625% | 75% | 73% | 16,858 | $2.7B |
| Rhode Island | 88 bps | 18.7% | 7.9% | 7.625% | 72% | 73% | 1,282 | $538M |
| Tennessee | 88 bps | 14.3% | 10.5% | 7.5% | 75% | 67% | 13,064 | $3.5B |
| Texas | 88 bps | 17.2% | 10.0% | 7.375% | 75% | 65% | 42,756 | $11.2B |
| Virginia | 88 bps | 16.4% | 7.3% | 7.5% | 75% | 65% | 10,397 | $2.9B |
| Wyoming | 88 bps | 14.7% | 7.0% | 7.375% | 75% | 61% | 611 | $175M |
| North Carolina | 85 bps | 15.9% | 9.4% | 7.375% | 75% | 68% | 18,316 | $5.0B |
| Wisconsin | 85 bps | 12.9% | 7.0% | 7.5% | 75% | 64% | 6,970 | $1.4B |
| Indiana | 75 bps | 15.4% | 7.1% | 7.5% | 75% | 67% | 8,784 | $1.5B |
| Iowa | 75 bps | 7.0% | 9.0% | 7.25% | 75% | 47% | 4,690 | $705M |
| Massachusetts | 75 bps | 17.4% | 8.5% | 7.375% | 70% | 75% | 7,566 | $4.4B |
| Montana | 75 bps | 14.6% | 8.4% | 7.375% | 70% | 70% | 1,235 | $443M |
| Oregon | 75 bps | 18.0% | 6.4% | 7.375% | 70% | 66% | 3,481 | $1.3B |
| Washington | 75 bps | 18.4% | 6.9% | 7.375% | 70% | 72% | 7,802 | $3.7B |
| New Hampshire | 74 bps | 20.3% | 5.4% | 7.49% | 75% | 75% | 1,144 | $387M |
| Idaho | 63 bps | 17.3% | 6.3% | 7.25% | 70% | 56% | 2,276 | $756M |
| Vermont | 59 bps | 16.6% | 6.8% | 7.22% | 75% | 76% | 548 | $277M |
| Utah | 50 bps | 20.7% | 5.8% | 7.125% | 70% | 71% | 3,689 | $1.4B |
How we built this
Derived from CFPB / FFIEC HMDA Data Browser (loan-level public dataset). Universe: single-family 1-4 unit, site-built; home purchase + refinance + cash-out; originated & denied. HMDA captures financed loans only, so all-cash investor purchases are not included.
Full methodology & sources →Cite this report
Free to cite and link with attribution. The underlying state data is downloadable above.
ProInvestorHub, “The 2024 Investor Financing Report,” https://proinvestorhub.com/reports/investor-financing
Frequently asked questions
How much more do real estate investors pay for a mortgage?
In 2024, the median interest rate on an investment-property loan was 7.5% versus 6.625% for an owner-occupant — a premium of 88 bps. The gap is widest in Mississippi (163 bps) and narrowest in Utah (50 bps).
How often are investor mortgage applications denied?
Nationally, 17.2% of investment-property loan applications were denied in 2024, compared with a much lower rate for primary residences. Denials are highest in District of Columbia (29.5%).
What share of investor loans are DSCR or business-purpose loans?
About 69% of investment-property loans were flagged as primarily business or commercial purpose — the category that includes DSCR and LLC-held investor loans. That share exceeds 84% in New York.
What data is this report based on?
Home Mortgage Disclosure Act (HMDA) loan-level data published by the CFPB, covering 2024. The universe is single-family 1-4 unit, site-built home-purchase, refinance, and cash-out loans. It reflects financed purchases only — all-cash investor purchases are not captured.