Bay County, FL · HMDA 2025

What investors paid in Panama City Beach

Note rates on every DSCR-style investor loan reported to HMDA in Bay County in 2025. Includes long-term rentals too; see what's covered below.

DSCR-style loans, 2025: 184
Median note rate: 7.25%
Middle 50% paid: 6.875%–7.5%
Median LTV: 75%

Rate distribution, 2025

Each bar is a quarter point. Shaded band = middle 50%; dark line = median (7.25%).

10th pct: 6.5%
90th pct: 7.962%
Mean: 7.216%
Loans with a rate: 184
Lenders: 41

Against our estimate

2025 median here7.25%
2025 avg 10-yr Treasury4.29%
Implied spread (median − 10Y)2.96 pts
Our spread (HMDA 2025 middle half, all 28 counties)2.46–3.33 pts
Our estimate today (Oct 15)7.56–8.43%

The typical Panama City Beach investor loan (2.96 pts over the 10Y) priced inside the 28-county middle half. Estimate based on what investors actually paid (HMDA 2025 middle half), not a quote.

Loan mix

Purchase 126Refi 20Cash-out 38

Top lenders here, 2025

By DSCR-style loan count. Median rate shown with 5+ rated loans. Linked names are lenders we track.

Lender	Loans	Median
Crosscountry Mortgage, LLC	37	7.25%
Newrez LLC	16	6.875%
Angel Oak Mortgage Solutions LLC	13	7.499%
Champions Funding, LLC	12	7.25%
A&D Mortgage LLC	10	6.933%
Citadel Servicing Corporation	7	7.375%
Northpointe Bank	7	7.75%
HomeXpress Mortgage Corp.	6	6.999%
Change Lending, LLC	5	7.125%
Deephaven Mortgage LLC	5	7.5%

41 lenders reported DSCR-style loans in Bay County in 2025. Brokers don't appear; the funding lender reports the loan.

All investor loans, for context

Adds investor loans underwritten on personal income (conventional, bank and agency investment-property loans) to the DSCR-style set.

	2024	2025
DSCR-style loans	121	184
DSCR-style median	7.75%	7.25%
All investor loans	520	571
All investor median	7.531%	7.25%
All investor middle 50%	7.125%–8%	6.875%–7.625%
All originations in county	4,822	5,214

Test a deal on the haircut ladder Calculator at 7.25%

16 tracked lenders publish coverage that includes FL.

What these numbers are (and aren't)

All investor loans, not only STRs. HMDA records whether a home is an investment property, not whether it is rented nightly. These are every reported 1–4 unit, first-lien, 30-year-plus investment-property purchase and refinance in the county, so long-term rentals are included.
“DSCR-style” = loans the lender flagged as primarily for a business purpose with no borrower income or debt-to-income reported, the signature of a DSCR / investor cash-flow loan. It is our filter on public fields, not a label lenders report.
Lagged. 2025 HMDA data (originations Jan–Dec 2025), released by the CFPB/FFIEC in 2026. Rates moved since; use it to see what a typical deal priced at, not as today's quote.
Note rate, not APR. HMDA's interest rate is the note rate at closing (the starting rate for ARMs). It excludes points and fees; for business-purpose loans HMDA doesn't report APR spread, points or loan costs.
Not every lender reports. Lenders below the HMDA reporting threshold (25 closed-end loans in each of the prior two years), many private and hard-money lenders, and brokers (the lender that made the credit decision reports the loan) don't appear. Of the 26 lenders we track, 12 have no 2025 HMDA filing we could match by legal name: Visio Lending, New Silver, Defy Mortgage, Truss Financial Group, America Mortgages, Newfi Wholesale, Quickline Capital, Uncapco Financial, 1st Nationwide Mortgage, Certain Lending, Easy Lending USA, Lendmire.

Check our work

These numbers come from the public HMDA loan-level file for Bay County (FIPS 12005). The raw files, before our filters:

Filters: originated, investment property, purchase/refi/cash-out, first lien, 1–4 units, site-built, closed-end, term ≥ 30 years; DSCR-style adds business purpose with no income/DTI reported. Full method on Real rates.

Nearby markets: Destin & Fort Walton Beach, FL · 30A & Miramar Beach, FL · Gulf Shores & Orange Beach, AL · Kissimmee (Orlando vacation homes), FL · all 28

Not a lender or broker. No referral fees. For education only. Figures come from each lender's public pages on the date shown and can change without notice, so verify them with the lender. Rates are estimates, not quotes. How we source data.