Hard money lending, state by state
Licensing, rate limits, federal preemption and deal timing for all 50 states and DC, with the statute behind every figure.
Most state-by-state pages on this topic publish one usury number per state. That number is close to meaningless on its own, because a rate lawful for one lender in a state can be unlawful for another on the same day. What actually decides it is four questions: the purpose of the loan, whether you are borrowing as an entity, what licence the lender holds, and whether the loan is a first lien on residential property.
Every state below sets out those four gates. Where we have verified a state's usury statute against a primary or regulator source, the figures and the citation are on the page. Where we have not, the page says so plainly rather than guessing. 10 states are sourced so far.
Alabama
Depends on borrower and collateral · 3 markets
Alaska
Business-purpose lending sits outside the licensing statute
Arizona
Licence required, all property types · 3 markets
Arkansas
Business-purpose lending sits outside the licensing statute
California
Licence required, all property types · usury sourced · 12 markets
Colorado
Business-purpose lending sits outside the licensing statute · 6 markets
Connecticut
Business-purpose lending sits outside the licensing statute
Delaware
Licence required, all property types
District of Columbia
Business-purpose lending sits outside the licensing statute
Florida
Depends on borrower and collateral · usury sourced · 20 markets
Georgia
Business-purpose lending sits outside the licensing statute · usury sourced · 4 markets
Hawaii
Licence required for 1-4 unit residential
Idaho
Licence required for 1-4 unit residential · 2 markets
Illinois
Business-purpose lending sits outside the licensing statute · usury sourced · 4 markets
Indiana
Business-purpose lending sits outside the licensing statute · 2 markets
Iowa
Business-purpose lending sits outside the licensing statute
Kansas
Business-purpose lending sits outside the licensing statute · 2 markets
Kentucky
Business-purpose lending sits outside the licensing statute
Louisiana
Business-purpose lending sits outside the licensing statute
Maine
Business-purpose lending sits outside the licensing statute
Maryland
Business-purpose lending sits outside the licensing statute
Massachusetts
Business-purpose lending sits outside the licensing statute
Michigan
Business-purpose lending sits outside the licensing statute · 4 markets
Minnesota
Licence required for 1-4 unit residential
Mississippi
Business-purpose lending sits outside the licensing statute
Missouri
Business-purpose lending sits outside the licensing statute · 2 markets
Montana
Business-purpose lending sits outside the licensing statute
Nebraska
Business-purpose lending sits outside the licensing statute
Nevada
Licence required, all property types · 2 markets
New Hampshire
Business-purpose lending sits outside the licensing statute
New Jersey
Business-purpose lending sits outside the licensing statute · usury sourced
New Mexico
Business-purpose lending sits outside the licensing statute
New York
Business-purpose lending sits outside the licensing statute · usury sourced · 2 markets
North Carolina
Registration required · 3 markets
North Dakota
Licence required, all property types
Ohio
Business-purpose lending sits outside the licensing statute · usury sourced · 5 markets
Oklahoma
Business-purpose lending sits outside the licensing statute · 2 markets
Oregon
Licence required for 1-4 unit residential · 2 markets
Pennsylvania
Business-purpose lending sits outside the licensing statute · usury sourced
Rhode Island
Licence required, all property types
South Carolina
Business-purpose lending sits outside the licensing statute · 4 markets
South Dakota
Licence required, all property types
Tennessee
Business-purpose lending sits outside the licensing statute · 3 markets
Texas
Business-purpose lending sits outside the licensing statute · usury sourced · 12 markets
Utah
Licence required for 1-4 unit residential · 2 markets
Vermont
Licence required, all property types
Virginia
Depends on borrower and collateral · 2 markets
Washington
Business-purpose lending sits outside the licensing statute · usury sourced · 5 markets
West Virginia
Business-purpose lending sits outside the licensing statute
Wisconsin
Business-purpose lending sits outside the licensing statute · 2 markets
Wyoming
Business-purpose lending sits outside the licensing statute