That bike you're discussing is either 1923 or 1924.
1922 had the two brace rear mudguard and 1923 and 24 had 3 brace rear mudguards with the short rear mudguard flap.
1925 was a one year mudguard with the long rear flap and the rearmost mudguard stay was almost parallel with the ground whereas the 23/24 stay was up at quite an angle just like the ones in that photo.
Unless that bike has been fitted with the 1923-24 rear guard it is not a 1925 model and quite some modification would have needed to be done to fit the early mudguard to a 1925 bike.
My eyes can't see if it's a loop frame or not but I would suspect it is.
1922 had the two brace rear mudguard and 1923 and 24 had 3 brace rear mudguards with the short rear mudguard flap.
1925 was a one year mudguard with the long rear flap and the rearmost mudguard stay was almost parallel with the ground whereas the 23/24 stay was up at quite an angle just like the ones in that photo.
Unless that bike has been fitted with the 1923-24 rear guard it is not a 1925 model and quite some modification would have needed to be done to fit the early mudguard to a 1925 bike.
My eyes can't see if it's a loop frame or not but I would suspect it is.
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