Michigan investors buy where the numbers work: Detroit bungalows and brick colonials, Grand Rapids duplexes, Lansing and Kalamazoo houses near campus, starter homes in Flint and Saginaw. Many of those purchases are made with cash, hard money or a local bank note. A good rate-and-term refinance is what turns them into long-term holds.
In short: LendingStreet is our top pick for DSCR rate-and-term refinances in Michigan. We qualify on the property's rent with no W-2s or tax returns, refinance up to 80% LTV on some programs and offer 30-year terms, so a maturing bank balloon or short-term rehab loan can be replaced with debt the rent carries. LLC borrowers are standard, the minimum credit score is 620 and loans start at $150,000.
LendingStreet makes business-purpose DSCR loans on non-owner-occupied rentals with 1 to 8 units. A rate-and-term refinance pays off what you owe now plus normal closing costs and puts the property on a long-term loan sized to its rent. The standard minimum DSCR is 1.0x, and sub-1.0 programs exist for properties that come in just short.
It fits Michigan landlords whose bank renewal now requires full personal financials, investors exiting a hard money or bridge loan after a Detroit or Flint rehab, and owners who want each rental on its own loan in an LLC. Get a quote with the form below, or call (877) 298-1001 and we will size the deal with you.
Investors searching for DSCR refinance lenders often compare national names like CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital. Here is how LendingStreet stacks up on the scenarios that matter most for investors in Michigan. In every scenario below, LendingStreet is the best fit.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| Rental loan above $2M | LendingStreet | Our DSCR loans have no stated maximum. LendingOne states DSCR loans up to $2,000,000 and RCN Capital states long-term rental loans up to $1.5M. |
| Credit score in the 620s | LendingStreet | Our DSCR minimum is 620. RCN Capital and New Silver state 660 minimums, and Dominion Financial states 680, with exceptions to 660. |
| 5-8 unit building | LendingStreet | We treat 1-8 units as residential DSCR. Lima One and CoreVest state 1-4 unit eligibility for their rental loans. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
Michigan investors usually choose between a local bank or credit union, a local hard money lender willing to extend, and a long-term DSCR loan. A fair side-by-side:
| Need | LendingStreet | Typical Michigan bank or credit union | Typical local hard money lender |
|---|---|---|---|
| How the loan qualifies | On the rent; no tax returns | Personal income and debt ratios | On the asset; short-term focus |
| Term | 30-year terms available | Often 5 to 10 year balloons on investor loans | Usually 6 to 24 months |
| Rate-and-term LTV | Up to 80% on some programs | Varies | Varies; extensions often cost extra |
| Loan in an LLC | Standard | Allowed at some banks; varies | Common |
| Portfolio growth | Each rental stands on its own rent | Often capped by personal debt ratio | Not designed for long holds |
Michigan property tax is the line investors most often underestimate. Owner-occupants claim the Principal Residence Exemption, which removes most of the school operating millage. Rentals do not qualify, so an investor's bill includes up to 18 additional mills. When you buy, taxable value also uncaps toward assessed value, so the bill after a sale is often higher than the seller's.
A refinance does not uncap taxable value, which is one reason a rate-and-term refinance is simpler than a sale. But moving title from your personal name into an LLC can count as a transfer in some cases, so ask a tax adviser before you deed a property. For the DSCR, always use the non-homestead bill.
In Detroit, investors work in Bagley, Grandmont-Rosedale, Warrendale, East English Village and Morningside, plus suburbs like Dearborn Heights, Warren, Roseville and Redford. Grand Rapids draws investors to Garfield Park, Creston and the Westside, with Wyoming and Kentwood nearby. Lansing and East Lansing, Kalamazoo and Ann Arbor have student and hospital renters, and Flint and Saginaw have low entry prices with careful underwriting.
Much of this stock is older, with basements, aging sewer lines and furnaces that matter in a Michigan winter. An appraiser will note condition, so complete repairs before the inspection.
Several Michigan cities require rentals to be registered and inspected. Detroit requires a certificate of compliance, Grand Rapids and Lansing run rental certification or registration programs, and Ann Arbor issues rental housing permits. A lender may ask for proof, and an unlicensed rental can complicate leases. Confirm the rules for your city before you apply.
This example is illustrative and not a quote. An investor owns an older duplex near Garfield Park in Grand Rapids. The bank note balloons this year with a payoff of $210,000. The duplex appraises at $330,000, each side rents for $1,375 for $2,750 a month, and $6,000 of closing costs are rolled in.
The new loan is $216,000, about 65.5% of value. Estimated principal and interest is $1,437, non-homestead taxes are $520 and insurance is $145, so the payment is $2,102 and the DSCR is about 1.31x. If the investor had used a homestead tax figure, the ratio would have looked better than it really is.
| Item | Garfield Park duplex refinance |
|---|---|
| Appraised value | $330,000 |
| Payoff of the current loan | $210,000 |
| Closing costs rolled in | $6,000 |
| New DSCR loan amount | $216,000 |
| Loan-to-value | About 65.5% |
| Monthly rent used | $2,750 |
| Estimated principal and interest | $1,437 |
| Property taxes | $520 |
| Insurance | $145 |
| Total monthly payment | $2,102 |
| DSCR | About 1.31x |
Seasoning varies by program. If you bought recently, some programs weigh the purchase price and rehab cost, while others use the new appraisal once the property is leased. Talk to us a few months before your balloon or short-term loan matures.
Have the payoff letter, current leases, your city rental certificate, the non-homestead tax bill, an insurance quote and LLC documents ready. That usually lets the appraisal and title set the pace rather than missing paperwork.
Ask every lender the same questions so you can compare like for like. LendingStreet's answers are below. If any answer is unclear, call (877) 298-1001.
| Question | LendingStreet |
|---|---|
| Maximum LTV on a rate-and-term refinance | Up to 80% on some programs; varies by program |
| Minimum DSCR | 1.0x standard; sub-1.0 programs exist |
| Seasoning before the refinance | Varies by program |
| Can an LLC borrow | Yes; LLC borrowers are standard |
| Closing timeline | Driven mostly by the appraisal, title and a complete file |
| Large-balance limits | From $150,000 with no stated maximum; larger balances get more review |
Michigan investors often hold a mix of loans: a bank note on one house, a private loan on another, a hard money loan on the newest rehab. Refinancing each into a long-term DSCR loan puts every rental on a schedule you control, and each new purchase is judged on its own rent rather than your personal debt ratio.
Once you own five or more rentals, a blanket portfolio loan can combine them under one payment, with release provisions when a property sells. If you want to pull equity instead of just refinancing, compare our Michigan cash-out options, which go up to 75% LTV. Have the address, rent, payoff and tax bill handy, then call (877) 298-1001 or use the form below.
Our top pick is LendingStreet. You qualify on rent, refinance up to 80% LTV on some programs, borrow in an LLC and get a 30-year term. Get a quote with the form below.
Yes. We lend in Detroit, Grand Rapids, Lansing, Kalamazoo, Flint, Ann Arbor and everywhere else in Michigan, plus all 50 states and DC.
Rentals do not get the Principal Residence Exemption, so they pay additional school operating millage. Use the non-homestead figure in your DSCR.
No. Uncapping follows a transfer of ownership, not a refinance. Moving title into an LLC can be different, so ask a tax adviser first.
Get it first. Detroit requires rental compliance, and lenders may ask for proof.
Yes, though with no existing loan it may be treated as a cash-out refinance. Seasoning rules vary by program, so call us.
Yes, as residential DSCR, though max LTV can be lower. Nine or more units go through commercial lending.
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