Detroit has some of the most beautiful old housing in the country and some of the hardest rehabs. Flippers who win here buy carefully, budget for the full scope and work with a lender that funds the job as it moves.
In short: Our top pick for fix and flip loans in Detroit, MI is LendingStreet, for up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days, and a DSCR rental refinance option if the strongest exit for a Detroit house is to hold it. We lend on 1 to 8 unit residential investment property from $150,000 to $5M+, LLC borrowers are standard, and you can get a quote with the form below or call (877) 298-1001.
For Detroit investors, LendingStreet brings fix and flip, bridge and DSCR rental loans together in one place. Flip loans run from $150,000 to $5M+ on 1 to 8 unit investment property, with leverage up to 90% of cost and up to 100% of rehab on some programs, interest-only terms and closings in as little as 10 days.
That mix suits investors who flip most deals but keep the occasional home as a rental. LLC borrowers are standard, and rehab funds are paid in draws after inspections.
To see what a deal could look like, use the quote form below or call (877) 298-1001.
Well-known fix and flip lenders include Dominion Financial, LendingOne, Lima One and RCN Capital. Compared scenario by scenario for investors in Detroit, MI, LendingStreet comes out as the stronger choice, and one application covers it.
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 |
|---|---|---|
| Fix and flip above $3M | LendingStreet | Our fix and flip program runs from $150,000 to $5M+. LendingOne states fix and flip loans up to $3,000,000, and RCN Capital states up to $2M. |
| Flip of a 5-8 unit building | LendingStreet | We finance 1-8 unit investor properties. RCN Capital states its fix and flip loans cover 1-4 family homes, condos and townhomes. |
| 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. |
Inside the city, flippers focus on neighborhoods with strong brick housing and active buyers: Bagley, the University District, Sherwood Forest, Grandmont-Rosedale, East English Village, Morningside, Warrendale and Jefferson Chalmers. Prices and condition vary block by block, so comparable sales need to be very close to the subject home.
In the suburbs, Ferndale, Hazel Park, Royal Oak, Warren, Dearborn Heights, Redford, St. Clair Shores and Harper Woods offer large stocks of bungalows, ranches and colonials with deeper buyer pools.
Most Detroit investors weigh the same options: a local bank, a local hard money lender, money from a private individual or an investor lender such as LendingStreet. The table below compares them in general terms.
No single lender type is right for every deal. For most Detroit flips, though, the combination of speed, leverage, rehab draws and a built-in DSCR refinance option is why investors choose LendingStreet.
| What investors need | LendingStreet | Local bank or credit union | Local hard money lender |
|---|---|---|---|
| Leverage | Up to 90% of cost, up to 100% of rehab on some programs | Often lower; more cash down is common | Varies by lender |
| Closing speed | As little as 10 days | Often several weeks | Often fast |
| How you qualify | Deal-focused; no W-2s needed; LLC borrowers standard | Often requires tax returns and personal income | Mostly based on the property |
| Rehab funding | Draws after inspections | Varies; some do not fund rehab | Varies; fees and terms vary |
| Loan size | $150,000 to $5M+ | Varies | Varies |
| Where they lend | All 50 states and DC | Usually a local footprint | Usually local or regional |
| Long-term option | Refinance into a DSCR rental loan with the same lender | Possible, usually with full income documents | Usually short-term only |
Detroit's 1920s brick colonials, Tudors and bungalows often need new boilers or furnaces, plumbing, electrical, plaster repair and basement work. Homes that sat vacant may have had copper and fixtures stripped. Older homes may have lead or galvanized water service lines, and homes built before 1978 may contain lead paint.
Permits in the city run through the Buildings, Safety Engineering and Environmental Department. Detroit requires rental registration and a certificate of compliance before a home is rented, so if you might hold, plan the scope to pass that inspection. Several suburbs require a city inspection or certificate before a home changes hands, so ask the city before you list.
This example is illustrative and not a quote. An investor buys a Bagley colonial for $140,000 with a $80,000 rehab budget, for a total project cost of $220,000. Buying closing costs are about $3,500, and holding costs for taxes, insurance and utilities are about $650 a month.
The loan covers 80% of the purchase price plus 100% of the rehab: $192,000, or about 87.3% of total cost. Once fully drawn, the estimated interest-only payment is about $1,720 a month. To stay conservative, the example assumes the full balance is outstanding for all 7 months, for about $12,040 of interest and $4,550 of holding costs.
The home sells for $290,000. Selling costs, budgeted at 8% of the price for commissions, closing costs and any transfer tax, are about $23,200. That leaves an estimated profit of about $26,710 before income taxes, on about $48,090 of the investor's own cash.
| Item | Amount |
|---|---|
| Purchase price | $140,000 |
| Rehab budget | $80,000 |
| Total project cost | $220,000 |
| Loan (80% of price + 100% of rehab) | $192,000 |
| Loan-to-cost | About 87.3% |
| Estimated interest-only payment | $1,720 a month |
| Interest over 7 months | $12,040 |
| Holding costs over 7 months | $4,550 |
| Buying closing costs | $3,500 |
| Sale price (after-repair value) | $290,000 |
| Selling costs (8%) | $23,200 |
| Estimated profit before income taxes | $26,710 |
| Investor cash in the deal | $48,090 |
Michigan has a state real estate transfer tax and a county transfer tax, and by custom the seller usually pays them. On a flip you are the seller at resale, so include them in your selling costs. Title insurance and recording fees apply at both closings.
Michigan caps taxable value while a home is owned, then uncaps it after a sale. Investors also do not get the principal residence exemption, so the bill after your purchase can be higher than the seller's. Budget on the expected investor bill, not the prior owner's.
Detroit buyers often use FHA, conventional or local down payment programs, and appraisals depend on very close comparable sales. Keep your after-repair value conservative and leave room in the timeline for appraisal questions.
Plan both exits before you buy. A sale pays off the loan at closing. A DSCR refinance replaces the short-term loan with a 30-year rental loan that qualifies on rent, at a 1.0x standard minimum DSCR and 620 minimum credit score, with rate-and-term up to 80% LTV on some programs. Seasoning varies by program.
Use these questions to compare any two lenders side by side. LendingStreet's answers are included so you can see where we stand.
Ready to compare? Send your Detroit deal through the quote form below, or call (877) 298-1001.
Our top pick is LendingStreet, for three reasons: leverage up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days, and fix and flip and DSCR rental loans in one place.
Yes. We lend in Detroit, across Michigan and in all 50 states and DC.
Michigan uncaps a home's taxable value after a sale, and investors do not get the principal residence exemption. Budget on the investor bill when you estimate holding costs.
Yes. We lend in Detroit and across Wayne, Oakland and Macomb counties, and in all 50 states and DC.
Rehab funds are paid in draws after inspections confirm the work is done, so your contractor is paid as the project moves.
Our flip loans are short-term and interest-only. The exit is a sale or a refinance into a DSCR rental loan.
Yes. We finance 1 to 8 unit residential investment property. Buildings with 9 or more units are handled as commercial loans.
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