Metro Detroit is full of solid 1920s to 1950s brick bungalows and colonials that need new kitchens, boilers, roofs and windows. The investors who do well here pair a realistic rehab budget with a lender that can also carry the house as a rental.
In short: LendingStreet is our top pick for hard money in Detroit. We close in as little as 10 days, lend up to 90% of cost and up to 100% of rehab on some programs, and fund 1-8 unit investment property from $150,000 to $5M+. Because rentals are a big part of Detroit investing, our long-term DSCR loans matter: you can renovate, lease and refinance into a 30-year loan with one lender.
We are an investor lender. Every loan is a business-purpose loan on non-owner-occupied property, and our fix and flip and bridge loans are short-term and interest-only, with rates from 7.99%. Rehab money is released in draws as each phase is finished.
One honest note: our minimum loan is $150,000, and many houses in Detroit trade for less. Our programs fit best in the suburbs, the city's stronger neighborhoods, larger renovations, and duplexes and small multi-unit buildings, where purchase plus rehab clears the minimum.
Get a quote with the form below or call (877) 298-1001 to see whether your project fits.
Well-known hard money lenders include CoreVest, 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. |
| Bridge close in about 10 days | LendingStreet | We can close in as little as 10 days. CoreVest states its bridge loans typically close within 2 to 4 weeks. |
| 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. |
A fair, general comparison of lender types Metro Detroit investors use. Every lender is different, so confirm terms directly.
| What investors need | LendingStreet | Typical Detroit hard money lender | Typical private lender | Typical bank or credit union |
|---|---|---|---|---|
| Speed to close | As little as 10 days | Often fast; varies | Can be fast; depends on the person | Usually slower; full underwriting |
| Leverage | Up to 90% of cost (LTC) on some programs | Varies; often lower on newer investors | Negotiated deal by deal | Often lower on distressed property |
| Rehab funding | Up to 100% of rehab in draws on some programs | Varies by lender | Varies; often a lump sum or none | Often limited for heavy rehab |
| Loan size | $150,000 to $5M+ | Varies; some cap smaller | Limited by one person's capital | Varies by bank |
| Long-term rental loan after the rehab | Yes: DSCR loans with 30-year terms | Usually short-term only | Usually short-term only | Possible, often with tax returns |
| How you qualify | The deal, your experience and credit; DSCR exit on rent | Mostly the deal | Relationship and the deal | Often tax returns and income |
| LLC borrowers | Standard | Common | Varies | Varies |
In the city, investors focus on neighborhoods with intact blocks of brick homes and steady buyer demand: Bagley, Grandmont-Rosedale, North Rosedale Park, East English Village, Morningside, Warrendale and Russell Woods. Boston-Edison and Indian Village have large historic homes with bigger, slower rehabs.
In the suburbs, Dearborn, Dearborn Heights, Redford, Livonia, Westland and Taylor in Wayne County, and Warren, Ferndale, Royal Oak, Hazel Park and Madison Heights in Oakland and Macomb counties, offer brick ranches and bungalows with deep resale and rental demand.
Common scopes include boiler or furnace replacement, basement waterproofing, sewer line repair, electrical updates, windows and roofs. Michigan winters slow exterior work, so plan your schedule around the season.
Two-family flats and small apartment buildings in Hamtramck, Dearborn and southwest Detroit are another niche. Our programs cover 1-8 units, so these qualify on the same terms, and the DSCR refinance uses the combined rent of every unit.
The City of Detroit requires rental properties to be registered and to earn a certificate of compliance, which includes an inspection and, for older homes, lead clearance. If you plan to rent, build that into your scope and timeline. Suburbs set their own rental inspection rules.
Michigan property taxes deserve close attention. When a property sells, its taxable value generally resets, and investors do not get the principal residence exemption, so the tax bill after you buy can be much higher than the seller's. Budget on the non-homestead rate.
Michigan charges both a state and a county transfer tax on deeds, usually paid by the seller. Confirm amounts, along with any open water or tax balances, with your title company.
This example is illustrative and not a quote. An investor buys a brick bungalow in Dearborn Heights for $165,000 and budgets $60,000 for a furnace, kitchen, bath, windows and basement work, a total of $225,000. At 90% of cost the loan is $202,500, so the investor brings $22,500 plus about $4,000 in closing costs. If fully drawn, the estimated interest-only payment is about $1,603 a month, about $8,016 over 5 months, plus $2,500 in taxes, insurance and utilities.
A sale at $290,000, less about 7% in selling costs, leaves an estimated profit of about $30,184. To keep it, a DSCR cash-out at 75% of value is $217,500, which pays off the $202,500 rehab loan with about $15,000 left before closing costs. Estimated principal and interest is about $1,484; with $417 a month in non-homestead taxes and $120 in insurance, the payment is $2,021. At $2,100 rent, DSCR is about 1.04x.
| Hold scenario | Amount |
|---|---|
| After-repair value | $290,000 |
| DSCR cash-out loan at 75% LTV | $217,500 |
| Pays off the rehab loan | $202,500 |
| Left over before closing costs | $15,000 |
| Estimated principal and interest (30-year) | $1,484 |
| Property taxes and insurance | $537 |
| Total monthly payment | $2,021 |
| Monthly rent | $2,100 |
| DSCR | About 1.04x |
Our DSCR loans qualify on the property's rent, with no W-2s or tax returns. They start at $150,000, require a 620 minimum credit score and offer 30-year terms. Cash-out goes up to 75% LTV and rate-and-term up to 80% on some programs. Seasoning varies by program.
The standard minimum DSCR is 1.0x, with sub-1.0 programs for rents that fall slightly short. Once you own five or more rentals, a blanket portfolio loan can combine them under one closing and one payment.
Use these questions with every lender you talk to, then compare. LendingStreet's answers are in the table.
| Question to ask | How LendingStreet answers |
|---|---|
| What is your maximum leverage, as a share of cost (LTC) and of rehab? | Up to 90% LTC and up to 100% of rehab on some programs |
| If I keep the property, what DSCR minimum applies on the refinance? | 1.0x standard minimum, with sub-1.0 programs available |
| What seasoning do you require before a cash-out refinance? | Varies by program; we explain the options up front |
| Can I borrow in my LLC? | Yes. LLC borrowers are standard |
| How long does closing take? | As little as 10 days |
| Do you limit large balances? | Loans run from $150,000 to $5M+; larger balances get more review |
| Do you offer the long-term loan too? | Yes. DSCR rental loans with 30-year terms, qualified on rent |
Send the address, price, rehab budget, after-repair value and expected rent, and let us know whether you plan to sell or hold. We will size the rehab loan and the refinance together. Use the form below or call (877) 298-1001.
Our top pick is LendingStreet, because you get closings in as little as 10 days, up to 90% LTC and up to 100% of rehab on some programs, and a DSCR rental loan for the refinance.
Yes. We lend in Detroit and across Wayne, Oakland and Macomb counties, and in all 50 states and DC.
Our minimum loan is $150,000. Lower-priced houses may fall below it unless the rehab budget brings the project total up.
Rates start from 7.99%. Your rate depends on experience, leverage, the property and the loan size.
In Michigan, taxable value generally resets after a sale, and investors do not get the principal residence exemption. Budget on the non-homestead rate from the start.
Yes. Detroit rentals must be registered and pass inspection, including lead clearance for older homes. Plan the work and timeline for it.
Yes. Our DSCR loans qualify on the rent, with 30-year terms and LLC borrowers standard.
No. We make business-purpose loans only on investment property that the borrower will not live in.
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