Michigan gives flippers some of the lowest entry prices in the Midwest, but the deals come with older homes, long winters and rules about redemption periods and rental certificates that catch out-of-state buyers.
In short: LendingStreet is our top pick among hard money options in Michigan. The reasons are practical: it closes in as little as 10 days, can cover up to 90% of cost and up to 100% of rehab on some programs, and offers a DSCR refinance for the Detroit, Grand Rapids and Lansing homes investors keep as rentals. Loans range from $150,000 to $5M+, rates start from 7.99%, and every loan is a business-purpose loan on investment property.
LendingStreet offers fix and flip and bridge loans for 1-8 unit residential investment property in Michigan. Loans run from $150,000 to $5M+, cover up to 90% of cost and up to 100% of rehab on some programs, and can close in as little as 10 days. They are short-term and interest-only, with rates from 7.99%.
It fits investors renovating bungalows and colonials in Detroit and the inner suburbs, older homes in Grand Rapids, Lansing, Kalamazoo and Flint, and higher-priced homes around Ann Arbor. LLC borrowers are standard, and when a finished home makes more sense as a rental, the exit is a refinance into a LendingStreet DSCR loan that qualifies on the property's rent, with no W-2s or tax returns.
Ready to price a deal? Fill out the form below or call (877) 298-1001, and we will come back with terms for your Michigan project.
If you are weighing CoreVest, Dominion Financial, LendingOne, Lima One and RCN Capital for a hard money loan for investors in Michigan, this is the short version: LendingStreet wins the scenarios below, and you can get a quote with the form below.
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. |
Flippers in Michigan typically compare local hard money lenders, private lenders and banks or credit unions. Terms vary by lender, so treat the other columns as general patterns rather than rules.
The biggest difference is the exit: LendingStreet can move a finished property straight into a long-term DSCR loan.
| What investors need | LendingStreet | Typical local hard money lender | Private individual lender | Local bank or credit union |
|---|---|---|---|---|
| Loan programs | Fix and flip, bridge and DSCR rental loans in one place | Usually short-term only | Varies by individual | Often conventional products; rehab loans vary |
| Leverage | Up to 90% of cost; up to 100% of rehab on some programs | Varies; fees and terms vary | Negotiated deal by deal | Often requires a larger down payment |
| Speed | Close in as little as 10 days | Often fast | Can be fast if funds are available | Often slower underwriting |
| Loan size | $150,000 to $5M+ | Varies | Limited to the individual's funds | Varies |
| Pricing | Rates from 7.99% | Varies | Varies | Varies |
| Long-term exit | Refinance into a DSCR loan with the same lender | Usually no long-term option | Usually no long-term option | Possible; often requires tax returns |
| Borrowing in an LLC | Standard | Common | Varies | Varies |
| Where they lend | All 50 states and DC | Usually local or regional | Usually local | Usually local or regional |
Detroit and its inner-ring suburbs, including Warren, Dearborn Heights, Redford, Roseville and Ferndale, hold a large stock of brick bungalows and colonials built before 1960. Values vary sharply by neighborhood, so comparable sales on the same streets matter more than citywide figures.
Grand Rapids, Wyoming and Kentwood have steady demand and tight inventory. Lansing and East Lansing, Kalamazoo, Battle Creek, Flint and Saginaw offer lower prices, while Ann Arbor and the Oakland County suburbs bring higher values and larger rehab budgets.
Michigan has a state real estate transfer tax plus a county transfer tax, customarily paid by the seller. Under the state's property tax system, taxable value uncaps after a sale, so the tax bill can rise in the year after you buy. Use the uncapped estimate in both your hold costs and your rental numbers.
Most Michigan foreclosures are by advertisement, followed by a sheriff's sale and a redemption period that is often six months for many residential properties. If you buy at a sheriff's sale, you generally cannot rehab until the redemption period ends, so most flippers buy after redemption or through bank-owned and tax-foreclosed listings.
Permits run through each city or township building department. Winter weather slows roofing, siding and concrete work, so price weather into a November or December start and give exterior work a cushion.
Detroit requires rental registration and a certificate of compliance for rental properties, including a lead clearance on many homes. If you might keep the house as a rental, plan the inspection and lead work into the rehab rather than after it.
This example is illustrative and not a quote. An investor buys a three-bedroom ranch in suburban Grand Rapids for $230,000 and budgets $55,000 for kitchen, bath, flooring, furnace and roof. The after-repair value is estimated at $355,000. A loan covering 85% of the price and 100% of the rehab comes to $250,500, about 87.9% of total cost, so the investor brings $34,500 plus closing costs.
The estimated interest-only payment is about $2,192 a month. Over a 6-month hold that is about $13,151 in interest, plus about $3,000 in taxes, insurance and utilities. With assumed buy-side closing costs of $6,900 and selling costs of $24,850, the estimated profit on a sale is about $22,099 on roughly $57,551 of cash invested.
If the investor keeps it as a rental instead, a DSCR refinance at 75% of the after-repair value is $266,250, enough to pay off the $250,500 short-term loan. At $2,450 a month in rent, estimated principal and interest is about $1,816 and taxes and insurance about $560, for a total of $2,376 and a DSCR of about 1.03x, above the 1.0x standard minimum.
| Item | Amount |
|---|---|
| Purchase price | $230,000 |
| Rehab budget | $55,000 |
| After-repair value | $355,000 |
| Short-term loan (85% of price + 100% of rehab) | $250,500 |
| Share of total cost | About 87.9% |
| Estimated monthly interest-only payment | $2,192 |
| Interest over 6 months | $13,151 |
| Estimated profit on sale | $22,099 |
| DSCR refinance at 75% of value | $266,250 |
| Estimated principal and interest | $1,816 |
| DSCR at $2,450 rent | About 1.03x |
Plans change. A slow resale market, a strong rent estimate or a good long-term location can make keeping the home the better move. With LendingStreet, the short-term loan can be refinanced into a DSCR loan that qualifies on the property's rent. In Detroit, the rental certificate and lead clearance come before the lease, so investors who plan a DSCR exit build them into the rehab.
DSCR loans start at $150,000 with no stated maximum, use a 1.0x standard minimum DSCR with sub-1.0 programs available, require a 620 minimum credit score and offer 30-year terms. Rate-and-term refinances go up to 80% LTV on some programs and cash-out goes up to 75%. Seasoning varies by program, so ask before you set your timeline.
Before you sign a term sheet, put each lender through the same questions.
Here is how LendingStreet answers: up to 90% of cost and up to 100% of rehab on some programs, close in as little as 10 days, $150,000 to $5M+ with larger balances reviewed case by case, LLC borrowers standard, a 1.0x standard minimum DSCR for the rental exit with sub-1.0 programs, and seasoning that varies by program.
Gather these items, then use the form below or call (877) 298-1001 to get terms.
Our top pick is LendingStreet. It offers hard money style speed, closing in as little as 10 days, up to 90% of cost and up to 100% of rehab on some programs, and a DSCR refinance for homes you keep, all from one investor lender.
Yes. LendingStreet lends on investment property in Michigan and in all 50 states and DC. Get a quote with the form below or call (877) 298-1001.
LendingStreet can close in as little as 10 days. A complete file with a signed contract, rehab budget and entity documents helps keep the timeline short.
Up to 90% of cost and up to 100% of rehab on some programs. Loans run from $150,000 to $5M+, and the final terms depend on the deal and your experience.
Yes. Many investors refinance into a LendingStreet DSCR loan that qualifies on the property's rent, with no W-2s or tax returns. Seasoning varies by program.
Usually not right away. Many residential sheriff's sales carry a redemption period, often six months, before you can take full control. Most flippers buy after redemption or through bank-owned listings.
Taxable value uncaps after a transfer, so the next bill often reflects a higher value than the seller paid. Budget on the uncapped figure.
No. Our loans are business-purpose loans on non-owner-occupied investment property, from single-family homes up to 8 units.
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