In Michigan, the number that decides a large rental loan is usually the property tax bill, not the rent. A lender that understands that, and sizes the loan to the rent you actually collect, saves you surprises at closing. Here is how to compare Michigan jumbo DSCR lenders, and why LendingStreet is our top pick.
In short: Our top pick for jumbo DSCR loans in Michigan is LendingStreet. We finance $1M+ 1-8 unit rentals with jumbo DSCR loans of about $1.5M to $5M+, qualified on the property's rent with no W-2s or tax returns. LLC borrowers are standard, 30-year terms are available, and we lend statewide. Because rentals miss the principal residence exemption, we size the loan on the non-homestead tax bill, with max LTV that varies by program on larger balances.
For a Michigan rental loan above $1M, we recommend starting with LendingStreet. We offer jumbo DSCR loans of about $1.5M to $5M+ for purchase, rate-and-term and cash-out refinance on high-value 1-8 unit rentals, and our DSCR program starts at $150,000 with no stated maximum.
The property's rent qualifies the loan, so there are no W-2s or tax returns. LLC borrowers are standard, 30-year terms are available and the minimum credit score is 620. Purchases go up to 80% LTV and cash-out up to 75%, with max LTV on larger balances and 5-8 unit buildings that varies by program.
It fits investors buying in Oakland County or Ann Arbor, owners of Lake Michigan vacation homes, and portfolio holders refinancing Detroit or Grand Rapids buildings into long-term debt. To see your numbers, get a quote with the form below or call (877) 298-1001.
Well-known jumbo DSCR lenders include Angel Oak, CoreVest, Dominion Financial, LendingOne, Lima One, New Silver, RCN Capital and Roc Capital. Compared scenario by scenario for investors in Michigan, 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 |
|---|---|---|
| Rental loan of $3M to $5M+ | LendingStreet | Our DSCR loans have no stated maximum. Angel Oak and New Silver state DSCR maximums of $3 million, and Roc Capital states $2MM for single rentals. |
| 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. |
| 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 is a state of moderate prices overall, so the large-balance rentals are concentrated in a handful of areas.
Here is how the main types of lenders usually line up on a large Michigan rental loan.
| What matters on a $1M+ rental | LendingStreet | Typical bank | National online DSCR lender |
|---|---|---|---|
| Income documents | None; qualifies on rent | Tax returns and DTI | Varies by program |
| Size | No stated maximum; jumbo about $1.5M to $5M+ | Varies; may limit investor exposure | Varies; some cap below jumbo |
| Borrower | LLC standard | Often personal name | Usually LLC allowed |
| Term | 30-year terms available | Often 5 to 10 year balloons | Varies |
| 5-8 units | Yes, on some programs | Varies | Often 1-4 only |
| Footprint | Michigan plus all 50 states and DC | Often local | Varies |
This example is illustrative and not a quote. An investor buys a Birmingham home for $1,650,000 and leases it for $10,500 a month. Because a rental does not get Michigan's principal residence exemption, the estimated tax bill is $2,400 a month. Insurance is estimated at $350.
At 75% leverage the payment exceeds the rent and the DSCR is about 0.96x. Dropping to 65% brings it to about 1.06x, above the standard 1.0x minimum. A sub-1.0 program is another option on some files.
| Line | At 75% leverage | At 65% leverage |
|---|---|---|
| Loan amount | $1,237,500 | $1,072,500 |
| Estimated principal and interest | $8,233 | $7,135 |
| Property taxes (estimate) | $2,400 | $2,400 |
| Insurance (estimate) | $350 | $350 |
| Total monthly payment | $10,983 | $9,885 |
| Rent | $10,500 | $10,500 |
| DSCR | About 0.96x | About 1.06x |
Michigan homeowners claim a principal residence exemption that removes a large part of the school operating millage. Investors do not get it on a rental, and the taxable value also resets after a sale, so the bill you inherit from the seller is often far below what you will pay. Budget on the non-homestead bill, and ask the city or township assessor for an estimate.
State and county transfer taxes apply to deeds and are customarily paid by the seller, though contracts vary. Insurance on older homes and lake properties depends on roof age, heating systems, basements and distance to water. Many cities, including Detroit, Ann Arbor and Grand Rapids, also require rental registration or inspections, so line those up before closing.
Many Michigan lake towns regulate short-term rentals, and rules range from licensing and caps to limits by zoning district. Traverse City and several lakeshore towns limit where they can operate, and township rules can differ from the city next door. Check with the city or township before you count on nightly income.
Where short-term rentals are allowed, some of our programs can qualify the loan on projected short-term rental revenue instead of a long-term lease. Seasonal lake markets need a realistic full-year figure.
A 5-8 unit building is residential with us on some programs; nine or more units moves to /commercial.html. For 5-8 units and larger balances, expect closer review of leases, the rent roll and condition, and a max LTV that varies by program. Larger loans usually need a full valuation.
Ask each lender these questions in writing:
Purchase leverage reaches 80% and cash-out 75%, and it varies by program on large balances and 5-8 units. Our standard DSCR minimum is 1.0x, with sub-1.0 programs available. Cash-out seasoning varies by program. LLC borrowers are standard. We aim to tell you early what the file needs, and our DSCR program has no stated maximum.
Tell us about your Michigan property: get a quote with the form below or call (877) 298-1001.
Our top pick is LendingStreet. We qualify $1M+ 1-8 unit rentals on rent with no tax returns, lend to LLCs, offer 30-year terms and jumbo DSCR loans of about $1.5M to $5M+.
Yes. We lend throughout Michigan, including Oakland County, Ann Arbor, Detroit, Grand Rapids and the lake towns, and in all 50 states and DC.
Usually property taxes. A rental does not get the principal residence exemption and taxable value resets after a sale, so the new bill can be much higher than the seller's.
On some programs, yes, if local rules allow short-term rentals. Many lake towns license or limit them, so check with the city or township.
Many do, including Detroit, Ann Arbor and Grand Rapids. Plan for registration or inspection before you lease.
Yes, on some programs 5-8 units is residential with us, with extra review of leases and rent roll.
Yes. Cash-out reaches 75% LTV, with lower limits on some larger balances, and seasoning varies by program. Because taxes are already reset on a property you own, the current bill is a reliable input.
You can lower leverage, or ask about our sub-1.0 DSCR programs, which exist on some files.
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