No W-2. No Tax Returns.
A DSCR loan in Lansing qualifies on the property's rent rather than your W-2 or tax returns — business-purpose financing for non-owner-occupied rentals, available to LLCs as standard. What makes Lansing its own underwriting problem: Michigan forecloses by advertisement — non-judicial — with a redemption period. That is exactly the kind of variable that one lender's credit box handles badly and thirty handle well, which is how LendingStreet places the file.
Check My Lansing Rental Loan Options →The economy runs on the Michigan state government, Michigan State University, Sparrow and McLaren health systems, and General Motors Lansing assembly. The rental stock is pre-war and post-war stock across Lansing at low basis, a dense student rental base in East Lansing, and higher-basis suburban stock in Okemos.
Michigan forecloses by advertisement — non-judicial — with a redemption period. Lansing runs at a low basis with a stable state-government tenant base; East Lansing is a university market with its own rental licensing and lease timing on the academic calendar. Same metro, two different underwrites.
A military and defense tenant base produces reliable rent and predictable turnover on the PCS cycle. Some capital sources treat that as a positive; a few discount it for concentration. Either way it is worth stating in the file.
Standard ranges across our capital sources: $150,000 to $3.5M, up to 80% LTV on purchase and 75% on cash-out, 1.00 minimum ratio with sub-1.0 and no-ratio at select sources, 660 credit standard with 640 and 620 tiers, 30-year fixed, LLC vesting with personal guaranty, 14 to 21 days to close. Full detail and the current rate floor are on the DSCR loan page. The figures on your file depend on the source, the property and the ratio.
The Lansing–East Lansing metro — Lansing plus East Lansing, Okemos, Holt, Grand Ledge, DeWitt and Mason — and the rest of Michigan via the Michigan DSCR page. Investor activity in Lansing concentrates in Old Town, Eastside, Westside, Groesbeck, Colonial Village; the loan is underwritten identically anywhere in the metro.
Run the ratio in the DSCR calculator with real Lansing tax and insurance figures before you submit — those lines decide more ratios here than the rate does.
Also see: Detroit, MI →Grand Rapids, MI →
Yes — Lansing, East Lansing, Okemos, Holt, Grand Ledge, DeWitt and Mason, and the rest of Michigan.
It affects the lender's side. A faster recovery timeline widens the pool of sources comfortable writing there; a slower one makes some conservative on leverage. We account for it in placement.
MSU football weekends produce brief STR demand; East Lansing regulates rentals tightly. Underwrite on long-term rent. We underwrite on long-term market rent.
Typically 14 to 21 days from a complete file. Appraisal is the longest fixed step.
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