Hard Money Lenders Michigan

Fast Michigan Hard Money Loans, ready to close in less than a week

Need financing for your upcoming real estate project? Get approved for a hard money loan in 10 minutes using our online application

Need funding fast? Look no further than New Silver. New Silver is one of leading Michigan Hard Money Lenders, specializing in hard money loans for property investors in the Wolverine State.

New Silver has a variety of different hard money loan products available to suit the needs of any real estate investor. Run by a team of experienced real estate professionals, our loans are ideal for real estate investors in MI.

Hard Money Lenders Michigan

Getting a traditional loan is a slow, drawn-out and exhausting process. At New Silver, we provide hard money loans for real estate investors that value speed, efficiency and transparency. Offering house fix-and-flip, fix-to-rent and cash out refinance loans, our team of experienced real estate experts are available to get you capital and assist you with any hiccups that may come up along the way.

New Silver is one of the highest-rated Hard Money Lenders in Michigan. As licensed real estate investment professionals, we know what real estate investors need: quick and easy online applications, terms of up to twenty-four months and most of all, fast loan closing and attractive rates. At New Silver, we specialize in hard money loans for single-family residential, but we can also cater to multi-family and commercial real estate projects. Contact our Michigan hard money lending team today to find the best loan fit for your next real estate project.

Ultimately, if you need fast, efficient, lending solutions with competitive interest rates, New Silver is the hard money lender for you.

 

Loan Programs

Fix and Flip Loans

For house flippers hoping to purchase a fixer upper to renovate and resell in Michigan. Interest rates from 6.99 – 10%, Loan To Cost up to 90%, with loan terms up to 24 months. Hard Money Refinance Loans also available.

Max Loan Amount: $5,000,000. Minimum credit score 650.

Rental Property Loans

30 year rental loans for stabilized rental properties. Ideal for investors hoping to acquire an investment property. Interest rates from 5.75%, loan to purchase price up to 80%. Built for buy and hold investors that purchase rental properties.

Max rental loan amount: $1,000,000. Minimum credit score 680. 

Home Construction Loans

Designed for residential builders, our ground up construction loans can finance up to 90% Loan To Cost (LTC). Rates from 8 – 10% .

The perfect solution for builders in Michigan that need quick access to capital to fund construction costs.

Unsecured Personal Loans

Apply online for a personal loan ranging from $1k to $100k. Rates start from 5.99%. Compare and apply to multiple lenders quickly and easily.

Get pre-approved online immediately, with final approval of the funds within 48 hours. Loan terms up to 10 years.

Reasons To Fund Your Investment Property with New Silver

It doesn’t matter if you are a buy and hold investor or a house flipping specialist. New Silver is one of the leading hard money lenders in Michigan with a selection of real estate loans perfectly matched to meet your real estate investing needs. Unlike a conventional mortgage which can take ages to complete, our hard money loans can be approved online in less than 10 minutes, with an instant proof of funds letter to help you secure the purchase. We are ready to help you solve your real estate investment needs.

Unlike other hard money lenders in Michigan, New Silver can actually deliver on the promise of ultra fast closing private hard money loans. Our loan application and closing process is second to none, and it helps explain why we are considered on of the best hard money lenders in the real estate business.

Frequently Asked Questions

Yes. New Silver is a private lender that offers short term loan products for house flipping projects, but we also have 30 year rental property loans for investment property. We also cater to real estate entrepreneurs hoping to build multi-family apartments with our new construction loans.

Yes, we are a direct lender that provides asset-based loans at scale. With asset-based lending, the underwriting process can be more lenient than conventional lenders. This is because the underlying value of the asset is more important than the financial background of the investor when setting the terms of the real estate loan. As a result, the financing and credit score requirements are less stringent, income verification is not needed and the debt-to-income ratio of the borrower doesn’t matter. Plus, we can get you approved and closed within 7 days.
Yes. We offer ground-up construction loans for real estate developers that build single family (1-4 unit) residential properties.

Yes. Our fix and flip loans can act as a bridge loan for real estate investors from 12 to 24 months in duration. More information can be found on the loan products page.

The main reason hard money loans have higher interest rates than a conventional loan is because of the risks involved in the transaction. Unlike a residential home purchase, a fix and flip project could run over budget or the real estate market could take a turn for the worse, making the property difficult to sell quickly.

In other words, you could potentially lose money with a fix and flip. This risk is applicable to the borrower and the lender. The higher interest rate compensates for this risk, and it also explains why traditional lenders generally reject applications for house flipping loans.

The origination fee (loan points) is usually between 2-3%, but this varies based on the loan amounts, the loan term, the ltv and the experience of the investor. To work out the expected monthly payments and the closing costs, it is best to use our hard money loan calculator.

On this point, it is also worth noting that the monthly payment of each New Silver hard money loan program works on interest only payments. This helps reduce the cash flow burdens of the investor while the project is underway.

In short, yes. While our credit requirements are not as stringent as a traditional mortgage lender, we do review the credit history of all our borrowers. If you’re worried about bad credit, it is best to look at our loan products page to see if New Silver is a good fit for your needs.

  1. House Flipping Loan – Designed for house flippers
  2. Rental Property Loan – 30 year loan for investment properties
  3. Construction Loan – Quick close construction loan for new residential building projects
  4. Personal Loan – Unsecured personal loan for whatever you need
  5. Rehab Loans – Home improvement loan for house upgrades

Right now, we do not specialize in commercial hard money loans. With that being said, our maximum loan amount should be big enough to cover both residential and commercial projects. In essence, our private hard money loans can be customized to meet the needs of professional real estate investors operating in Michigan’s real estate market.

New Silver Loans Available In These and Other Cities:

Apply for a loan at New Silver today!