Hard Money Lenders Michigan
Get approved in less than 5 minutes with instant term sheet + proof of funds
Fast Michigan Hard Money Loans
Ready to close in less than a week
- Interest rates 9.25 – 11.25%
- Credit score 650+
- Loan-to-Cost Up to 90%
- No income verification
- Get approved online in 5 minutes
- Instant proof of funds letter
- Interest only payments
Need financing for your upcoming real estate project? Get approved for a hard money loan in 5 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.
Loan Programs
Fix & Flip
For house flippers hoping to purchase a fixer upper to renovate and resell in Michigan. Interest rates from 9.25 – 11.25%, Loan-To-Cost up to 90%, with loan terms up to up to 24 months. Hard Money Refinance Loans also available.
- Get up to $5,000,000
- Interest rate 9.25 – 11.25%
- Origination fee from 1.25 - 1.75%
- Up to 100% construction
Rent
30-year rental loans for stabilized rental properties. Ideal for investors hoping to acquire an investment property. Interest rates from 6.125, loan-to-purchase price up to 80%. Built for buy and hold investors that purchase rental properties.
- Get up to $3,000,000
- Interest rate 6.125
- Origination fee 1 - 2%
- 30-year fixed rate
Ground Up
Designed for residential builders, our ground up construction loans can finance up to 90% Loan-to-Cost (LTC). Interest Rates from 9.75 to 11.5%
The perfect solution for builders in Michigan that need quick access to capital to fund construction costs.
- Get up to $5,000,000
- Interest rate 9.75 - 11.5%
- Origination fee from 1.5 - 2%
- Up to 24 months
Recently Funded In Michigan
$90,000
Detroit, MI
$118,800
Grand Rapids, MI
Michigan Housing Market Overview
Average Home Value
$214,710
1-Year Home Appreciation
7.3%
Average
2 Bedroom Rent
$826
Average 4 Bedroom Rent
$1,261
Homes In Michigan Are Affordable: The average home value in Michigan is $214,710. This is approximately $114,000 less than the average home value in the US ($328,745). Despite low home values, home appreciation in Michigan has been respectable over the last decade. For instance, at the end of 2014, the average home value was $109,524, which effectively means that houses in Michigan have doubled in value over the last 8 years.
Gross Profit Gains Are Limited: The biggest issue with lower than average home values is that it limits the potential profit that you can make when executing a fix-and-flip deal. As a result, you need to be very careful when calculating the maximum offer price. The 70% rule is generally a good rule to follow, but you may even need a bigger buffer to work with when flipping houses in Michigan.
Michigan Is An Affordable State For Renting: If you are hoping to move to Michigan, you will be glad to know that renting is relatively cheap by American standards. This is great for tenants, but not necessarily good news for landlords. If you are a rental property investor, you may need to purchase multiple units in order to generate substantial cash flow from your portfolio in Michigan.
Median Home Price by MSA
MSA Name | Median Home Price | 1-Year Appreciation | 3-Year Appreciation |
---|---|---|---|
Ann Arbor | $377,200 | 5.3% | 25.1% |
Detroit | $266,00 | 2.5% | 27.9% |
Grand Rapids | $309,600 | 13.0% | 42.3% |
Lansing | $210,100 | 4.2% | 25.1% |
Michigan Real Estate Market Analysis
Grand Rapids Is In A Growth Period: Based on median sale value, Grand Rapids has been the top performing metropolitan area in Michigan over the last 3 years. The 1-year appreciation rate (13%) and the 3-year appreciation rate (42.3%) are both very impressive. This bodes well for fix-and-flip, fix-to-rent and traditional long term investing strategies.
The Detroit Market Is Slowing Down: Home values in Detroit rose rapidly in response to the supply shortage caused by the covid 19 pandemic. This resulted in excellent growth from mid 2020 to mid 2022. However, the Detroit market is starting to stabilize as housing inventory increases.
Based on this, you need to be extra vigilant when selecting the right property and suburb to invest in. Provided you complete a thorough analysis of the comps in your target location, there is still money to be made flipping houses in Michigan.
Michigan Real Estate Investor Associations
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 best Michigan hard money lenders 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 5 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 with a fast closing hard money loan.
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 properties. We also cater to real estate entrepreneurs hoping to build multi-family apartments with our new construction loans.
Yes, New Silver is a private money 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 a private money loan.
As a result, the financing and credit score requirements of Michigan hard money loans 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 with a hard money loan 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 business owners with a loan term ranging from 6 to 24 months in duration. More information can be found on the loan product page, together with the maximum loan amounts available.
It's also worth noting that a hard money loan is effectively a bridge loan, but the express purpose of helping real estate investors flip houses.
The main reason most hard money loans have higher interest rates than traditional loans 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 hard money lender. The higher interest rate compensates for this risk, which most conventional lenders are unwilling to take on. Hard money lenders effectively fill the gap, using an asset based lending model to fund real estate deals.
When working with Michigan hard money lenders, the origination fee (loan points) is usually between 2-3%, but this varies with each deal. To work out the expected monthly payments, it is best to use our hard money loan calculator.
On this point, it is also worth noting that the monthly payment of all New Silver hard money loans work on interest only payments. This helps reduce the cash flow burdens of the investor while the project is underway. Interest only payments are one of the best benefits that you can unlock by working with a reputable hard money lender like New Silver.
In short, yes. While the credit requirements of a hard money lender are not as stringent as a traditional 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 hard money loans product page to see if New Silver is a good fit for your needs.
You should find that our interest rates are lower than other private money lenders. In addition, we don’t require income verification during the credit history check.
- House Flipping Loan – Designed for house flippers
- Rental Property Loan – 30 year loan for investment properties
- Construction Loan – For new residential building projects
Right now, we do not specialize in commercial hard money loans. However, we can connect you with one of our commercial lending partners.
Where We Lend
Hard Money Loans Across The US
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington DC
- West Virginia
- Wisconsin
- Wyoming
Apply for a loan at New Silver today!
Ready to get started with your loan from New Silver? Get approved quickly.
Get Approved Online