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Metro Detroit • 31 mortgage lenders profiles
Hard Money Loans in Metro Detroit
Compare verified hard money and private lenders for fix and flip and rehab loans in Metro Detroit. Request a consultation and close with confidence.
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31Mortgage Lenders profiles
6Metro counties
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Featured hard money loan pros
Top Hard Money Loans Pros in Metro Detroit
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Kin Capital Mortgage
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Kudos Financial
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Before you hire
Hard Money Loans in Detroit: what to expect
A hard money loan in Detroit is short-term, asset-based financing from a private lender, most often used to buy and renovate a house. Lenders focus on the property and the plan, usually the purchase price, the rehab budget and the after-repair value (ARV), more than on your income. Investors use them on distressed homes in Detroit, Inkster, Highland Park and Hamtramck where banks will not lend on the current condition.
Rehab money is typically held back and released in draws after inspections. The exit is a sale or a refinance into a DSCR loan. Hard money is faster and more flexible than bank lending but usually costs more, so the numbers need to work with a cushion for Detroit surprises like old wiring, sewer lines and lead paint.
Line up general contractors before closing and compare Metro Detroit investor lenders.
What a good engagement includes
- Review of purchase contract, scope of work and rehab budget
- After-repair value estimate or appraisal
- Written term sheet showing points, term and extension options
- Draw schedule with inspection process
- Title insurance and insurance requirements
- Entity and guarantor documents review
- Payoff and extension terms explained before closing
What drives the fee
- Loan-to-cost and loan-to-ARV ratios
- Your experience and track record
- Points, draw fees and inspection fees
- Loan term and extension options
- Property condition and scope of rehab
- Credit and liquidity of the guarantor
- Speed of closing required
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Business-purpose loans on investment property can fall outside consumer mortgage licensing and the Loan Estimate rules. Ask the lender which Michigan license or exemption it operates under, check any NMLS ID it gives you on NMLS Consumer Access, and get every term in a written term sheet before you pay anything.
Your rehab still needs permits. In Detroit, BSEED issues building, electrical, plumbing and mechanical permits, and lenders may ask for them before releasing draws.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Send the same deal to two or three lenders.
- Compare total cost: rate, points, draw fees and extension fees.
- Ask how quickly draws are inspected and funded.
- Confirm there is no penalty for early payoff, or what it is.
- Ask for references from Detroit investors the lender has funded.
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Common questions
Hard Money Loans FAQ
A private lender funds the purchase and often most of the rehab, secured by the property, then you repay it by selling or refinancing. Terms are short and based on the deal.
Cost depends on points, the rate, draw and extension fees, leverage and your experience. Compare written term sheets; Rebuild Detroit does not quote rates.
Some lenders fund first-time flippers with lower leverage or a partner. Ask each lender about experience requirements.
Ask for references from local investors, check any NMLS ID on NMLS Consumer Access, and never pay large upfront fees before a written term sheet.
Get hard money loan consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.