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Metro Detroit • 31 mortgage lenders profiles
Bridge Loans in Metro Detroit
Compare verified lenders for short-term bridge financing to buy before you sell or close fast on an investment property. Request a consultation and borrow with confidence.
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31Mortgage Lenders profiles
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Rebuild Detroit is not a lender or mortgage broker, does not make credit decisions or quote rates, and information here is general, not financial advice.
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Featured bridge loan pros
Top Bridge Loans Pros in Metro Detroit
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Before you hire
Bridge Loans in Detroit: what to expect
A bridge loan in Detroit is short-term financing that covers the gap between two transactions. Homeowners use one to buy their next house before the current one sells, pulling equity from the old home for the new down payment. Investors use bridge loans to close quickly on a property, then refinance into long-term debt once the work or lease-up is done.
Bridge financing is built around an exit. The lender wants to know how the loan gets paid off: the sale of your current home, a refinance into a DSCR loan, or a permanent mortgage. Terms are short, and the loan is usually secured by one or both properties. In markets like Detroit, Dearborn, Royal Oak and Troy, where homes can sit longer in some seasons, a realistic sale timeline matters.
Banks, credit unions and private lenders all offer versions of this product, and some buyers skip it by using a HELOC opened before listing. Compare options with Metro Detroit mortgage lenders before you list.
What a good engagement includes
- A review of both properties, your equity and your exit plan
- Clear statement of whether the loan is consumer or business purpose
- Written terms showing the length, extension options and payoff trigger
- Explanation of how payments work, including any interest reserve
- Appraisal or valuation of the property securing the loan
- Coordination with your agent, title company and permanent lender
- Disclosure of prepayment and extension terms before you commit
What drives the fee
- Equity in the home you are selling and the value of the one you are buying
- Loan term and whether extensions are available
- Credit profile and debt-to-income, including carrying two payments
- Owner-occupied home versus investment property
- Strength and timing of the exit: sale, refinance or permanent loan
- Points, origination and appraisal charges set by the lender
- First or second lien position on each property
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
For investment property, bridge loans are often business-purpose loans with different rules. Ask whether you will get a Loan Estimate or a written term sheet, and read the extension and default terms closely.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Ask two or three lenders for written terms on the same amount and term.
- Confirm what happens if your home has not sold when the bridge matures.
- Compare the total cost of the bridge against a HELOC or a contingent offer.
- Check each company and loan officer on NMLS Consumer Access.
- Ask whether the permanent lender and bridge lender are the same.
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Common questions
Bridge Loans FAQ
A bridge loan lets you borrow against a property you own to buy or close on another one, then pay it off when the first home sells or you refinance. It is short term and depends on a clear exit plan.
Pricing depends on your equity, credit, the loan term, occupancy and lien position, plus points and fees the lender sets. Rebuild Detroit does not quote rates; ask lenders for written terms and compare them side by side.
Sometimes. A HELOC opened before you list can be cheaper, but many lenders will not open one on a home already listed for sale. Compare both with a lender.
Request consultations from local banks, credit unions and private lenders, check their NMLS records, and compare written terms for the same scenario.
Get bridge loan consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.