Lending in Michigan

[Nikhil Agarwal]

I've invested in MA and I'm realizing that I might have been incredibly lucky. I've got 10 loans from 2 local credit unions. All the loans are made to my LLC (they don't appear on my personal credit report) and the rates were amazing. I checked for a quote today (June 1) and got 6.25% with a 1% origination fee. Of course, these lenders in MA don't lend on properties in Michigan.

On the flip side, I'm trying to buy properties in Michigan now and any lender I ask in Michigan is only doing conventional loans. The best option I have is a 7.5% interest rate after a 2% origination fee. Do portfolio loans for investment properties not exist in Michigan? I'm trying to understand why I'm not able to find an attractive option or have I just been getting lucky in MA.

Appreciate everyone's help!

Incase it matters, I have a 6 figure w2 income, not much debt other than a car loan and mortgages on investment properties, 760+ credit score. These properties often have a 1.6 DSCR ratio. Generally speaking, should be able to qualify for the best rates on most mortgages out there.