Good lenders in Detroit?

Question

Hello all!

Does anybody know any good lenders in the Detroit area?

Keith Jourdan · Answer

For a conventional loan I use Chris Wilson at Academy Mortgage Ann Arbor. Have down 100+ deals with him over the years with great results.

For portfolio loans and more asset focused commercial products I use Community Financial Credit Union Plymouth.

Bala A. · Answer

Traditional banks (like Huntington, Chemical bank, Wells fargo, Chase etc) and many smaller Credit Unions are also quite competitive.

That is if you have a good credit score and have a SSN (as a US citizen/resident).

For international investors who invest in Detroit there are a few options available.

Property value should be a minimum 50K (appraised).

If within 6 months of Purchase, then Purchase price will be the appraised value.

Minimum Loan amount 200K (can be negotiated if it is within 15-20% variance max)

Loan to Value ratio at 65 - 70%

Interest Rates from 6.35% (higher the LTV higher the rate)

Terms - 30 year (5 year amortisation)

Required DSCR - 1.10 - 1.20

I have been able to secure this lending for our Int'l Investors.

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Keyonte Summers · Answer

I would look for small credit unions or huntington bank alot of the banks have loan limits around minimum 50k so  they wont loan on purchases below a certain amount.

Brian Kantor · Answer

Hi, @Brittany King. DM me and I can share the contact info for a couple people who I've been speaking with who seem to be very investor savvy.

Anatoly Dobrovinsky · Answer

@Dylan Tanaka I am also looking for some lenders in Detroit. I am currently own a SFH with tenants, purchase price was $69,000 and am in the process of acquiring another property, duplex. Both are cash deals, but would love to refinance and use the loan for the next investment. Please let me know if you can help.

Dylan Tanaka · Answer

Brittany, what type of financing are you looking for?Purchase, refinance, rehab?

Ericka Williams · Answer

did you end up getting some properties in detroit @Brittany King ? Whats up from the middle of texas.. austin.  How has your investing gone this year?

Brittany King · Answer

Thank You @Keyonte Summers

Good lenders in Detroit?

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