Michigan Rental Loans
ABL Finances Your Michigan Rental Loans
Asset Based Lending are proud to offer the most competitive and reliable rental loan financing throughout Michigan. We designed these private rental loans for buy and hold investors that want to invest in 1-8 family properties. Our loans are highly competitive with rates starting as low as 6.625% and we offer a max LTV up to 80%, with a maximum loan cap of $3M for single property loans and portfolio loans up to $6.25M. We provide a variety of rental loan options to meet borrower needs including 30-year amortization, ARM, and interest-only options. These Michigan rental loans require no income verification and are doc-light rental loans, making it quick and easy to qualify to begin your investment opportunity.
ABL is ready to work with investors of all experience levels whether its their first rental property, adding to their current portfolio, or looking to maximize the equity in property already owned. Our process can close your rental loan in 30 days or less, servicing your loan fully in-house and ensuring you receive a five-star experience from start to finish. We lend throughout the entire state of Michigan, providing rental loans in Detroit, Grand Rapids, and everywhere in between. If you’re ready to start or expand your real estate portfolio with our MI rental loans, then contact us today.
MI Rental Loan Highlights
- No personal income verification
- Light doc program
- Portfolio loans available
- 30 year, ARM, I/O options
- Rates as low as 6.625%
- Up to 80% LTV
- 620 minimum credit score
- Close term rental loan in 30 days
- Rate locks available
Find You The Perfect Rental Property Financing In Michigan.
The Premier Lender For Rental Loans In Michigan
No Broker Fee
ABL isn’t brokering your loans, so you’ll never pay us broker fees. We’re a direct lender that underwrites, processes, and funds in house.
Peace of Mind
Competitive Rates & LTVs
The ABL Difference
Michigan Rental Property Producing Valuable ROI
The population of Michigan has been growing steadily since 2010, and with it has led to an increase in demand. As of April 2022, approximately 48% of the state were renting their homes and the vacancy rate was just under 6%, which has been dropping steadily since 2010. Coupled with the increasing rental prices this makes the state an excellent choice for investing in rental property- for example, Detroit has an average rent of $1,116 which is a 6% increase from the previous year and on pace with the national average rent increase.
Asset Based Lending is in touch with local real estate markets and trends, which has brought our rental loans and rental refinancing programs to Michigan. We now offer our services throughout the entire state, allowing real estate investors to grow their business quickly and efficiently using our hard money loans for rental property. Whether you want to begin your rental portfolio or expand on your current investments, ABL is here to help. Contact us today to be approved for the most reliable rental loans MI has to offer.
Why Investors Choose To Purchase & Refinance Michigan Rental Property
Some real estate investors are looking for quick profits through fix and flips, but others want to build long-term wealth by buying and holding income-producing assets. By using rental properties to generate passive monthly income or refinancing rental loans to access capital immediately, investors can quickly fund their next project to expand their real estate business faster than before. This kind of long-term investing strategy has become very popular in recent years and is known as the BRRRR method. BRRRR is an acronym that stands for buy, rehab, rent, refinance, repeat. The strategy is simple: investors purchase a property they plan on holding, they renovate it to increase its market value, they rent it out to generate passive income, they refinance the loan to more favorable terms while pulling out equity, and they repeat the process with another rental property. This allows investors to rapidly expand their rental portfolio and set themselves on a path of financial freedom thanks to the consistent monthly income.
Getting a loan for rental property can be difficult, but Asset Based Lending makes the process fast and simple. ABL manages your short-term rental loan from start to finish and use the much of the same documentation to refinance your loan into a longer term lower interest rate product, saving you time and ensuring you the most competitive rates possible. Our team of experts awards experienced investors with reliable capital and professional draw management to keep your project funded from start to finish without delays. With over a decade of successful lending and over 300 five-star reviews, ABL is the premier choice for rental loans in Michigan. If you’re ready to start utilizing the BRRRR strategy, contact us today to be approved for your hard money rental loan.