Looking for Rehab Loan in Detroit, MI

[Gerald A. Bridges]

I own a property free and clear in Russell Woods and looking for a rehab loan. Rehab is 70k, ARV appraisal is 150k, however, two similar houses sold on the next block for 165k in the last 6 months. People (and lenders) are afraid of Detroit, but that is because they don't have market knowledge. If you know the city, you know the Russell Woods neighborhood is rapidly growing.

[Arsen Atanasovski]

Hey Gerald, all I can say is good luck. Detroit is the number one city for a lender to not fund. You best try is to call local Detroit community banks or credit unions. Or do a personal loan rehab it and then refinancing or flipping it would be not as hard.