Looking for Rehab Loan in Detroit, MI

3 Replies

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.

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.

Gerald, maybe we can help you, answer these few questions and we can tell if we can or not.  Hope to hear from you.

How many deals or projects did you work on close in the last 36 months?

First Name

Last Name

Email

Phone Number

Business Entity

Estimated Credit Score

Full Project Address

Purchase Price

As-Is Value

ARV

Rehab Budget

Liquid Funds Available

Total Rentals Owned

Ever Had a Foreclosure? When?

Bankruptcy? When?

Ever Been Convicted of Felony or Fraud?

US Citizen?

Reggie Truss