Michigan New Construction Loans
New Construction Loans For Michigan Builders
Experienced real estate investors and builders understand how lucrative new construction projects can be, but they need fast and reliable capital to begin the project and avoid delays. Asset Based Lending offers the most simple and trusted new construction loans in Michigan ranging from $100K to $3.5M for residential and mixed-use properties throughout the state. ABL focuses on competitive construction loan interest rates in Michigan with flexible underwriting and fast draw turnaround, ensuring you receive the best possible loan to match your project.
Our team of experts can approve deals as fast as 24 hours and provide initial funding in 10 days or less, allowing you to start taking advantage of the seller’s market. With hundreds of five-star reviews and more than half of our borrowers repeating business, ABL new construction loans are the premier option for serious real estate investors. Contact us today to be pre-approved for the best Michigan new construction loans.
| Experience | Credit Score Minimum | Interest Rate | Points | Advance Rate On Purchase | Advance Rate On Construction | ARV | Property Types | Pre-Pay Penalty | Extensions | Blanket Loans | Loan Size | Loan Terms |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 660 | 9.99%-15% | 0-2% | Up to 70% Land Value | 100% | Up to 67.5% | Single Family, Multi Family, Mixed Use | No | Available | Yes | $100K to $3.5M | 12 Months |
Closing Speed
Underwriting Flexibility
Competitive Rates
Same Day Pre-Approval. Rates Starting At 9.99%.
Residential Construction Needed in Michigan
The housing inventory across Michigan has reached record lows while housing demand continues to rise, so residential new construction is needed for the state. Both single-family and multi-family properties are in demand, with a 33% drop in available single-family homes from the previous year. Meanwhile the top metro areas throughout Michigan are seeing impressive average sale prices- for example, as of April 2022 Detroit’s average home sale prices reached $350,000 marking a 23% increase year over year. By filling the current inventory gaps and taking advantage of the seller’s market, builders and investors can earn a pretty penny.
Asset Based Lending always works to meet the market demand, providing more new construction loans in 2021 than any previous year. Our team of experts understands local real estate and good investments, using that knowledge to help real estate investors grow their business quickly. If you have been looking for your next successful construction project, finance your business with the best new construction loans Michigan has to offer. Contact us today to be approved for your hard money new construction loan within 24 hours.
Choosing Hard Money Loans For New Construction
Deciding on the right financing for your new construction project can be difficult, but there’s a reason so many experienced builders choose hard money loans for new construction. The biggest strengths are the flexibility of the loans and the speed of closing- two of the most important factors for getting a construction project off the ground. Hard money lenders have the ability to close loans quickly, with ABL averaging 10 days or less – much faster than a bank and more reliable than a private money lender.
For flexibility and an easy process, you can’t beat hard money loans for new construction. Financial institutions have very strict and rigid guidelines for who they lend to and limited ability to alter their loan to match a project. Hard money lenders are in full control of their capital and can tailor loans to the specification’s of an investor’s project, ensuring they receive the best construction loan rates and service in Michigan. If you’re ready to choose a hard money loan for your residential new construction project, then contact us today.
Investors Trust Asset Based Lending for New Construction Loans in Michigan
When you choose to secure a new construction loan, it means you need a lender that you can trust from start to finish. Asset Based Lending has a wide range of loan criteria, flexible underwriting that fits your specific project, and professional draw management that funds your construction without any delays. With half of our borrowers being repeat borrowers and more than 300 verified 5-star reviews, it’s clear that ABL provides the best hard money loans for new construction.
We love working with experienced investors on residential and mixed-use construction projects and look forward to funding your new construction in Michigan. Contact us today to be approved for the best MI new construction loans on the market.
