CLOSE IN 48 HOURS OR LESS! READY TO GET STARTED ON YOUR NEXT DEAL IN MICHIGAN?
A borrower had an opportunity to purchase a single-family home, but did not have the requisite cash for the down payment. He did, however, own a commercial building that he was able to cross collateralize for purposes of the down payment. EquityMax utilized both properties in securitizing the loan, and the borrower was also successfully able to leverage his assets to make a handsome profit on his residential flip.
|ACQUISITION LOAN W/ CROSS COLLATERALIZATION|
|Location – Detroit, MI|
|Loan Amount – $120,000|
|Purchase Price – $180,000|
|Loan Type – Purchase|
|Term – 12 Months – 17 years (Borrower Option)|
|Rehab Amount – $30,000|
|Actual Retail Value – $275,000|
|Profit – $65,000|
Michigan’s real estate market may be the most competitive in history compared to other market cycles in the state. With more buyers entering the fold and fewer sellers listing their properties – 54% less compared to last year – a vortex of price increases have resulted. Interest rates still being at an all time low will offer would-be buyers a buffer against these increased residential property prices.
Homes in Michigan are getting more expensive as buyers compete for the small inventory on the market. Average sales prices grew by 13% in the last year.
Michigan ranks as the 12th-most optimal state in which to operate a business which takes a huge burden off of real estate investors. Additionally, property taxes have remained relatively steady since 2015.
Michigan’s favorable economic outlooking is the result of less favorable business conditions in nearby states like Illinois and Indiana. Thousands of residents have moved to Michigan in hopes of easing their economic disruption and taking advantage of new opportunities.
As a title agent I can tell you that the most important element in any financed transaction is a lender that gets you to the closing table. Not only does Equitymax get you to the closing table, they get you there FAST. They WANT to close and fund the deal unlike most lenders that appear to want to find a reason not to close. Working with everyone at Equitymax is the best.
High LTV / Low Rates / Flexible Term
Minimal Insurance Requirements
Zero Prepayment Penalty
ZERO Credit or Qualification Requirements
No Personal Guarantee Required
Free Comparable and Repair Analysis
Catering to Real Estate Wholesalers
1-3 Day Funding
Minimal Notice to Close
Invest through a Self-Directed IRA or Solo 401K
Net Proceeds from Investing are Tax-Deferred
No Personal Guarantee
EquityMax has its roots traced back to the Detroit metro area where Brad Emmer’s father grew up. It was Brad’s grandfather, Isaac, that first ventured into real estate, owning the piece of property where his bakery business stood for several years.
EquityMax lends on any form of residential property, including single family homes, 1-4 multi-unit properties, condominiums & townhomes, and even small apartment complexes (20 units or less). We also lend on commercial property and industrial warehouses.
EquityMax can send a borrower a Proof of Funds within 5 minutes of receipt of an acceptable, three-score credit report. If a borrower does not have a recent report, he/she can request that Equitymax pull it. For instructions, please click here.
Yes. EquityMax has multiple borrowers with several active loans in our portfolio.
EquityMax does not require our borrowers to be a Corporation of LLC. We can originate loans to individuals, LLCs, Corporations, Land Trusts, and Self-Directed IRAs.
EquityMax lends on real estate throughout the state of Michigan. We feel there are equal opportunities in metro, suburban, and even rural parts of the state to successfully invest.
We certainly feel that those accustomed to a seasonal investing will find a 4-season climate is more attractive for that particular investor. This gives him/her the opportunity to only invest during parts of the year that are more optimal for their strategy.
Local networking meetings, Facebook Groups, and even social media platforms like Bigger Pockets provide plentiful opportunities to find investment properties to invest in.
Yes, in fact, EquityMax recently financed a single-business commercial space in Ann Arbor. EquityMax analyzes each deal on its own, regardless of property type, and sometimes the least attractive properties on the surface can be the most profitable when looking at the bottom line!