Renovo Financial for Michigan investors
Renovo Financial is the largest Chicago-based hard money lender. Founded 2011, they've closed thousands of loans across the Midwest and have particularly deep penetration in Chicago, Indianapolis, and Milwaukee. Strong relationships with the local broker community make them a default first-call for many Chicago investors.
Michigan context
Michigan strongest cash flow markets in country. Detroit and Flint produce 1%+ rent-to-price ratios. End-buyer market thin in some submarkets.
How Renovo Financial positions in Michigan
Within Michigan, Renovo Financial competes alongside other DSCR lenders. Renovo Financial strengths: Chicago-based — strongest local market knowledge, experienced underwriting team. The high aggregate DSCR economics of Michigan create demand for Renovo Financial programs in Detroit and Grand Rapids particularly.
City-level coverage in Michigan
Renovo Financial provides DSCR coverage across Michigan metros including Detroit, Grand Rapids, and Lansing. Within each metro, submarket variation drives deal-specific underwriting more than lender selection. Renovo Financial program terms apply uniformly across Michigan metros; the specific deal characteristics determine final pricing.
Terms and pricing
| Loan type | DSCR non-QM institutional |
|---|---|
| Products | fix-and-flip, BRRRR, new-construction, bridge, rental, multi-family |
| Loan size | $100K - $5.0M |
| Rates | 9.5%-12.5% |
| Points | 1 - 3 |
| Max LTV | 85% of ARV |
| Term lengths | 6-24 months (hard money) / 30-year (rental) |
| Typical close time | 7-14 days typical |
| Michigan property tax | 1.4% |
| Michigan state income tax | 4.25% |
Renovo Financial strengths in Michigan
- Chicago-based — strongest local market knowledge
- experienced underwriting team
- national reach with local depth
- strong fix-and-flip program
Ideal borrower: Experienced Chicago-area investor doing 2+ deals/year on SFR or 2-4 unit projects
FAQ
Likely; verify direct Michigan coverage. Renovo Financial is based in Chicago, IL and operates in Chicago / national.
Detroit is the top investor market in Michigan and is generally within Renovo Financial Chicago / national footprint. Detroit property tax follows the Michigan state rate of 1.4 percent. Renovo Financial typically underwrites Detroit acquisitions at standard rate sheets.
Yes. Grand Rapids ranks among the larger Michigan investor metros and sees consistent DSCR loan volume from Renovo Financial. Submarket variation within Grand Rapids matters for property selection.
Renovo Financial applies the same rate sheet across Michigan metros. Pricing variation comes from property-specific factors rather than metro location within the same state. Detroit, Grand Rapids, and Lansing all qualify for the same Renovo Financial program.
Renovo Financial indicative DSCR rate range is 9.5 to 12.5 percent with 1 to 3 points.
Michigan strongest cash flow markets in country. Detroit and Flint produce 1%+ rent-to-price ratios. End-buyer market thin in some submarkets. Renovo Financial follows standard business-purpose loan structures.
Renovo Financial funds fix-and-flip, BRRRR, new-construction, bridge, rental, multi-family in Michigan.
Michigan allows standard DSCR prepay structures; Renovo Financial typically uses 3-5 year step down.
Renovo Financial typical close: 7-14 days typical.
Bottom line
Renovo Financial in Michigan works for the right borrower-deal combination. Match the lender to your deal characteristics.
Independent directory listing. DSCR Loan Program is not affiliated with Renovo Financial.