A DSCR loan in Michigan is sized on the property's rent against its full monthly payment — principal, interest, taxes, insurance and any HOA. The program does not change by state; what changes is the tax and insurance line inside that ratio, the closing table and the legal process behind the lien. Here is what is specific to Michigan.
Silt's terms do not change at the state line. The term sheet reflects the property, the file and the supported value.
Loan amounts
$200K – $10M
Rates from
5.75%
Max LTV
80% purchase · 75% cash-out
Amortization
30-year
Minimum DSCR
1.00
Qualifies on
Property rent, not personal income
WHAT IS SPECIFIC TO MICHIGAN
Michigan facts that touch this loan
Foreclosure. Michigan is listed as a non-judicial-foreclosure jurisdiction: a power-of-sale clause in the deed of trust or mortgage lets the sale proceed without a court judgment, following the statutory notice steps. MCL 600.3201 permits nonjudicial foreclosure by advertisement for a mortgage containing a power of sale upon default, subject to Chapter 32; the section excepts MSHDA-held mortgages. [1][2]
State real estate transfer tax. Michigan’s state real-estate transfer tax is $3.75 per $500 or fraction. Treasury identifies the seller or grantor as legally responsible, even if the contract requires the buyer to pay. The county component is separate. [3]
Taxable-value uncapping. A statutory transfer of ownership generally uncaps taxable value in the following calendar year under MCL 211.27a. Statutory exclusions mean not every conveyance uncaps; the seller’s capped taxable value may not carry forward. [4]
Nonpayment demand. MCL 600.5714(1)(a) permits summary possession proceedings after rent remains unpaid seven days after service of a written demand for possession. This is not a promise that an eviction finishes in seven days, and the provision is not residential-only. [7]
Foreign LLC authority. MCL 450.5002 requires a certificate of authority before a foreign LLC transacts business. MCL 450.5008 excludes owning property without more; the statute separately preserves tax and other regulatory questions. [5][6]
Foreign LLC certificate-of-authority fee. MCL 450.5101(1)(n) sets the foreign LLC certificate-of-authority application filing fee at $50. Registration does not resolve separate tax or licensing obligations. [8][9]
County transfer-tax component—government example. Van Buren County’s recorder lists county transfer tax of $0.55 per $500 or fraction, in addition to state tax of $3.75 per $500, paid by the seller or grantor when value is $100 or more. Check exemptions and the property’s own county requirements. [10]
Title-insurer and title-agent escrow channel. Michigan DIFS Bulletin 2002-03-INS describes title insurers and title agents accepting escrow funds until closing when a title policy is issued, with separate-account safeguards. This supports a title/escrow channel, not attorney exclusivity. [11]
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LARGEST METRO AREAS
Where Michigan's population is
By Census Bureau population estimates, Vintage 2025 (July 1, 2025). Silt lends statewide — these markets are not a limit. Metros are ranked by full-area population among those listing this state first in the Census name; Washington is also included for Virginia and Maryland. Interstate totals are not state-only populations. [12]
Detroit-Warren-Dearborn, MI
Grand Rapids-Wyoming-Kentwood, MI
Lansing-East Lansing, MI
Flint, MI
Ann Arbor, MI
FAQ
DSCR in Michigan: questions investors ask
Does Silt make dscr loans in Michigan?
Yes. Michigan is one of the states Silt lends in, and the dscr program covers 1–10 unit rentals, long-term or short-term, purchase or refinance.
Is Michigan a judicial or non-judicial foreclosure state?
Michigan is listed as a non-judicial-foreclosure jurisdiction: a power-of-sale clause in the deed of trust or mortgage lets the sale proceed without a court judgment, following the statutory notice steps. MCL 600.3201 permits nonjudicial foreclosure by advertisement for a mortgage containing a power of sale upon default, subject to Chapter 32; the section excepts MSHDA-held mortgages.
Do dscr terms change in Michigan?
No. The program terms are the same in every state Silt lends in: loan amounts $200K – $10M; max ltv 80% purchase · 75% cash-out; amortization 30-year; minimum dscr 1.00; qualifies on Property rent, not personal income. The final term sheet reflects the property and the file.
Can I close in an LLC in Michigan?
Every Silt loan closes in an LLC or corporation, never a personal name. MCL 450.5002 requires a certificate of authority before a foreign LLC transacts business. MCL 450.5008 excludes owning property without more; the statute separately preserves tax and other regulatory questions.
What closing taxes should I budget in Michigan?
Michigan’s state real-estate transfer tax is $3.75 per $500 or fraction. Treasury identifies the seller or grantor as legally responsible, even if the contract requires the buyer to pay. The county component is separate.
Will you pull my credit to quote?
No. Quoting is free and takes no credit pull. Credit is pulled only when you want a written term sheet, and it sets the pricing tier.
Estimates on this page are not a commitment to lend. State facts reviewed October 2026; laws and rates change — confirm with your title company or attorney.