Ground-up construction financing in Michigan covers single-family and 2–4 unit builds, from the lot to the final line item, sized on cost and capped on as-complete value. Program terms do not change by state; permits, closing costs and the lien process do. Here is what applies in 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
Residential scope
1–4 units · nationwide
Leverage
90% LTC · 70% ARV
Structure
Interest-only, 12–24 mo
Draws
Funded in 48h, app-based
Projects
Infill & multi-lot
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
Ground-up in Michigan: questions investors ask
Does Silt make ground-up loans in Michigan?
Yes. Michigan is one of the states Silt lends in, and the ground-up program covers single-family and 2–4 unit residential construction — infill, multi-lot, spec, custom and luxury.
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 ground-up terms change in Michigan?
No. The program terms are the same in every state Silt lends in: loan amounts $200K – $10M; residential scope 1–4 units · nationwide; leverage 90% LTC · 70% ARV; structure Interest-only, 12–24 mo; draws Funded in 48h, app-based; projects Infill & multi-lot. 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.
What do you need from the general contractor?
A licensed GC, contractor license and insurance, an executed GC agreement and an itemized budget. Plans, permits and the construction schedule should describe the same scope so underwriting and the draw plan stay aligned.
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.