Looking for financing help in Michigan.

Good afternoon, I’m hoping someone can help me.

I’m looking for a solution to bridge the next 1-2 years for the purchase of the home I’m currently living in.

We moved into this house on a lease with option in October of 2010. I worked for myself up until about a year ago and never really used credit. I’m working with a local credit union to build credit and cycle the couple of small items (under $2,000 total) off of my credit report. The owner of this property is anxious to cash out and pushing me to find financing. Now that I’m a W2 employee of a large corporation and I’m fixing the couple of small items on the credit I’m 1-2 years from securing traditional financing.

Here are the particulars:
Appraisal (June 2016) $410,000
Option from buyer $330,000 (reducing every month by $200)
Monthly rent payment $2,500 with $200 going to pay down the option every month. (Owner is paying taxes which are about $5500 per year)
There may be some room to push the seller to a lessor price if the closing is fast enough, that’s a profit on top of the monthly payments that could be realized by the private lender.

We have invested about $25,000 into the property in six years with the anticipation of purchasing, and my family is very committed to remaining in this house.

I’m open to various ways to structure this deal as long as it doesn’t drastically affect my monthly cash outlay or my overall purchase price when we move to traditional financing.


There are plenty of private lenders "Michigan Owner Occupied Private Equity Loans" who make loans No Doc / Low Doc / No Tax Return Required / Etc. I don't think you'll get financing at a $2,500 dollar payment including property taxes and homeowners insurance as your probable looking at a larger interest rate than your currently paying. 

You also may need your seller to still carry some of the balance as your probable not going to get 80% LTV. Your also going to have $6,700 or so in closing costs as the buyer so you will need to factor that in and may have points involved in private financing.

Do a search, make some phone calls and see what shakes loose. If you can’t get financing and your option is going to expire at least sell the place and move as you have a bunch of equity you don’t want to completely lose. Do a flat fee listing and offer 3% to buyers agent and you probable still make close to $50k if you can get it sold.

Good luck,


please PM me your contact info maybe able to help