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Direct Lender for Michigan Real Estate Investors
We are asset-based lenders. Green Block ensures that all parties benefit and won’t approve funding unless it is win-win for us and our borrowers.
We only lend to business entities (LLCs or Corps), not individuals, on properties in Michigan. Properties must be non-owner occupied and unencumbered.
Property Geographic Area Details
We lend primarily in the state of Michigan, including the city of Detroit.
Loan Amounts
$55,000 to $2,500,000
Interest Rates
4.5% to 24.00%
Max Loan-To-Value
90.00%
Max Loan-To-Cost
80.00%
Origination Fees
2% to 3.5%
Loan Terms
0 months to 360 months
Lien Position
- 1st
Loan Purpose
- Investment Acquisition
- Investment Refinance
- Improve Subject Property
- Use Equity to Invest in Another Property
- Value Add Project
Property Occupancy
- Vacant
- Tenant Occupied 100%
- Tenant Occupied Partial
Minimum Occupancy Percentage
50%
Property Types and Loan Types
Collateral Types
- Residential Property
- Commercial Property
Property Types
- 2-4 Units Residential
- Commercial Condominium
- Condominium
- Mixed-Use
- Multifamily
- Single Family Residence
- Student Housing
Loan Types
- Private Money
- Hard Money
- Residential Bridge
- Residential Fix and Flip
- Residential Rehab and Rent
Specialty Loan Types
- Residential Long-Term Rental
- Transactional Funding
Purchase Loan
Max Loan-To-Purchase Price
90.00%Borrower Must Have Property Under Contract
noWill Provide Proof of Funds Letter
noWill Consider Lending on Purchase from Auction
noAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Subject Property
- Equity in Another Investment Property
Rehab Value Add Loan
Experience Required
noMinimum Number of Value-Add Projects Completed by Borrower
0Will Provide Funds for Renovation Costs
yesMax LTC for Renovation Costs
80.00%Interest Charged for Renovation Costs
Only on Funds DrawnTypical Number of Days for Funds Draw
3Maximum After Repair Value
75.00%Details and Requirements
Typical Closing Time (Days)
7Fastest Closing Time (Days)
3Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
- Amortized
Pre Payment Penalty
yes
5 year step down penalty for 30 year rental loans.Will lend to a foreign national
yes
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
noWill Consider Collateralizing Multiple Properties in One Loan
yesWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- LLC
- Corporation
Documentation Required
- Credit Report
- Bank Statements
- Loan Application
Personal Guaranty (Recourse) Required
AlwaysCredit Check Required
yesMinimum Credit Score Required
650Appraisal Required for Residential Property
SometimesAppraisal Required for Commercial Property
AlwaysBroker Price Opinion (BPO) Accepted for Residential Property
SometimesBroker Price Opinion (BPO) Accepted for Commercial Property
NeverFees
Documents Fee
Fees which are mandatory for all new borrower clients
- Documents Fee
- Credit Report Fee
- Background Check Fee
Fees which are charged upfront prior to loan closing
- Documents Fee
- Other Fee
Fees which are paid to a third party company
- Appraisal Fee
- Inspection Fee
- Title Fee
- Credit Report Fee
- Background Check Fee
Legal Disclaimer
All guidelines subject to change at any time, without notice.
Speedy, exceptional customer service is the heart of our business. We know all of our clients by name and will only fund a deal if it’s win-win for our clients and us. And because we were started by flippers, we understand and seek to solve the problems real estate investors face.
Simply put: our business exists to help yours grow.
We finance your investment. Have you applied for a loan at a big bank and been turned down? Most banks won’t loan to real estate investors for many reasons. Silly, isn’t it? Green Block thinks so. We loan to any investor with a strong business plan.
Get in. Get out. Get paid.TM
Year Established
2017
Associations
- American Association of Private Lenders - Member
Office Locations
Green Block Inc.2075 W. Stadium Blvd. #2950, Ann Arbor, MI 48106
Primary Capital Source
- Own Funds
Alternative Capital Sources
- Other Private Lending Companies
- Crowdfunding
Loan Structure for Majority of Loans
- Own Balance Sheet
Percentage of company’s lending business focused on private mortgage
100%
Percentage of Loans Secured by Commercial Property
7%
Percentage of Loans Secured by Residential Property
93%