Can Brittco fund a flip or a double close in Michigan?
Yes. In Michigan, Brittco funds the purchase in a double close, a fix and flip with rehab draws, and a short-term loan on investment property.
Brittco Capital, Inc. funds the A-B purchase so you can resell in Michigan. Same-day is 1%. A resale within 7 calendar days is 2%. Fix and flip loans and short-term private money are priced with the property.
Which loans are available in Michigan?
In Michigan, three business-purpose loans cover investment property. Transactional funding pays for the purchase in a double close. A fix and flip loan covers the purchase and the rehab. A private money or bridge loan covers a short hold until a sale or a refinance.
Transactional funding ·Fix and flip loans ·Private money and bridge loans
How does a closing get funded in Michigan?
Michigan investment closings are commonly handled by title companies. Ask whether the title company will insure a same-day double close and how it wants the transactional lender named on the settlement statement.
Deeds are generally recorded with the county register of deeds. The double close is funded against documents the title company is prepared to record.
What should you confirm about transfer taxes and recording?
Confirm Michigan transfer tax and county recording fees with the title company. Your closer confirms those rates for this file.
How does a double close work in Michigan?
A double close in Michigan uses two contracts: the A-B purchase and the B-C resale. Brittco funds the purchase. The closer on the file records the deeds, collects transfer charges, and orders the wires. Set the closing date with that office before you send the request.
What does a worked fee example look like?
On $150,000, the estimated fee is $1,500 for a same-day close (1%) and $3,000 if the resale closes within 7 calendar days (2%). Estimate only, not a quote.
Fee calculator ·How a double close works ·All states
What questions come up about Michigan?
Can Brittco fund a flip or a double close in Michigan?
Yes. In Michigan, Brittco funds the purchase in a double close, a fix and flip with rehab draws, and a short-term loan on investment property. Same-day transactional funding is 1%. A resale within 7 calendar days is 2%. Fix and flip and private money are priced with the file.
Who typically closes in Michigan?
Michigan investment closings are commonly handled by title companies. Ask whether the title company will insure a same-day double close and how it wants the transactional lender named on the settlement statement.
How are deeds recorded in Michigan?
Deeds are generally recorded with the county register of deeds. The double close is funded against documents the title company is prepared to record.
What about transfer taxes in Michigan?
Confirm Michigan transfer tax and county recording fees with the title company. Your closer confirms those rates for this file.
What is the estimated transactional fee?
On $150,000, the estimated fee is $1,500 for a same-day close (1%) and $3,000 if the resale closes within 7 calendar days (2%). Estimate only, not a quote.
Fund a flip or a double close in Michigan?
Send the property, the amount, and the two closing dates. Same-day funding is 1%.