Listing photoDetroit, MI 48215 · MLS 60962868
"INVESTOR SPECIAL with significant upside!"
2935 Lakewood St is a 6-bedroom, 3-bath home in Detroit, Michigan listed at $55,000 with 2,826 square feet, built in 1924. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 100% down ($55,000), we fund the $127,170 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in Michigan or our Michigan hard money lending page.
From the listing. INVESTOR SPECIAL with significant upside! Sold with two adjacent lots (2927 and 2919) as a three-parcel package. Suited to fix-and-flip, rental expansion or redevelopment. Roof replaced 2020, most windows new. Zoned R2. Sold as-is.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
| Item | Fix and flip: 100% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | No | |
| Buyer down payment | $55,000 (100%) | |
| Loan at closing | $0 | |
| Cosmetic renovation, rough estimate* | We fund $127,170 | |
| Total loan | $127,170 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($1,908) | |
| Appraisal | Required | |
| Estimated monthly interest | $1,033 at full draw | |
| Cash to close, rough estimate | $61,298 | |
Rough estimates at the list price of $55,000 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $45 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down takes a 740 score or a deeper track record; a first flip under 720 puts 25% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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