Residential Bridge Loans in Michigan
Residential Bridge Loan in Michigan
Michigan’s construction market covers a wide range — urban infill and suburban development in Greater Detroit and Grand Rapids, lakefront custom builds throughout both Peninsulas, and resort community construction in Northern Michigan. For borrowers in Michigan seeking bridge financing, Normandy offers a dedicated Residential Bridge Loan program covering projects statewide — including Detroit Metro, Grand Rapids, Lansing, Ann Arbor, Traverse City, and Kalamazoo.
Michigan homeowners upgrading properties frequently use bridge loans — particularly in competitive markets like Oakland County, Washtenaw County, and the Grand Rapids corridor.
Normandy’s Michigan program: Loan amounts from $95,000 to $5,000,000. Up to 80% LTV; 75% LTV for loans over $1M. 12-month term. Interest-only payments. Full and limited income documentation available. 1–4 family owner and non-owner properties eligible. Foreign nationals are eligible.
Visit https://normandy.com/residential-bridge-loans/ to review guidelines or begin pre-qualification. All Normandy programs: https://normandy.com/. Phone: 800-390-7536.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Loan to value up to 80% of appraised value. Loan amounts over $1M will max out at 75% loan to value.
- Allows you to sell your home on your time schedule
- Deal directly with the Loan Officer/Underwriter
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
- Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
- Full income documentation or limited income documentation available
- Foreign Nationals are eligible for this program
- 1 to 4 family owner and non-owner properties are eligible (other property types may be considered on an exception basis)
- 12 month term
- Interest only payments
*All rates and terms subject to change without notice
Michigan Construction Market & Regulatory Overview
Michigan’s construction market covers a wide range — urban infill and suburban development in Greater Detroit and Grand Rapids, lakefront custom builds throughout both Peninsulas, and resort community construction in Northern Michigan.
Building Code: Michigan Residential Code (MRC), based on the International Residential Code with Michigan-specific amendments.
Permitting: Permits are issued at the local municipality level. All residential construction must comply with the MRC and applicable local amendments.
Key construction considerations in Michigan include cold winters with frost-line foundation requirements, freeze-thaw cycles, and lake-effect weather patterns along Great Lakes shorelines. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor Licensing in Michigan
Michigan requires residential builders to hold a Residential Builder license through LARA (Department of Licensing and Regulatory Affairs). Maintenance and alteration contractors are separately licensed.
Owner-Builder Note: Michigan permits homeowners to act as their own general contractor for a personal-use residence, but requires personal participation in the work and prohibits building for resale under the owner-builder exemption.
Loans Available in the Following States
Owner Occupied
Loans available for owner occupied properties in the following states:
Non-Owner Occupied
Loans available for non-owner occupied properties only:
- Alaska (AK)
- Alabama (AL)
- Arkansas (AR)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Georgia (GA)
- Hawaii (HI)
- Iowa (IA)
- Idaho (ID)
- Indiana (IN)
- Kansas (KS)
- Kentucky (KY)
- Massachusetts (MA)
- Maryland (MD)
- Maine (ME)
- Michigan (MI)
- Missouri (MO)
- Mississippi (MS)
- Montana (MT)
- North Carolina (NC)
- Nebraska (NE)
- New Jersey (NJ)
- New Mexico (NM)
- New York (NY)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Rhode Island (RI)
- South Carolina (SC)
- South Dakota (SD)
Frequently Asked Questions — Residential Bridge Loan in Michigan
Q: What is a residential bridge loan in Michigan?
A: A residential bridge loan in Michigan uses equity in your current home to fund the purchase or construction of a new one. Loan amounts from $95,000 to $5,000,000. 12-month term with interest-only payments. You set the sale timeline for your existing property.
Q: How does a bridge mortgage loan work in Michigan?
A: A bridge mortgage loan in Michigan through Normandy is secured by your current property. LTV up to 80% of appraised value (75% for loans over $1M). Pre-qualification is typically 3 to 5 business days. Interest-only payments during the 12-month term.
Q: What bridge financing is available in Michigan?
A: Normandy’s bridge financing in Michigan covers 1–4 family owner-occupied and non-owner occupied properties. The loan can fund a new purchase or new construction. Amounts from $95,000 to $5,000,000. Foreign nationals are eligible.
Q: What is a short term property loan in Michigan?
A: A short term property loan in Michigan through Normandy’s bridge program is a 12-month interest-only loan secured by residential equity. It provides liquidity during a property transition without requiring you to sell first. Full and limited documentation available.
Q: What is a residential transition loan in Michigan?
A: A residential transition loan in Michigan bridges the gap between purchasing a new home and selling the current one. LTV up to 80% of appraised value (75% for loans over $1M). The 12-month term gives you time to close the sale without being rushed.