Echo Funding in Michigan | Swift Deal Funding
Echo funding in Michigan
Echo funding advances the down payment an end buyer needs at closing and is repaid straight out of the seller’s proceeds — your assignment fee. The buyer brings less cash, the deal closes, and our advance plus a flat 2.5% comes off the settlement statement. Typical funded amounts in Michigan run $15,000–$70,000, with capacity up to $10 million per transaction.
Michigan’s wholesale engine is Detroit, where entry prices are among the lowest of any major US metro and distressed inventory is plentiful across Detroit, Warren, Dearborn, Flint, Pontiac and Saginaw. Echo’s role here is specific: it isn’t about hiding your spread (a double close does that) — it’s about getting a cash-light end buyer across the line when you have a real assignment fee but they’re short on the down payment. As long as your fee covers the funded amount plus 2.5%, Echo keeps the deal moving.
How Echo closes in Michigan
Michigan is a title/escrow-closing state, so there’s no mandatory attorney — the Echo advance and its repayment flow through the title company’s escrow and settlement statement. We wire the down payment to the title company; at closing they pay your assignment fee from seller proceeds, repay our advance plus the flat 2.5%, and release your net. Michigan is a wet-funding state, so funds must be in escrow before recording. Confirm with your title company that escrow is set to disburse with the Echo repayment line built in, and verify the structure with local title counsel if it’s a creative deal.
Pricing
Flat 2.5% of the funded amount, collected on the closing statement. No application, origination, or upfront fees. A $30,000 funded down payment costs $750.
What you’ll need
- Executed purchase contract
- Executed assignment contract showing your assignment fee
- Assignment fee large enough to cover the funded down payment plus the 2.5% fee
- Title company ready to disburse seller proceeds with the Echo repayment included
No credit check, no income verification, no tax returns. Michigan note: on low-dollar deals, double-check that the fee clears the threshold before counting on Echo.
A typical Michigan Echo scenario
You’ve assigned a brick ranch in Warren for a $28,000 fee, and your end buyer is $20,000 short on the down payment. Echo wires the $20,000 to the title company; at closing they pay your $28,000 fee from seller proceeds, repay us $20,000 plus $500 (2.5%), and you net $7,500. The buyer closes with far less cash on hand, and your assignment doesn’t fall apart over their down-payment gap.
Apply
Submit your purchase and assignment contracts online; we confirm the fee covers the funded amount before approval. Roughly 48 hours to wire-ready.
Frequently Asked Questions
Does Echo work on Michigan's low-priced Detroit-area deals? +
It can, but the math is the constraint. Echo only works when your assignment fee exceeds the funded down payment plus our 2.5%. On very cheap Detroit, Flint or Saginaw properties the down payment may be small, but so is the fee on a low-dollar resale — so the deal has to clear that threshold. Where you've got a solid spread on a $90,000–$200,000 sale, Echo fits well and lets a cash-light end buyer close. We'll confirm the numbers work before approving.
How is Echo repaid in a Michigan title-company closing? +
Michigan closes through title companies and escrow agents, so the Echo advance and its repayment run through the title company's settlement statement and escrow. We fund the down payment in, and at closing the title company pays your assignment fee from seller proceeds, repays our advance plus the flat 2.5%, and disburses the rest to you. Michigan is a wet-funding state, so confirm with the title company that escrow is ready to disburse with the Echo repayment line included.
When should I use Echo instead of double close in Michigan? +
Use Echo when you're assigning the contract and your fee is healthy but your end buyer is short on the down payment — Echo bridges their cash gap and is repaid from your fee. Use a double close when you'd rather not expose your spread to the end buyer at all, which is common on deep-discount Detroit inventory. They solve different problems: Echo helps the buyer close; double close protects your margin. Tell us the deal and we'll point you to the cheaper fit.
Apply for Echo Funding in Michigan
Submit your application online — same-day decisions for complete files before 2 PM Eastern.