<PAGE>   1
                          SPECIAL FINANCIAL REPORT
                                     ON
                                  FORM 10-K

              UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
(Mark One)

[X]* ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

* THIS SPECIAL REPORT CONTAINS ONLY FINANCIAL STATEMENTS FOR THE PERIOD JANUARY
2, 1997 TO SEPTEMBER 30, 1997, IN ACCORDANCE WITH THE PROVISIONS OF RULE 15d-2.

                                     OR

                                      
[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934 
     FOR THE TRANSITION PERIOD FROM              TO
                                    ------------        

                           Commission File No. 0-23381

                   BINGHAM FINANCIAL SERVICES CORPORATION
           (Exact name of registrant as specified in its charter)

STATE OF MICHIGAN                                           38-3313951
State of Incorporation                                 I.R.S. Employer I.D. No.

                            31700 MIDDLEBELT ROAD
                                  SUITE 125
                           FARMINGTON HILLS, MICHIGAN 48334
                               (248) 932-9656
        (Address of principal executive offices and telephone number)

                                      
         Securities Registered Pursuant to Section 12(b) of the Act:
                                    NONE

         Securities Registered Pursuant to Section 12(g) of the Act:
                       COMMON STOCK, WITHOUT PAR VALUE


     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.

                                     [X]

     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes     No X
                                     ---
 (Registrant has not been subject to filing requirements for the past 90 days.)

As of February 2, 1998, the aggregate market value of the Registrant's voting
stock held by non-affiliates of the Registrant was approximately $10,856,250
determined in accordance with the price at which the stock was sold.

     As of February 2, 1998, there were 1,295,000 shares of the Registrant's
common stock issued and outstanding.






<PAGE>   2

Item 8. Financial Statements and Supplementary Data




BINGHAM FINANCIAL SERVICES CORPORATION
CONTENTS


                                                                          PAGES



Report of Independent Accountants.............................................1



Financial Statements:

    Balance Sheet.............................................................2

    Statement of Operations...................................................3

    Statement of Changes in Stockholder's Equity (Deficiency).................4

    Statement of Cash Flows...................................................5

    Notes to Financial Statements..........................................6-10












<PAGE>   3


REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholder of
Bingham Financial Services Corporation:

We have audited the accompanying balance sheet of Bingham Financial Services
Corporation as of September 30, 1997 and the related statements of operations,
changes in stockholder's equity (deficiency), and cash flows for the period
January 2, 1997 (date of inception) to September 30, 1997. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Bingham Financial Services
Corporation as of September 30, 1997 and the results of its operations and cash
flows for the period January 2, 1997 (date of inception) to September 30, 1997
in conformity with generally accepted accounting principles.



Coopers & Lybrand L.L.P.

Detroit, Michigan 
November 12, 1997, except for Note 8, 
as to which the date is December 16, 1997


                                       1

<PAGE>   4


BINGHAM FINANCIAL SERVICES CORPORATION
BALANCE SHEET
as of September 30, 1997


<TABLE>
<CAPTION>

                                     ASSETS
<S>                                                                                                      <C>
Installment contracts receivable, net                                                                    $  9,541,100
Organization costs, net                                                                                       102,100
Other assets                                                                                                    9,000
                                                                                                         ------------   
                                                                                                                        
      Total assets                                                                                       $  9,652,200   
                                                                                                         ============   
                                                                                                                        
                LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIENCY)                                                       
                                                                                                                        
Liabilities:                                                                                                            
   Accounts payable, trade                                                                               $     14,800   
   Note payable, Sun                                                                                        9,747,500   
                                                                                                         ------------   
                                                                                                                        
      Total liabilities                                                                                     9,762,300   
                                                                                                         ------------   
                                                                                                                        
Stockholder's equity (deficiency):                                                                                      
   Preferred stock, no par value, 10,000,000 shares authorized, no shares issued and                                    
        outstanding                                                                                              -
   Common stock, no par value, 10,000,000 shares authorized, 100 shares issued and
        outstanding                                                                                               100
   Deficit                                                                                                   (110,200)
                                                                                                         ------------  

      Total stockholder's equity (deficiency)                                                                (110,100)
                                                                                                         ------------

      Total liabilities and stockholder's equity (deficiency)                                            $  9,652,200
                                                                                                         ============  
</TABLE>

The accompanying notes are an integral part of the financial statements.

                                       2

<PAGE>   5


BINGHAM FINANCIAL SERVICES CORPORATION
STATEMENT OF OPERATIONS
for the period January 2, 1997 (date of inception) to September 30, 1997



<TABLE>
<S>                                                                                                      <C>   
Revenues, interest income                                                                                 $     280,200
                                                                                                          -------------

Costs and expenses:
   Interest expense                                                                                             194,800
   Provision for credit loss                                                                                     58,100
   General and administrative                                                                                   115,800
   Other operating expenses                                                                                      21,700
                                                                                                          -------------

      Total costs and expenses                                                                                  390,400

      Loss before income taxes                                                                                 (110,200)

Provision for income taxes                                                                                          -
                                                                                                          -------------

      Net loss                                                                                            $    (110,200)
                                                                                                          =============
</TABLE>

The accompanying notes are an integral part of the financial statements.


                                       3
<PAGE>   6


BINGHAM FINANCIAL SERVICES CORPORATION 
STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIENCY) 
for the period January 2, 1997 (date of inception) to September 30, 1997



<TABLE>
<CAPTION>

                                                                                                           TOTAL
                                                                                                       STOCKHOLDER'S
                                                                                        RETAINED          EQUITY
                                                                          COMMON        EARNINGS       (DEFICIENCY)
                                                                           STOCK       (DEFICIT)
                                                                        ------------  -------------  ------------------
<S>                                                                     <C>            <C>           <C> 
Balance, January 2, 1997                                                        -               -                  -

Issuance of 100 shares of common stock                                  $       100                    $            100

Net loss                                                                              $    (110,200)           (110,200)
                                                                        ------------  -------------  ------------------

Balance, September 30, 1997                                             $       100   $    (110,200)   $       (110,100)
                                                                        ============  =============  ==================
</TABLE>

The accompanying notes are an integral part of the financial statements.


                                       4
<PAGE>   7


BINGHAM FINANCIAL SERVICES CORPORATION
STATEMENT OF CASH FLOWS
for the period January 2, 1997 (date of inception) to September 30, 1997


<TABLE>
<S>                                                                                    <C>
Cash flows from operating activities:
   Net loss                                                                            $   (110,200)
   Adjustments to reconcile net loss to net cash provided by operating activities:
      Provision for credit losses                                                            58,100
      Amortization                                                                           18,000
      Increase in other assets                                                               (9,000)
      Increase in accounts payable and accrued liabilities                                  209,600
      Organization costs                                                                   (120,100)
                                                                                       ------------

      Net cash provided by operating activities                                              46,400
                                                                                       ------------

Cash flows from investing activities:
   Installment contracts receivable originated                                           (9,843,600)
   Collections on installment contracts receivable                                          244,400
                                                                                       ------------

      Net cash used in investing activities                                              (9,599,200)
                                                                                       ------------

Cash flows from financing activities:
   Proceeds from note payable, Sun                                                        9,552,700
   Issuance of common stock                                                                     100
                                                                                       ------------

      Net cash flows provided by financing activities                                     9,552,800
                                                                                       ------------

Net change in cash and cash equivalents                                                     -    

Cash and cash equivalents, beginning of period                                              -    
                                                                                       ------------

Cash and cash equivalents, end of period                                                    -    
                                                                                       ============
</TABLE>

The accompanying notes are an integral part of the financial statements.

                                       5

<PAGE>   8


BINGHAM FINANCIAL SERVICES CORPORATION
NOTES TO FINANCIAL STATEMENTS


  1.   NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

       a. NATURE OF OPERATIONS: Bingham Financial Services Corporation (the
          "Company") was incorporated as a wholly owned subsidiary of Sun Home
          Services, Inc. and an affiliate of Sun Communities, Inc. ("Sun"). The
          Company provides financing to residents living in manufactured housing
          communities for the purchase of new and used manufactured homes. The
          Company began operations January 2, 1997 with its fiscal year ending
          September 30, 1997. As of September 30, 1997, approximately 49
          percent, 24 percent, 15 percent, 9 percent and 3 percent of the
          borrowers are located in Michigan, Indiana, Texas, Florida and Kansas,
          respectively.

       b. USE OF ESTIMATES: The preparation of financial statements in
          conformity with generally accepted accounting principles requires
          management to make estimates and assumptions that affect the reported
          amounts of assets and liabilities and disclosure of contingent assets
          and liabilities at the date of the financial statements and the
          reported amounts of revenues and expenses during the reporting period.
          Actual results could differ from those estimates.

       c. CASH AND CASH EQUIVALENTS: The Company considers all highly liquid
          investments with an initial maturity of three months or less to be
          cash and cash equivalents.

       d. INSTALLMENT CONTRACTS RECEIVABLE: Installment contracts receivable are
          reported at their outstanding unpaid principal balances reduced by an
          allowance for credit losses and net of any deferred fees or costs on
          original loans. Installment contracts receivable are collateralized by
          the manufactured homes.

          Loan origination fees and certain direct origination costs are
          capitalized and recognized as an adjustment of the yield of the
          related loan.

          Allowance for credit losses is increased by charges to income and
          decreased by charge-offs (net of recoveries). Management's periodic
          evaluation of the adequacy of the allowance is based on industry data,
          known and inherent risks in the portfolio, adverse situations that may
          affect the borrower's ability to repay, the estimated value of any
          underlying collateral and current economic conditions.

       e. INCOME RECOGNITION: Interest income from installment contracts
          receivable is recognized using the interest (actuarial) method.
          Accrual of interest income on installment contracts receivable is
          suspended when a loan is contractually delinquent for 90 days or more.
          The accrual is resumed when the loan becomes contractually current,
          and past-due interest income is recognized at that time.



                                       6
<PAGE>   9







NOTES TO FINANCIAL STATEMENTS, CONTINUED


  1.   NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 
       CONTINUED:

       f. FAIR VALUE OF FINANCIAL INSTRUMENTS: The following methods and
          assumptions were used by the Company in estimating fair values of
          financial instruments as disclosed herein:

          -   CASH AND CASH EQUIVALENTS:  The carrying amount of cash 
              approximates fair value.

          -   INSTALLMENT CONTRACTS RECEIVABLE: Fair values for installment
              contracts receivable are estimated using discounted cash flow
              analyses, using interest rates currently being offered for loans
              with similar terms to borrowers of similar credit quality. Due to
              the recent issuance of these loans, the carrying amount
              approximates fair value.

          -   ACCOUNTS  PAYABLE AND NOTE PAYABLE,  AFFILIATE:  The 
              carrying amount  approximates  fair value because of the short 
              maturity of these obligations.

          -   ACCRUED INTEREST:  The carrying amount of accrued interest 
              approximates their fair values.

       g. INCOME TAXES: Deferred tax assets and liabilities are reflected at
          currently enacted income tax rates applicable to the period in which
          the deferred tax assets or liabilities are expected to be realized or
          settled. As changes in tax laws or rates are enacted, deferred tax
          assets and liabilities are adjusted through the provision for income
          taxes. The Company will file a consolidated tax return with the parent
          company, Sun Home Services, Inc. until consummation of the initial
          public offering discussed in Note 8 below. As Sun Home Services, Inc.
          has had losses, no tax benefit is expected to be gained from the
          deferred tax asset generated by the Company in the current year.

       h. ORGANIZATION COSTS: Costs associated with the formation of the Company
          have been classified as organization costs. Organization costs are
          amortized on a straight-line basis over a five year life.




                                       7

<PAGE>   10
NOTES TO FINANCIAL STATEMENTS, CONTINUED


  2.   TRANSACTIONS WITH AFFILIATES:

       During 1997, the Company had, and expects to have in the future,
       transactions with affiliate companies in the ordinary course of business
       and on substantially the same terms, including interest rates, as with
       nonaffiliates. Sun provided financial support in the form of a note of
       $9,552,700, bearing interest at 7 percent per annum. Accrued interest at
       September 30, 1997 of $194,800 is unpaid and due on demand. In addition,
       certain affiliates provide administrative and management support. For
       Sun's services under the Administration Agreement, the Company is billed
       on a direct cost basis, not to exceed $75,000 for the first year. As
       compensation under the Participants Support Agreement between Sun and the
       Company, Sun will receive an annual fee of .43 percent of the average
       loan balance under Contracts originated by Sun. Payments to Sun for such
       services and fees are charged to operating expenses and were $56,300 and
       $14,500, respectively. In addition, Sun has been granted 330,000
       Participants Options as discussed in Note 6 below.



  3.   INSTALLMENT CONTRACTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES:

       The contractual maturities of installment contracts receivable, net of
       unearned income at September 30, 1997 were as follows: 1998 - $100,900;
       1999 - $112,400; 2000 - $125,200; 2001 - $139,500; 2002 - $155,300, and
       $8,965,900 thereafter. The foregoing should not be regarded as a forecast
       of future cash collections, as actual experience may be that a
       substantial portion of these loans may be renewed or repaid before
       contractual maturity date.

       An analysis of the allowance for credit losses on installment contracts
       receivable for the nine months ended September 30, 1997 follows:



        Balance, beginning of period                                -

        Additions                                             $   58,100
                                                              ----------

        Balance, end of period                                $   58,100
                                                              ==========
       All of the Company's installment contracts receivable have fixed rates of
       interest adjusted as necessary for credit risk. At September 30, 1997,
       there were no nonaccrual loans.




                                       8

<PAGE>   11
NOTES TO FINANCIAL STATEMENTS, CONTINUED


  4.   COMMITMENTS AND CONTINGENCIES:

       The Company is subject to various claims and legal proceedings arising
       out of the normal course of business, none of which, in the opinion of
       management, are expected to have a material effect on the Company's
       financial position.

       At September 30, 1997, the Company has commitments to originate
       installment contracts receivable approximating $3 million.



  5.   LOAN WITH AFFILIATE:

       In connection with the initial public offering discussed in Note 8 below,
       the Company entered into a subordinated loan agreement with Sun. The
       subordinated loan agreement provides for a subordinated debt facility of
       up to $10,000,000, which indebtedness shall be subordinate to all senior
       debt of the Company. In accordance with the subordinated loan agreement,
       the Company will issue detachable warrants to Sun covering 400,000 shares
       of common stock at a price of $10.00 per warrant share upon consummation
       of the initial public offering. The detachable warrants have a term of
       seven years and may be exercised at any time after the fourth anniversary
       of this issuance. The warrants will be recorded at fair value at the time
       of issuance.



  6.   PARTICIPANT SUPPORT AGREEMENT:

       In connection with the initial public offering discussed in Note 8 below,
       as of September 30, 1997, the Company entered into the participants
       support agreement with Sun. Pursuant to the participants support
       agreement, participants options were granted to Sun on September 30, 1997
       and will vest if, and only if, Sun is a party to and in compliance with
       the terms of the participants support agreement on the vesting date and
       on December 31st of the previous year. The participants options will vest
       in eight equal annual amounts, each consisting of 41,250 participants
       options, on January 31, 2001 through 2008. The participants options may
       be exercised at any time after vesting until expiration ten years after
       the date of vesting. Each participants option vesting on January 31, 2001
       to 2003 will entitle the holder to purchase one share of common stock for
       a purchase price of $10. Each participants option vesting on January 31,
       2004, 2005 and 2006 will entitle the holder to purchase one share of
       common stock for $12 per share. Each participants option vesting on
       January 31, 2007 and 2008 will entitle the holder to purchase one share
       of common stock for $14.





                                       9
<PAGE>   12
NOTES TO FINANCIAL STATEMENTS, CONTINUED


  6.   PARTICIPANT SUPPORT AGREEMENT, CONTINUED:

       The Company will recognize service costs based on the fair value method
       as prescribed by Statements of Financial Accounting Standards No. 123
       ("SFAS No. 123"), "Accounting for Stock-Based Compensation". Service
       costs will be amortized based on the vesting period of the options.

       On a pro forma basis (unaudited), assuming the participants support
       agreement was in effect on January 2, 1997 and that the participants
       options were granted to Sun on that date, recognition of service costs
       associated with the participants options would increase the unaudited pro
       forma net loss for the nine month period ended September 30, 1997 by
       approximately $122,700 to equal $232,900 and would increase the
       stockholders' deficiency at September 30, 1997 to $232,800.



  7.   STOCK OPTION PLANS:

       In addition to common shares reserved under the loan agreement with the
       affiliate and the Participant's Support Agreement, the Company has set
       aside 10 percent of the total number of shares of common stock issued and
       outstanding from time to time (i.e., upon consummation of the initial
       public offering discussed in Note 8, excluding the underwriters
       overallotment option, there will be 120,000 shares available for
       issuance) upon exercise of Stock Options granted to officers, directors,
       key employees and consultants pursuant to the Company's 1997 Stock Option
       Plan.

       At September 30, 1997, no options had been granted under the Company's
       1997 Stock Option Plan.

       Once options are granted under the 1997 Stock Option Plan, the Company
       has adopted the disclosure requirements of SFAS No. 123. In accordance
       with the provisions of SFAS No. 123, the Company will apply APB Opinion
       25 and related interpretations in accounting for its 1997 Stock Option
       Plan and accordingly, will not recognize compensation costs for those
       options once granted.




                                       10

<PAGE>   13
NOTES TO FINANCIAL STATEMENTS, CONTINUED


  8.   SUBSEQUENT EVENTS:

       In connection with the initial public offering, on October 27, 1997 the
       Company sold 25,000 shares to Sun for gross proceeds of $250,000.

       The Company consummated an initial public offering of 1,200,000 shares of
       common stock on November 19, 1997. The initial offering price was $10.00,
       which provided approximate proceeds to the Company of $11,160,000. On
       December 16, 1997, an additional 70,000 shares were issued, which
       provided approximate proceeds of $651,000.

       Upon consummation of these transactions, stockholders' equity would be as
       follows:


<TABLE>
        <S>                                                                                           <C> 
        Preferred stock, no par value:  10,000,000 shares authorized; no shares issued and
              outstanding                                                                                    -
        Common stock, no par value:  10,000,000 shares authorized; 1,295,000 shares
              issued and outstanding                                                                   $  11,791,000
        Retained earnings (deficit)                                                                         (110,200)
                                                                                                       -------------

              Total stockholders' equity                                                               $  11,680,800
                                                                                                       =============




</TABLE>

                                       11
<PAGE>   14



                                 SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities   
    Exchange Act of 1934, the registrant has duly caused this report to be
    signed on its behalf by the undersigned, thereunto duly authorized.

     Date:  February 2, 1998

                                     Bingham Financial Services Corporation


                                     By: /s/ Jeffrey P. Jorissen
                                         ------------------------------------   
                                     Jeffrey P. Jorissen, President, Chief
                                     Executive Officer and Chief Financial
                                     Officer

           Pursuant to the requirements of the Securities Exchange Act of 1934,
      this Annual Report on Form 10-K (containing only financial statements for
      the period in question in accordance with Rule 15d-2) has been signed by
      the following persons on behalf of the registrant and in the capacities
      and on the dates indicated.


NAME                            TITLE                DATE
----                            -----                ----
                      
/s/ Gary A. Shiffman     Chairman of the       February 2, 1998
-----------------------  Board of Directors,
Gary A. Shiffman         Secretary             

/s/ Jeffrey P. Jorissen  President, Chief      February 2, 1998
-----------------------  Executive Officer,
Jeffrey P. Jorissen      Chief Financial
                         Officer and
                         Director              
                       
                       
/s/ Milton M. Shiffman   Director              February 2, 1998
-----------------------   
Milton M. Shiffman

                         Director              February __, 1998
-----------------------
Robert H. Orley          

                         Director              February __, 1998
-----------------------
Brian M. Hermelin        

<PAGE>   15
                                Exhibit Index


<TABLE>
<CAPTION>
Exhibit 
Number                Description
-------              ------------
<S>                  <C>
  27                 Financial Data Schedule

</TABLE>