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Where we lend: Charleston and all of South Carolina
The Charleston region is our focus: the peninsula, West Ashley, James Island, North Charleston, Mount Pleasant, Summerville, Goose Creek and the beach towns. We finance investment property across the state.
Local guides
| Market | County | What investors buy there |
|---|---|---|
| Charleston | Charleston | Historic renovations on the peninsula, rentals and flips in West Ashley and the suburbs |
| North Charleston | Charleston and Dorchester | Bungalows and mill houses near Park Circle, long-term rentals near the port and industry |
| Mount Pleasant | Charleston | Higher-priced suburban rentals and new construction east of the Cooper River |
| James Island | Charleston | Mid-century houses to renovate, and rentals close to downtown and Folly Beach |
| Summerville | Dorchester and Berkeley | Newer subdivisions, build-to-rent and long-term rentals |
| Goose Creek | Berkeley | Long-term rentals near Joint Base Charleston and new construction |
| Folly Beach | Charleston | Beach houses with a capped number of investor rental licenses |
| Isle of Palms | Charleston | Licensed vacation rentals and resort condos |
Anywhere in South Carolina
You do not need to be in one of those markets. We lend statewide, from the Lowcountry to Columbia and the Upstate. Our sister site covers Hilton Head, Bluffton and Beaufort, and through Optimus Capital Corp we also finance property in other states.
What to know about lending here
- Short-term rental rules are local. The City of Charleston allows residential short-term rentals only where the owner lives on the property, so an investor-owned house in the city is underwritten on long-term or mid-term rent. Some beach towns and resort communities allow investor-owned vacation rentals under their own licenses.
- Property tax on rentals. South Carolina assesses an owner’s primary residence at 4% of value and rentals at 6%. Use the rental figure in your numbers.
- Flood and wind insurance. Much of the area is in FEMA flood zones, and coastal wind coverage can be a separate policy. Both belong in the monthly payment.
- Historic review. In Charleston’s historic districts, the Board of Architectural Review approves exterior changes, demolitions and new buildings.
- Closings. South Carolina closings are handled by a closing attorney. Have yours chosen when you apply.
Loan programs available everywhere we lend
| Program | Use it for | Top leverage |
|---|---|---|
| DSCR rental loans | Purchase or refinance of long-term rentals, mid-term rentals, condos and permitted vacation rentals | 85% loan-to-value to buy, 80% on a cash-out refinance |
| Ground-up construction loans | Building a home or rental from the ground up, with the lot included | 90% of cost for experienced builders, up to 70 to 75% of the finished value |
| Fix and flip loans | Purchase plus renovation of a property you intend to sell | 90% of the purchase price and 100% of the rehab, up to 70 to 75% of after-repair value |
| Portfolio and commercial loans | A group of rentals under one note, or multifamily and commercial property | 80% on a portfolio purchase; commercial priced per deal |
Have a Charleston deal in mind? Run it by us.
Send the address, the price and what you plan to do with the property. We will reply with the leverage and pricing that fit your deal.