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Hard money loans in James Island, SC
Financing for renovations and rentals between downtown Charleston and Folly Beach.
The James Island market for investors
James Island sits between the Charleston peninsula and Folly Beach, a short drive from both. Its housing is mostly older single-family homes on generous lots, which makes it one of the area’s more active places for renovations and for rentals aimed at tenants who want to be close to downtown and the beach.
Jurisdiction is split. Parts of the island are in the Town of James Island, parts are in the City of Charleston and some areas are unincorporated Charleston County, and each has its own rules.
Areas investors ask about
- Near Folly Road: mid-century ranches and cottages to update
- Riverland Terrace and the marsh-front streets: larger lots and higher resale values
- Neighborhoods near the connector to downtown: rentals that draw hospital and downtown workers
Plan for these on a James Island deal
- Find out which jurisdiction a property is in before you buy. The Town of James Island, the City of Charleston and Charleston County each set their own zoning and short-term rental rules.
- Check the flood zone and get a flood insurance quote before you make an offer. Where coverage is required, the premium is part of the payment. Many streets near the marsh are low-lying.
- Older houses often need structural, moisture and termite repairs. Order the CL-100 early.
- Rentals are taxed at South Carolina’s 6% assessment ratio, not the 4% rate for an owner’s primary residence. Use the rental figure when you calculate the DSCR.
Loans available in James Island
| 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 |
James Island hard money loans: common questions
Yes, at up to 90% of the purchase price and 100% of the rehab, within 70 to 75% of the after-repair value, at a 720+ credit score.
It depends on which jurisdiction the house is in. Inside the City of Charleston, residential short-term rentals require owner occupancy. Check the rules for the specific address; otherwise we underwrite on long-term or mid-term rent.
Rental and DSCR loans take about 30 days, appraisal included. Fix and flip loans average up to 21 days and can close in about 7 days when title and insurance are ready.
Looking at a property in James Island?
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.