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Hard money loans in Mount Pleasant, SC
Loans for higher-priced rentals, renovations and new homes east of the Cooper River.
The Mount Pleasant market for investors
Mount Pleasant is one of the most sought-after towns in the Charleston area, with good schools, waterfront neighborhoods and quick access to the beaches on Sullivan’s Island and Isle of Palms. Prices are higher than in most of the region, and rentals here attract tenants who want the schools and the location.
Investors hold long-term rentals, renovate older houses in established neighborhoods, and build new homes on the lots that come up. Much of the town is in planned communities with their own association rules.
Areas investors ask about
- The Old Village: historic houses near the harbor, with design review on exterior changes
- Older neighborhoods off Coleman Boulevard and Highway 17: ranches and split-levels to renovate
- Planned communities north of the IOP Connector: newer homes with association dues and rules
- Near the Ravenel Bridge: condos and townhomes popular with renters who work downtown
Plan for these on a Mount Pleasant deal
- Mount Pleasant regulates short-term rentals through its zoning and rental business licensing. Confirm what is allowed at a specific parcel before you count on nightly income; most houses are underwritten on long-term rent.
- Association rules in planned communities can limit rentals or set minimum lease terms. Read them before you buy.
- 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.
- 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 Mount Pleasant
| 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 |
Mount Pleasant hard money loans: common questions
Yes. We lend up to 85% loan-to-value on a purchase and up to 80% on a cash-out refinance, approved on the rent the property earns.
Yes. Ground-up construction loans cover up to 85% of cost, and up to 90% for experienced builders, with up to 70% of the lot cost included.
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 Mount Pleasant?
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.