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Hard money loans in North Charleston, SC
Financing for bungalows, mill houses and long-term rentals near Park Circle, the port and the region’s largest employers.
The North Charleston market for investors
North Charleston is the working heart of the region. The port terminals, the airport, aerospace and auto manufacturing, and the distribution centers along the interstates employ tens of thousands of people, and many of them rent. That gives North Charleston some of the steadiest long-term rental demand in the Lowcountry at lower entry prices than Charleston or Mount Pleasant.
Investors buy older bungalows and mill houses near Park Circle and renovate them, hold single-family rentals and duplexes across the city, and build new houses on infill and suburban lots.
Areas investors ask about
- Park Circle: restored bungalows and new infill near the restaurants on East Montague Avenue
- The older neighborhoods off Rivers Avenue: mill-village houses and smaller rentals at lower prices
- Near the port and Navy Base redevelopment: rentals that draw workers from the terminals and industry
- The Dorchester County side: newer subdivisions toward Summerville
Plan for these on a North Charleston deal
- North Charleston sets its own short-term rental rules, separate from the City of Charleston. Most single-family rentals here are underwritten on long-term rent.
- Older houses can need electrical, plumbing and foundation work. Price the inspection findings into the rehab budget.
- 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 North Charleston
| 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 |
North Charleston hard money loans: common questions
Yes. We lend up to 85% loan-to-value on a rental purchase and up to 80% on a cash-out refinance, qualified on the property’s rent.
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.
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 North Charleston?
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.