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Hard money loans in Summerville, SC
Loans for long-term rentals, new construction and build-to-rent in one of the fastest-growing parts of the region.
The Summerville market for investors
Summerville, about 25 miles northwest of downtown Charleston, has grown quickly as families and workers look for newer, more affordable housing within commuting distance of the city and the industrial employers in North Charleston and Berkeley County.
That growth shows up in large planned communities, steady demand for single-family rentals, and more buildable land than closer in. Investors hold rentals, build new homes to rent or sell, and renovate older houses near the historic downtown.
Areas investors ask about
- Historic Summerville: older homes near the town square, some under design review
- Large planned communities: newer homes with association dues and rental rules
- Along the Highway 17A and I-26 corridors: rentals and new construction close to the commute
Plan for these on a Summerville deal
- Summerville spans Dorchester, Berkeley and Charleston Counties. Confirm which town and county rules apply to a parcel.
- Association rules in planned communities can restrict rentals or set minimum lease terms. Read them before you buy a rental.
- Build-to-rent works best when the construction loan is planned to refinance into a DSCR loan once the house is leased.
- 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 Summerville
| 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 |
Summerville hard money loans: common questions
Yes. We finance up to 85% of project cost, and up to 90% for experienced builders, with up to 70% of the lot cost included. The loan must stay within 70 to 75% of the finished value.
Yes, at up to 85% loan-to-value on a purchase and up to 80% on a cash-out refinance, approved on the 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 Summerville?
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.