South Carolina Bridge Lenders for Commercial Real Estate
Are you seeking short-term financing secured by commercial real estate in South Carolina? On this page you'll find a list of select CRE Bridge Lenders that can finance a South Carolina property purchase, 1031 exchange, refinance, or equity cash out in 1st lien position. We have a separate page for lenders that can fund a rehab / value-add project. The maximum loan-to-value for most CRE bridge loans is 70%, and some lenders can go up to 75% for retail and industrial properties. The max LTV is typically much lower for office, hotels, and specialty property types.Searching...
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Funded CRE Bridge Loans in South Carolina
Bridge Loan for Car Wash Purchase in Summerville, South Carolina
$231,000
Gelt Financial, a direct CRE lender, funded a $231,000 1st lien position purchase bridge loan for the acquisition of an operating car wash in Summerville, SC. We funded 60% of the $385,000 purchase price, while the Borrower contributed 40% cash at closing. The Borrower develops real estate and has previous experience with gas stations. The car wash was in excellent condition and was fully operational at the time of the purchase. It is approximately 1,712 square feet on 1 acre of land. It includes 3 self-serve car wash bays, 1 automated drive-through bay, and 5 external vacuum stations. The Borrower plans to eventually refinance as an exit strategy. The interest rate was 14% floating and we charged 3% origination points. The loan term was set at 24 months. This CRE purchase loan was funded in January 2024.