South Carolina Hard Money Lenders

Yieldi, a direct lender for investment properties nationwide, funded a $1,200,000 first-lien position hard money construction loan for a retail property in York, SC. The Borrower purchased a building that was occupied by Burger King and redeveloped the property into a T-Mobile Corporate location. The Borrower secured the property under contract at a purchase price of $625,000. While under contract, the site was approved and a long-term lease was signed with T-Mobile, adding significant value. The projected property sale was estimated at $1,685,786 at a 7% cap rate. The construction funds will be issued in draws as work is approved and completed. The building size is approximately 2,000 square feet. The Borrower had excellent credit. They plan to refinance into a permanent loan once the tenant has moved in. The interest rate was 13.99%. We charged 2.5% origination points, and the broker earned a $32,000 commission. The loan term was set at 12 months. This hard money loan was funded in June 2024.

Myers Capital Hawaii, a direct hard money lender, collaborated with its affiliate, Koa Mortgage Fund, to finance a $165,000 first lien position equity cash-out loan for a multifamily property located in Easley, Pickens County, South Carolina. The subject property has both a single-family residence and 5-unit apartment building. The loan-to-value ratio was 36.6% based on an estimated property value of $450,000. The Borrower plans to use the funds to build two duplexes on another property. They plan to exit the bridge loan by refinancing it into a DSCR long-term rental loan. The subject property is approximately 1,980 square feet set in a 17,859-square-foot lot. It was in fair condition and fully occupied at closing. The interest rate was 14%. The loan term was set at 12 months. This hard money loan was funded in July 2024.

Gelt Financial, a direct commercial real estate lender, funded a $350,000 hard money loan for the purchase of a convenience store in North Charleston, SC. The Borrower is a family that had been leasing and operating the c-store for 9 years. They had a worked out a deal with the owner to acquire the property with seller financing. They gave the owner $300,000 and started making installments. Shortly after, the owner passed away. His children inherited the property and did not recognize the financing agreement. Threatened with an eviction, the Borrowers had to get quick financing to purchase the property. Their business was mostly cash, and they didn’t have good credit. The property value was estimated to be around $700,000. We did not require an appraisal or income verification. The loan term for our 1st mortgage is 36 months. With the assistance of their mortgage broker, the Borrower plans to get an SBA loan within that time to pay us off. This hard money loan was funded in June 2021.