South Carolina Hard Money Lenders
Need a hard money loan secured by real estate in South Carolina? This page has a list of direct hard money lenders that offer quick funding for a South Carolina property purchase, refinance, fix & flip, rehab & rent, ground-up construction, and equity cash out in 1st lien position. Hard Money lending is only for investment properties, not for homesteads. The loans are mainly based on equity in the subject property. For most lenders, the maximum LTV is typically 70% for a purchase and 65% for an equity cash out loan. Scroll to see the list of lenders.Searching...
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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
RBI Private Lending
Direct lender, specialized in Bridge, Fix and Flip and Construction. FN and new investors welcome.
South Carolina Hard Money Interest Rates
According to the hard money loan documents software company, Lightning Docs, the average interest rate for South Carolina hard money loans in the 1st quarter of 2024 was 11.60%. The average loan amount was $316,020. These stats are the average of 75 short-term loans (including bridge, rehab, and ground-up construction) funded for properties in South Carolina between January 1, 2024 and March 31, 2024 by multiple hard money lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for South Carolina hard money loans in the 1st quarter of 2024 was 10.88%. Lenders charged an average of 2.3% points (origination fee). The average LTV (loan-to-value) for hard money loans in South Carolina was 64%, and the average loan amount was $207,270. These stats are the average of all the loans which were funded between January 1, 2024 and March 31, 2024 by the many hard money lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Top 10 South Carolina Hard Money Lenders
According to Forecasaâ„¢, here are the Top 10 Hard Money Lenders ranked by the number of loans originated in South Carolina in the last 12 months from March 2024.
- Kiavi
- Lima One Capital LLC
- Pic Fund I LLC (Rehabwallet)
- American Heritage Lending LLC
- Upright
- RCN Capital LLC
- Asset Based Lending LLC
- Hank Reardon Realty LLC
- Dominion Financial Services LLC
- Coastal Equity Group LLC
Forecasaâ„¢ provides analytics data for South Carolina hard money lending on a quarterly basis. You’ll find their top lenders data for many other states on our platform.
Hard Money Loan Transactions in South Carolina
Hard Money Loan for Convenience Store Purchase in Charleston, South Carolina
$350,000
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.