I Fund Cities, an alternative lending platform, funded a $1,134,920 senior lien position ground-up construction loan for a single-family home in Greenville, South Carolina. The land purchase price was $200,000, and we funded 100% of the $1,134,290 construction budget. The completed value was $2,362,000 so our loan-to-completed value was 48%. In this case, loan officer Erik Eichinger was following this successful Greenville Developer on Instagram and he fostered a connection between the two of them. Erik found that the Developer’s private money capital was tied up amongst other projects and they needed additional funds for their new construction projects. We were able to blend the private capital to take down the land and give this Builder 100% of their construction costs. Using the Developer’s private money, along with our funding, they could scale to meet their vision. The Borrower appreciated what we could add to his company’s already successful approach. He plans to sell the property upon completion of the construction. The loan term was set at 12 months. This SFR ground-up construction loan was funded in July 2023.
South Carolina Construction Lenders for Residential Properties
Are you building a residential investment property in South Carolina? On this page you'll find a list of private construction lenders for ground-up projects throughout South Carolina's urban areas. The maximum loan-to-completed value (LTCV) for most lenders in South Carolina is 70%. You typically need to contribute 20%-25% of the project costs and have some cash reserves. Development experience is almost always required. Most lenders will require the project to be fully entitled and shovel ready. A small percentage of lenders will consider land acquisition and/or horizontal financing. The lenders listed here can fund a single home build, or a development with multiple homes. We have a separate page for lenders that offer ground-up construction financing for commercial properties.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.
Funded Ground-Up Construction Loans in South Carolina
Ground-Up Construction Loan for SFR in Simpsonville, South Carolina
$348,120
Lima One Capital, a lender for residential real estate investors, funded a $348,120 1st lien position ground-up construction loan for a single-family home in Simpsonville, South Carolina. We funded 90% of the $359,563 construction budget, while the Builder contributed 10% cash at closing. The completed value was estimated at $514,000 so our loan-to-completed value was 67.7%. The Builder completed the project in just six months and put the home on the market, and sold the home at a premium of $658,000–nearly $150,000 over the appraised value. Lima One’s in-house construction draw team helped keep the project moving quickly, allowing the Builder to achieve a highly successful exit quickly. The result is more than $200,000 in profit for the Builder, along with a thrilled homebuyer. The subject property is approximately 0.59 acres. The loan term was set at 13 months. This SFR ground-up construction loan was funded in October 2022 and paid off when the home was sold in July 2023.Â