Who are the Top Hard Money Lenders in South Carolina?
Finding the top hard money lenders in South Carolina is important to your real estate investing career. Whether you’re new to real estate or are an experienced investor, your hard money loans can end up costing you thousands of dollars if you don’t choose wisely. A bad hard money loan can set you back thousands and thousands of dollars. On the flip side, hard money loans can offer the financing you need to make a deal possible. South Carolina hard money lenders can give you the buying power you need to make your deal happen.
We could find very many South Carolina based hard money lenders that looked legitamate. There are always many national lenders to look at though. The median note issued ranged quite a bit, from 100k-300k. Interest rates on private loans issued to SC borrowers average 8-15%. The average term offered for notes is 6-12 months. The average origination percentage charged on the loans is 2-4%. The top hard money Lenders in South Carolina average a 70-75% LTV on their deals.
Here’s our short list of the top 5 Best Hard Money Lenders in 2020 South Carolina:
- Carolina Capital
- Lima One Capital
- Bridgewell Capital
- LendingOne
- Rehab Wallet
The 5 Top Hard Money Lenders in South Carolina in 2020
1. Carolina Capital
Carolina Capital is a local South Carolina hard money lender. They offer an impressive range of private money loans for real estate investors with fast closings in as little as 10 days.
Here is a summary of their offerings:
- Single Family Residential Fix & Flip Loans – We currently finance up to 90% of the purchase and 100% of the rehab costs up to 65% of the ARV, 3-3.5 points, rates starting at 10.99% and 6 month term with interest only payments. No pre-payment penalties!
- New Construction Single Family Loans – Up to 85% Loan to Cost and maxiumum 65% ARV, 3-3.5 points, rates starting at 10.99% and 12 month term with interest only payments. No pre-payment penalties!
- Commercial Property Loans – Up to 75% LTV, 3-5 points, rates starting at 8.00% and terms up to 24 months with interest only payments. No pre-payment penalties!
2. Lima One Capital
Lima One Capital offers a wide variety of fix and flip (FixNFlip) rehab loans for the real estate investor looking to purchase and rehab an investment property. Their full offering of FixNFlip, Construction, Cash Out, and bridge lending programs provide investors the ability to capitalize on the fantastic real estate opportunities that exist across our entire lending area. At Lima One Capital, they have a passion for real estate and providing the best financing solutions for real estate investors across the country as they pursue their real estate investing goals.
3. Bridgewell Capital
Bridgewell Capital is a national hard money lender. They offer hard money loans in South Carolina for the full spectrum of projects including fix and flip, rental, new construction and more. They aren’t South Carolina based, but they’re a reputable national lender.
Here are some of their terms:
- Up to 100% of rehab costs
- Up to 75% ARV
- Closings in 10 days
- Damaged Credit Okay
- No interest on undrawn rehab funds
- No pre-payment penalty
4. LendingOne
LendingOne is another national hard money lender. They offer hard money loans in South Carolina for many types of projects including fix and flip, rental, new construction and more. They aren’t South Carolina based, but they’re a reputable national lender.
Here are some of their terms:
- Up to 80% LTV
- Bridge Financing up to 12 Months
- Minimum Loan Amounts $75K
- Rates from 10-15%
#5. Rehab Wallet
Rehab Wallet is a top hard money lender in South Carolina. They provide small balance loan solutions to residential investors and developers. Headquartered in South Carolina, Rehab Wallet is led by a management team with decades of real estate experience.
Best Hard Money Lenders South Carolina FAQ
Who is the top hard money lender in South Carolina?
Here’s our short list of the top 5 Best Hard Money Lenders in South Carolina:
- Carolina Capital
- Lima One Capital
- Bridgewell Capital
- LendingOne
- Rehab Wallet
What do South Carolina hard money lenders charge?
Hard money loan rates in South Carolina range from 8 percent to 15 percent for most fix and flip and shorter term loans. Many hard money lenders in South Carolina also charge points or origination fees on a loan that range from 1-4 percent.
Do Hard Money Lenders in South Carolina require appraisals?
With most hard money lenders in South Carolina, the loan to value (LTV) is determined through an appraisal or a broker opinion of value.
What is hard money in South Carolina?
Hard money loans in South Carolina are loans secured by real estate used to purchase or rehab that piece of property.
These shorter term loans are used to purchase and/or rehab residential or commercial properties. They’re usually more expensive than traditional loans but can be closed faster and oftentimes with less credit requirements.
