SC Market
Bridge, Flip & Construction
Loans in South Carolina
Bridge, fix & flip, construction, renovation and DSCR loans for investors buying in South Carolina, from the US or abroad, on the same terms. $1M to $5M. Foreign nationals welcome.
South Carolina is a market for renovation on the historic coast and for spec construction and build-to-rent in the growing suburbs. Passy Capital finances real estate investors who buy, renovate and build residential investment property in Charleston and across the state: bridge loans, fix & flip loans and ground-up construction loans from $1M to $5M, with renovation and DSCR financing for the hold.
In Charleston, older houses and small multi-unit buildings on the peninsula are renovated under historic-district review, while builders put up spec homes, townhomes and build-to-rent communities in North Charleston, Summerville and the towns around them. Every South Carolina loan closes under the supervision of a South Carolina attorney, and on the coast flood and windstorm coverage are part of the underwriting from the first conversation.
We lend to South Carolina operators and to investors buying from abroad on the same terms. A non-US investor borrows through a US LLC with no US credit history required. Term sheets go out in 24-48 hours and a clean file closes in about two weeks. Business-purpose lending only, on non-owner-occupied property. Larger commercial deals are placed through our capital-partner network.
South Carolina Market Highlights
Coastal Renovation
Older houses and small multi-unit buildings in Charleston's historic districts, renovated with purchase and work funded in one loan up to 90% of cost.
Spec and Build-to-Rent
Suburban growth around Charleston and elsewhere in the state supports spec homes and build-to-rent, financed up to 85% of cost.
Judicial Foreclosure
Foreclosure runs through the courts, usually before a master-in-equity, so leverage and exit are underwritten carefully.
Attorney Closings
Closings are conducted by or under a South Carolina licensed attorney, as required by the state Supreme Court.
6% Investor Assessment
Rentals and investment houses are assessed at 6% of value, against 4% for a legal residence (S.C. Code 12-43-220).
Same Terms From Abroad
Foreign nationals borrow through a US LLC with no US credit history and no foreign-national premium.
Cities We Serve
Charleston
North Charleston
Mount Pleasant
Summerville
James Island
Johns Island
Goose Creek
Greenville
Columbia
Myrtle Beach
Bluffton
Fort Mill
Property Types We Finance
Single-Family
2-4 Units
Condos & Townhomes
Small Multifamily (5-9)
Spec Homes
Build-to-Rent
SFR Portfolios
Renovation Projects
Loan Programs
Bridge Loans
Buy, refinance or cash out an investment property, closing in about two weeks.
Construction
Ground-up spec homes and build-to-rent, with draws tied to milestones.
Renovation / Rehab
Rehab financing on 1-4 unit and small multifamily, drawn against completed work.
Fix & Flip
Purchase and rehab in one loan for 1-4 unit flips, closing in about two weeks.
DSCR / Rental
Long-term rental financing based on property cash flow.
Other US Markets
We finance investment property for US and foreign investors in other markets too.
FL
Florida →
No-tax growth market, Miami, Orlando, Tampa
TX
Texas →
Population boom, Dallas, Houston, Austin
CA
California →
Spec builds and flips, Los Angeles, Bay Area, San Diego
NY
New York →
1-4 unit and small multifamily, NYC, Brooklyn, Long Island
AZ
Arizona →
Flips and build-to-rent, Phoenix, Scottsdale, Tucson
GA
Georgia →
Flips and spec builds, Atlanta metro
TN
Tennessee →
Build-to-rent and rentals, Nashville, Memphis
NC
North Carolina →
Spec builds and flips, Charlotte, Raleigh
CO
Colorado →
Flips, infill and rentals, Denver metro
IL
Illinois →
Two-flats, flips and rentals, Chicago
OH
Ohio →
Flips and buy-and-hold, Columbus
WA
Washington →
Infill and middle housing, Seattle
VA
Virginia →
Flips and rentals, Richmond
MT
Montana →
Higher-price builds and rentals, Bozeman
NJ
New Jersey →
Flips and small multifamily, Jersey City, Newark
PA
Pennsylvania →
Rehabs and flips, Philadelphia, Pittsburgh
MO
Missouri →
Flips and rentals, St. Louis, Kansas City
Have a deal in South Carolina?
Submit your deal in 2 minutes. We'll review it and get back to you within 24 hours with financing options.
Submit a DealWhat is specific about lending in South Carolina
- Judicial foreclosure. South Carolina foreclosures go through the courts. The lender files suit, and in most counties the case is referred to a master-in-equity, who orders the sale. Enforcement takes longer than in power-of-sale states, which is one reason lenders look closely at leverage and the exit on South Carolina loans.
- Attorney-supervised closings. The South Carolina Supreme Court requires the title search, the closing documents, the closing itself, the disbursement and the recording to be handled by a South Carolina licensed attorney or under one's direct supervision. A loan closed without that supervision can lose access to foreclosure as a remedy (Matrix Financial Services v. Frazer), so every South Carolina loan we make closes through a South Carolina closing attorney. Choose that attorney early: it sets the pace of the closing.
- Investment property taxed at the 6% ratio. Under S.C. Code 12-43-220, an owner's legal residence is assessed at 4% of value, while rentals and other investment houses are assessed at 6%. Underwrite every hold and DSCR exit on the 6% ratio.
- Deed recording fee. A deed recording fee of $1.85 per $500 of value ($1.30 state and $0.55 county, S.C. Code 12-24-10) is due when the deed is recorded.
- Withholding when a nonresident sells. Under S.C. Code 12-8-580, a buyer must withhold South Carolina income tax from the proceeds when the seller is a nonresident, unless an exemption applies. An investor based outside the state, or outside the US, should plan for it in the exit and talk to the closing attorney and a tax adviser about the affidavit that limits withholding to the gain.
- Flood and wind on the coast. Much of the coast, Charleston included, is low-lying and exposed to hurricanes. Flood zone, elevation and windstorm insurance cost are checked on every coastal deal, because they affect the build budget, the rent and the DSCR.
Buying in South Carolina from outside the US:
Frequently asked questions
What do you finance in South Carolina?
Bridge loans, fix & flip loans and ground-up construction loans for spec homes, townhomes and build-to-rent, plus renovation loans and DSCR loans as the hold or exit. Property types are single-family, 2-4 units, condos and townhomes, small multifamily up to 9 units, build-to-rent and SFR portfolios. Loans run from $1M to $5M, business-purpose only.
How much leverage is available on a South Carolina flip or build?
Up to 90% of cost on fix & flip and renovation, up to 85% of cost on ground-up construction, and up to 80% of value on bridge and DSCR loans. The fee is 1-2% of the loan, paid at closing, with no upfront fees.
Do I need an attorney to close in South Carolina?
Yes. The South Carolina Supreme Court requires real estate and loan closings to be conducted by a licensed South Carolina attorney or under one's supervision. Every loan we make in the state closes through a South Carolina closing attorney.
Can a foreign national finance South Carolina investment property?
Yes. The loan is made to your US LLC and underwritten on the property and the business plan, not on a US credit history, so a non-resident borrows on the same terms as a US investor. Because the closing runs under an attorney's supervision, agree early with the closing attorney how the documents will be signed from abroad.
Is South Carolina a judicial or non-judicial foreclosure state?
Judicial. The lender files a foreclosure action in court, and the sale is ordered by a master-in-equity or special referee in most counties.
South Carolina City Guides
Bridge, fix & flip and construction financing in each South Carolina market we cover.