South Carolina rentals bought a few years ago in the Upstate, the Midlands and along the coast have often built meaningful equity. A DSCR cash-out refinance lets you pull some of it out for the next purchase while the property keeps paying for itself.
In short: Our top pick for a DSCR cash-out refinance in South Carolina is LendingStreet. We qualify on the rental's income with no W-2s or tax returns, allow cash-out up to 75% LTV, lend to LLCs and offer 30-year terms in every county. Because South Carolina taxes rentals at a higher assessment ratio than a primary home, we run the ratio on your real tax bill before you commit.
For South Carolina investors who want cash out of a rental without proving personal income, our top pick is LendingStreet. The loan is a business-purpose DSCR refinance that looks at what the property earns, so there are no W-2s or tax returns, your LLC can be the borrower and a 30-year term is available.
You can borrow up to 75% of appraised value on a cash-out, starting at $150,000 with no stated maximum. The standard DSCR minimum is 1.0x, sub-1.0 programs are available for some files, and the minimum credit score is 620. It fits investors in Greenville, Spartanburg, Columbia, Charleston, Myrtle Beach and the Charlotte-area towns of York County.
To see your numbers, get a quote with the form below or call (877) 298-1001.
Well-known DSCR cash-out refinance lenders include CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital. Compared scenario by scenario for investors in South Carolina, LendingStreet comes out as the stronger choice, and one application covers it.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| Rental loan above $2M | LendingStreet | Our DSCR loans have no stated maximum. LendingOne states DSCR loans up to $2,000,000 and RCN Capital states long-term rental loans up to $1.5M. |
| Credit score in the 620s | LendingStreet | Our DSCR minimum is 620. RCN Capital and New Silver state 660 minimums, and Dominion Financial states 680, with exceptions to 660. |
| 5-8 unit building | LendingStreet | We treat 1-8 units as residential DSCR. Lima One and CoreVest state 1-4 unit eligibility for their rental loans. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
When South Carolina investors shop a cash-out, the alternatives are usually a bank or credit union, a hard money lender or a private lender they know. Here is how those types generally line up against LendingStreet on what matters for a long-term rental.
| What investors need | LendingStreet | Typical local bank | Typical private lender |
|---|---|---|---|
| How you qualify | On the property's rent; no W-2s or tax returns | Often requires tax returns and W-2s | Varies by individual |
| Borrowing in an LLC | Standard | Varies; some prefer personal names | Varies |
| Cash-out leverage | Up to 75% LTV | Varies by bank policy | Varies |
| Loan term | 30-year terms available | Often shorter terms or balloons | Often short-term |
| Growing past a few rentals | Not tied to personal debt-to-income | Often limited by debt-to-income | Limited by one person's capital |
| Where they lend | All 50 states and DC | Usually a local footprint | Usually local |
In the Upstate, Greenville, Spartanburg, Greer, Simpsonville and Anderson have drawn steady rental demand from manufacturing and healthcare jobs. Columbia offers a mix of student housing near the university, government workers and military families tied to Fort Jackson.
On the coast, Charleston, Summerville, Mount Pleasant and North Charleston carry higher values, while Myrtle Beach and the Grand Strand combine year-round rentals with vacation homes. Rock Hill, Fort Mill and Lake Wylie sit inside the Charlotte commuter belt and lease to households working across the state line.
Each region has its own price levels and insurance picture, so the same cash-out amount can produce a very different ratio in Greenville than in Mount Pleasant.
South Carolina assesses a legal residence at 4% of value but most other residential property, including rentals, at 6%. That higher assessment ratio means a rental's tax bill is noticeably larger than a primary home with the same value. If you bought from an owner-occupant, check that your current bill reflects the rental classification before you estimate DSCR.
Real estate closings in South Carolina are conducted under the supervision of a licensed attorney, so attorney fees are part of the closing cost. The state deed recording fee applies to transfers, not refinances, but recording fees and lender's title insurance still apply.
This example is illustrative and not a quote. An investor owns a three-bedroom Greenville rental that appraises at $360,000 and leases for $2,350 a month. The current loan balance is $170,000. Taxes at the 6% assessment ratio are about $245 a month and insurance is $175.
At 75% LTV the new loan is $270,000. After paying off the old loan, the investor has about $100,000 before closing costs. Estimated principal and interest is about $1,842, the total payment is about $2,262 and DSCR is about 1.04x, just above the 1.0x standard minimum.
Stepping down to 70% LTV gives a $252,000 loan, about $82,000 in cash and a DSCR of about 1.10x. Many owners pick the middle ground that leaves a little cushion.
| Item | At 75% LTV | At 70% LTV |
|---|---|---|
| Appraised value | $360,000 | $360,000 |
| New loan amount | $270,000 | $252,000 |
| Existing loan paid off | $170,000 | $170,000 |
| Cash out before closing costs | $100,000 | $82,000 |
| Estimated principal and interest | $1,842 | $1,719 |
| Property taxes | $245 | $245 |
| Insurance | $175 | $175 |
| Total monthly payment | $2,262 | $2,139 |
| DSCR at $2,350 rent | About 1.04x | About 1.10x |
Some programs can qualify a cash-out on projected short-term rental revenue instead of a long-term lease. Whether that works depends on local rules. Charleston regulates short-term rentals closely, with permit and zoning limits in many neighborhoods, while the Grand Strand, Hilton Head and other beach towns allow them in more areas under business license and accommodations tax rules.
HOAs in coastal communities often set their own limits. Check with the city or county and your HOA before relying on nightly income, and if a property cannot legally operate that way, we will qualify it on long-term rent.
How soon you can pull cash out depends on the program. Some cap the loan at your original purchase price plus documented improvements until a seasoning period passes; others can rely on today's appraised value earlier. Seasoning varies by program, so send the purchase date and any rehab receipts and we will match you to the right option.
South Carolina investors who bought during a fast-rising stretch sometimes want to refinance quickly. If you renovated, document the work so the appraisal and seasoning rules can account for it.
Before you pick a lender, put the same short list of questions to each one:
And here is how we answer them.
| Question | LendingStreet's answer |
|---|---|
| Maximum cash-out LTV | Up to 75%; can be lower on 5-8 units and larger balances (varies by program) |
| DSCR minimum | 1.0x standard; sub-1.0 programs exist |
| Seasoning | Varies by program; we confirm it up front |
| LLC borrowers | Standard |
| Closing timeline | Set by the appraisal, title and your documents; we give you a realistic date early |
| Large balances | From $150,000 with no stated maximum; larger loans get more review |
Pull these together and you can move quickly. When you are ready, use the form below or call (877) 298-1001 and we will price the refinance.
We think it is LendingStreet. The refinance qualifies on rent rather than personal income, reaches 75% LTV on cash-out, works with LLC borrowers and is available statewide in South Carolina with 30-year terms.
Yes. Taxes are part of the monthly payment, so a higher rental tax bill lowers DSCR. Use your actual bill at the rental classification when you estimate.
South Carolina closings are handled under a licensed attorney's supervision, so plan for attorney fees as part of the closing cost.
Often, yes. Some programs qualify on projected short-term revenue, but permits, zoning and HOA rules must allow nightly rentals. Confirm locally first.
Yes. We lend throughout South Carolina and in all 50 states and DC, as long as the property is a non-owner-occupied 1-8 unit rental and the loan is at least $150,000.
They raise the payment and lower the ratio. Get the full premium and deductible before you set a cash-out target.
Yes. Rock Hill, Fort Mill and the rest of York County are part of our South Carolina lending area.
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