A Grand Strand vacation rental bought in February can be booked for the summer. The same property bought in July has already missed most of its best weeks. Bridge financing is how investors close fast enough to catch the season.
In short: LendingStreet offers residential investor bridge loans on 1 to 8 unit properties across the Myrtle Beach area from $150,000 to $5M+, with rates from 7.99%. Loans can close in as little as 10 days, some bridge programs require no appraisal, and they are short-term and interest-only. Most investors exit by selling or refinancing into a DSCR loan.
Bridge loans solve timing problems. Typical cases on the Grand Strand are a beach house that needs furniture and light updates before it can be listed on rental platforms, an estate sale or out-of-state seller who wants a fast close, a property that is vacant or has no rental history yet, and an investor buying a new rental before an existing one sells.
A long-term DSCR loan wants a property that already works. A bridge loan lets you close first, fix the issue and then move into permanent financing once the rent or revenue is in place.
Speed matters more here than in many inland markets. Well-located beach houses that come up in winter often draw several offers from investors who want them ready by Easter, and a buyer who can close in two weeks without waiting on a full appraisal can win at a fair price rather than the highest one.
Different parts of the Strand create different short-term needs. The table summarizes what we see most often.
| Area | Typical bridge use | Usual exit |
|---|---|---|
| North Myrtle Beach (Cherry Grove, Windy Hill) | Beach houses needing refresh before the season | STR DSCR refinance |
| Garden City and Surfside Beach | Older beach homes bought from estates | Sale or DSCR refinance |
| Carolina Forest and Socastee | Vacant homes between tenants | Long-term DSCR refinance |
| Conway | Small multi-unit with low occupancy | DSCR refinance once leased |
| Murrells Inlet | Buy before you sell another rental | Sale of the other property |
This example is illustrative and not a quote. An investor buys a Garden City beach house in a location where nightly rentals are permitted for $520,000. The bridge loan is 75% of the price, $390,000, interest-only, with an estimated payment of about $3,250 a month. The investor spends cash on furniture and cosmetic updates and starts taking bookings for spring and summer.
After about eight months, with an updated appraisal of $575,000 and a third-party revenue projection, the investor refinances into a 30-year STR DSCR loan of $400,000, about 70% LTV. That pays off the bridge balance and covers closing costs. Bridge interest over the eight months is estimated at about $26,000, which belongs in the project budget from day one.
| Item | Bridge loan | STR DSCR refinance |
|---|---|---|
| Property value used | $520,000 purchase | $575,000 appraisal |
| Loan amount | $390,000 | $400,000 |
| Payment type | Interest-only | Principal and interest, 30 years |
| Estimated monthly debt payment | $3,250 | $2,729 |
| Taxes and insurance | Paid from cash during the hold | $850 a month |
| Monthly qualifying revenue | Not required | $4,400 |
| DSCR | Not required | About 1.23x |
The exit only works if nightly rentals are legal at the address. The City of Myrtle Beach restricts short-term rentals in many single-family neighborhoods and allows them mainly in designated zones. North Myrtle Beach, Surfside Beach, Georgetown County areas such as Garden City and Murrells Inlet, and unincorporated Horry County each have their own rules, and HOAs may add more.
Confirm zoning, business license and accommodations tax requirements with the city or county, and read the HOA covenants, before you close. If nightly rentals are not allowed, plan a long-term lease exit and size the bridge loan to that rent instead.
During the bridge term you carry interest, property taxes at the 6% assessment ratio for a non-owner-occupied home, and insurance that may include a separate wind policy and flood coverage. Vacant homes can be harder to insure, so ask about a vacancy policy early. Our bridge loan cost calculator helps you total these before you make an offer.
Furnishing a large beach house is a real line item. Beds, linens, kitchen supplies, outdoor furniture and smart locks for a four- or five-bedroom home can add up quickly, and they are paid in cash, not from the bridge loan. Add a professional photo shoot and listing setup, and the first bookings may be several weeks after closing.
Some Grand Strand investors trade up, for example selling an inland duplex to buy a beach house. A bridge loan lets you close on the new property now and pay it down when the other sale closes. Our buy-before-you-sell guide covers how that works.
The math is simple but the timing is not. Grand Strand sales can take longer in the fall and winter, so size the bridge term with room to spare, and know what happens if the other property takes longer to sell than planned. Carrying two properties through a slow season is the main risk.
Ocean Boulevard is lined with condo towers, and some operate as condo-hotels with front desks and rental programs. Some bridge and DSCR programs do not finance condo-hotel units, so make sure your exit lender will take the building before you rely on a bridge loan to buy one.
If an oceanfront condo is the target, ask early for the association's budget, reserve study, insurance summary and any pending special assessments. Coastal towers face large costs for balcony, roof and seawall work, and an assessment announced during your bridge term can change both the resale value and the refinance.
Send the address, price, condition, planned work and your exit. We will tell you whether a no-appraisal bridge program fits, how much we can lend and what the refinance will need. Use the form below or call (877) 298-1001. See our South Carolina bridge loan page for statewide context and our bridge-to-DSCR guide for the refinance step.
Have your exit lender's requirements in hand before you close the bridge. Knowing what the DSCR refinance will need, such as leases or booking history, an appraisal and insurance, keeps the bridge term short and the interest cost down.
In as little as 10 days with a complete file. South Carolina closings use an attorney, so schedule closing counsel early.
Rates start from 7.99%. Your terms depend on leverage, property type, experience and the exit plan.
Not always. Some bridge programs require no appraisal. The DSCR refinance that follows will generally need one.
Yes, on 1 to 8 unit investment properties. Confirm that nightly rentals are allowed at the address before relying on an STR refinance.
Bridge loans are short-term and interest-only. Most investors plan to sell or refinance within months, not years.
Yes. Vacant and unstabilized properties are a common bridge use, with a plan to lease or sell.
You may need a lower refinance amount or a long-term lease exit. Our low projection guide explains the options.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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