Greenville has been one of the Southeast's fastest-appreciating mid-size markets, and Upstate landlords who bought a few years ago often have substantial equity. A DSCR cash-out refinance taps it using rent, not your tax returns.
In short: Yes. LendingStreet refinances Greenville investment properties with cash out up to 75% LTV, qualifying on rent instead of tax returns, with loans from $150,000 and a 620 minimum credit score. The rent must cover principal, interest, taxes, insurance and HOA dues at the program minimum. In Greenville the line to watch is property tax: South Carolina taxes rental homes at a 6% assessment ratio instead of the 4% ratio owner-occupants get, and that higher bill sits inside your DSCR payment.
The idea is simple: the appraiser sets today's value, the lender lends up to 75% of it on a cash-out, your old loan is paid off and the rest is yours, before closing costs. Credit needs to be 620 or higher, and the property must be a non-owner-occupied rental with one to eight units.
What decides the amount is the debt service coverage ratio. The rent, from a lease or the appraiser's market rent estimate, is divided by the full new payment including taxes, insurance and any HOA. Because the cash-out raises the payment, run the ratio on the new loan, not the old one.
Close to downtown, the Augusta Road area, North Main, the West End and Overbrook hold older bungalows and cottages that have appreciated quickly as the city center has grown. Nicholtown and the neighborhoods east of downtown have seen heavy renovation activity, which is where many investors bought, rehabbed and are now looking to refinance.
The suburban rental market spreads into Simpsonville, Mauldin, Greer, Taylors and Easley, where newer three- and four-bedroom homes rent to families tied to employers like BMW's Spartanburg-area plant, Michelin and the regional hospital systems. Travelers Rest, near the Swamp Rabbit Trail, adds some short-term and mid-term rental demand.
South Carolina assesses an owner's legal residence at a 4% assessment ratio, but rental and second-home property is assessed at 6%. On the same value, a rental's tax bill can be far higher than the neighbor's owner-occupied house, so do not estimate taxes from a listing that shows a homestead bill.
Counties reassess about every five years, and increases in assessed value are generally capped at 15% per reassessment unless the property changes hands, which can trigger a new value. Use your actual current bill in the DSCR calculation.
South Carolina's deed recording fee is charged on transfers, so a refinance generally does not trigger it, but you still pay title insurance, recording, the appraisal and lender costs. South Carolina is an attorney-closing state. Upstate insurance is usually more moderate than the coast, but roof age and hail exposure can raise quotes, so get a fresh one.
The City of Greenville has adopted short-term rental rules that require a permit and limit non-owner-occupied STRs in some residential zones, and Greenville County has its own requirements outside city limits. If your cash-out relies on nightly or projected short-term income, confirm the property's zoning and permit status first.
Long-term rentals face fewer local hurdles, but HOA restrictions are common in newer suburban subdivisions, and some prohibit leasing for a period after purchase or ban short-term stays. Have the HOA covenants handy if the property is in one.
This example is illustrative and not a quote. An investor owns a newer four-bedroom house in Mauldin leased to a family, with taxes billed at the 6% assessment ratio. The property appraises at $340,000, the existing loan balance is $150,000, and taxes and insurance run about $430 a month against total rent of $2,350.
At 75% LTV the new loan is $255,000. Paying off $150,000 leaves about $105,000 before closing costs. Estimated principal and interest on a 30-year schedule is about $1,783, so the full payment is about $2,213 and the DSCR is about 1.06x, above the 1.0x standard minimum. If the tax bill had been estimated at the owner-occupied level by mistake and corrected, adding $90 a month, the ratio would fall to about 1.02x, still above the minimum.
| Item | Amount |
|---|---|
| Appraised value | $340,000 |
| Maximum loan at 75% LTV | $255,000 |
| Existing loan payoff | $150,000 |
| Cash before closing costs | $105,000 |
| Estimated principal and interest | About $1,783 |
| Taxes and insurance | $430 |
| Total monthly payment | About $2,213 |
| DSCR at $2,350 rent | About 1.06x |
Many Greenville investors pull cash from an in-town bungalow to fund a down payment in the suburbs, where prices per square foot are lower. If you plan to buy again, line up the cash-out first so the funds are seasoned in your account when you apply for the next loan.
Two limits apply at once: 75% of the appraised value, and the loan the rent can support at the program minimum. Whichever is lower sets the cash. On two- to four-unit properties, the combined rent of all units counts, and on 5-8 unit buildings max LTV can be lower, so it varies by program. If the ratio falls short, programs below 1.0x exist, or a rate-and-term refinance may fit better.
Seasoning also matters. Some programs allow a cash-out soon after purchase, while others want several months of ownership or cap the loan at purchase price plus documented improvements. For rules that apply statewide, see our South Carolina cash-out page.
A complete file usually closes faster and with fewer surprises.
Yes. Our investor loans are business-purpose loans on non-owner-occupied property. In Greenville we finance cash-out refinances on 1-8 unit rentals up to 75% LTV, with loans from $150,000.
South Carolina assesses rental property at a 6% assessment ratio, compared with 4% for a primary residence. The higher bill is part of the DSCR payment, so use the actual rental tax figure.
Possibly, if the city or county permits it at that address. Some STR programs qualify on projected revenue, but the permit and zoning need to be in place.
A refinance where you keep title generally is not a transfer. Reassessment is typically triggered by a sale or other change in ownership, but confirm with the county assessor.
No. The loan qualifies on the property's rent. You still need a 620 or higher credit score, reserves and LLC documents if the property is held in an entity.
Seasoning varies by program. Some allow a cash-out shortly after purchase; others want several months of ownership or limit the loan to cost plus documented improvements.
You can take a smaller loan that the rent covers, look at programs that allow a ratio below 1.0x, or compare a rate-and-term refinance.
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