Augusta's small apartment buildings are spread between older neighborhoods near the medical district and newer suburbs in Columbia County. Steady demand from the hospitals and Fort Gordon, plus moderate prices, make five to eight unit buildings a practical step up from single-family rentals.
In short: Yes, LendingStreet finances 5 to 8 unit rental buildings in Augusta with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x and maximum LTV on 5-8 units varies by program. In Augusta, the key items are which county the building sits in, Georgia's intangible tax on new mortgages and how military and hospital turnover affects your rent roll.
Inside Augusta-Richmond County, small buildings cluster in Summerville (the Hill), Harrisburg, Olde Town and the blocks near the medical district and Augusta University. Many are older brick walk-ups or large houses converted into apartments.
Columbia County, including Evans, Martinez and Grovetown, has newer housing, and some small buildings and fourplex clusters closer to Fort Gordon. North Augusta, across the river in South Carolina, follows South Carolina rules instead.
| Area | Typical building | What to check |
|---|---|---|
| Summerville, medical district | Older walk-ups and conversions | Building age, parking, hospital demand |
| Harrisburg, Olde Town | Older conversions | Renovation quality, security, code status |
| Martinez, Grovetown, Evans | Newer small buildings | Columbia County taxes, military turnover |
Lenders treat one to four units and five to eight units a little differently. Both are residential on our programs, but a five to eight unit building has more rent to verify, a larger insurance policy and usually a different appraisal approach that leans on the building's income and comparable small-building sales in Augusta.
The core terms are the same: qualify on rent with a 1.0x standard minimum DSCR (sub-1.0 programs exist), 620 minimum credit, no W-2s or tax returns, LLC borrowers welcome and loans from $150,000 with no stated maximum. Maximum LTV can be lower on five to eight units than on a fourplex, and it varies by program.
The rent on each unit is added together, so one strong unit can offset a weaker one, but every unit's lease or market rent still has to be documented. If the building is not yet stabilized, a bridge loan can carry it through renovation and lease-up before a DSCR refinance.
Georgia assesses property at 40% of fair market value, and investors do not receive homestead exemptions. Richmond and Columbia counties have different millage rates, so the same building can carry a different tax bill depending on which side of the county line it sits.
Georgia's transfer tax is $1 per $1,000 of value, and new mortgages carry an intangible recording tax of $1.50 per $500 of loan amount. Both are part of closing costs.
Check with Augusta-Richmond County or Columbia County for rental and code requirements before closing. Confirm the legal unit count, especially for older houses that were divided into apartments.
Military tenants at Fort Gordon move on orders, and many leases include a military clause. That is normal here, but it means turnover planning matters more than in some markets.
This example is illustrative and not a quote. Take a 6-unit brick walk-up in Summerville under contract at $620,000, with average rent of $950 per unit, or $5,700 a month in total. Monthly taxes are estimated at $600 and insurance at $330.
At 75% LTV the loan is $465,000, estimated principal and interest is about $3,251 and the total payment is about $4,181, for a DSCR of about 1.36x. At 70% LTV the loan drops to $434,000, the total payment to about $3,965 and the DSCR rises to about 1.44x. Moderate prices give this building room in the ratio even at 75% LTV.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $465,000 | $434,000 |
| Gross monthly rent | $5,700 | $5,700 |
| Estimated principal and interest | $3,251 | $3,035 |
| Property taxes | $600 | $600 |
| Insurance | $330 | $330 |
| Total monthly payment | $4,181 | $3,965 |
| DSCR | About 1.36x | About 1.44x |
Underwriting adds up the rent on each unit, then checks it against what the appraiser says the market supports. If several units are leased well below market, or the seller cannot produce leases, the figure used for the ratio may be lower than the asking-price math assumed.
Ask for signed leases, a unit-by-unit rent roll and a few months of deposits before you finalize your offer, so the income you are paying for is the income the file can use.
Augusta's older buildings often have aging roofs, original windows and outdated electrical. Insurers will ask, and a real quote should go into your numbers.
Low-lying areas near the Savannah River and Rae's Creek can be in flood zones. Check the FEMA map early.
The medical district, with Augusta University and several hospitals, Fort Gordon and the Army Cyber Command presence, and employers along the Savannah River corridor give Augusta a steady base of renters.
Prices are moderate compared with Atlanta, so many Augusta five to eight unit files land between $400,000 and $800,000, with ratios that often clear 1.0x at 70% to 75% LTV.
Each April, Masters week brings very high short-term rents around Augusta. That one week of income is not a stable rent figure, so DSCR underwriting uses the building's regular long-term rents instead.
A complete package gets a faster and clearer answer. Have these ready before you call (877) 298-1001 or use the form below.
LendingStreet underwrites small buildings on their rent, not your tax returns. Our investor loans are business-purpose loans on non-owner-occupied property. Send what you have and we will tell you plainly what leverage the building supports.
Millage rates differ by county and change over time. Look up the current rates for the specific address.
No, standard leases with military clauses are common. The loan qualifies on the rent.
Yes. North Augusta is in South Carolina, so South Carolina rules and taxes apply.
Not as regular rent. DSCR underwriting uses the long-term lease rents the building earns all year.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
On our programs, buildings with up to 8 units are residential. Nine or more units is commercial financing.
The standard minimum is 1.0x, meaning the rent covers the full monthly payment. Sub-1.0 DSCR programs exist with different pricing and leverage.
Loans start at $150,000 with no stated maximum. Maximum LTV on 5-8 unit buildings can be lower than on 1-4 units and varies by program.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.