A Charleston flip is shaped by water and history. Flood zones and elevation rules can change a rehab budget overnight, and on the peninsula the Board of Architectural Review has a say in what the outside of the house looks like.
In short: LendingStreet offers fix and flip loans across the Charleston metro on 1 to 8 unit investor properties, from $150,000 to $5M+. On some programs the loan covers up to 90% of total cost and up to 100% of the rehab, with interest-only payments and closings in as little as 10 days. In the Lowcountry, check the flood zone, the substantial improvement rule and any historic review before you finalize your rehab budget.
On the upper peninsula, Wagener Terrace, Hampton Park, North Central and the Eastside have older single houses and cottages that have been steadily renovated, with high resale values and strict exterior rules in historic areas.
West Ashley, especially Avondale and Byrnes Downs, has 1950s and 1960s brick ranches that suit cosmetic and mid-level flips. North Charleston around Park Circle mixes post-war homes with newer infill, and James Island, Summerville, Goose Creek, Hanahan and Ladson add suburban stock at a range of prices.
| Area | Typical housing | Common rehab scope |
|---|---|---|
| Upper peninsula | Historic single houses and cottages | Structure, piers, BAR-approved exterior |
| West Ashley | 1950s-1960s brick ranches | Kitchens, baths, flooring, roofs |
| North Charleston, Park Circle | Post-war homes and infill | Full updates, systems, moisture |
| Summerville, Goose Creek, Ladson | 1980s-2000s suburban homes | Cosmetic updates, HVAC, roofs |
Heat, humidity and salt air are hard on houses. Wood rot, termite damage, failing piers and moisture in crawlspaces are routine findings, and older HVAC systems work hard most of the year.
Flooding is the bigger issue. In a FEMA Special Flood Hazard Area, if the cost of improvements is 50% or more of the building's market value, the substantial improvement rule generally requires bringing the house into compliance with current flood rules, which can mean elevating it. Know where that line sits before you set your scope.
Our fix and flip program covers single-family homes and 2 to 8 unit buildings, with loans from $150,000 to $5M+. Depending on the program, financing can reach 90% of the total project cost and 100% of the renovation budget, and closings can happen in as little as 10 days.
You pay interest only while you own the property. Renovation funds are released through a draw process after each stage of work is inspected, rather than all at once. Our investor loans are business-purpose loans on non-owner-occupied property.
This example is illustrative and not a quote. An investor buys a 1950s ranch near Park Circle outside the flood zone that needs a roof, HVAC, a kitchen, two baths and moisture repairs. The purchase price is $285,000, the rehab budget is $75,000 and the after-repair value, based on renovated sales nearby, is $450,000.
At 90% of the purchase price plus 100% of the rehab, the loan is $331,500, about 74% of the after-repair value. The estimated monthly interest-only payment on the full loan is about $2,901, and the plan is a 5-month hold. For simplicity the example assumes the full loan amount accrues interest for the whole hold.
After an estimated 7% in selling costs, the projected profit is about $33,122 on roughly $53,878 of cash invested. If the sale takes three months longer than planned, added interest and carrying costs of about $10,952 would cut the profit to about $22,170, which is why a realistic timeline matters as much as the rehab number.
| Item | Amount |
|---|---|
| Purchase price | $285,000 |
| Rehab budget | $75,000 |
| Loan (90% of price + 100% of rehab) | $331,500 |
| Estimated monthly interest-only payment | $2,901 |
| Interest over 5 months | $14,503 |
| Taxes, insurance and utilities | $3,750 ($750 a month) |
| Buy-side closing costs (estimate) | $7,125 |
| Selling costs (about 7%) | $31,500 |
| Sale at after-repair value | $450,000 |
| Estimated profit | $33,122 |
| Cash invested (down payment, closing, carry) | $53,878 |
The City of Charleston, North Charleston, Mount Pleasant, Summerville and Charleston County each issue their own permits, so confirm the jurisdiction for the address. Flood zone properties usually need floodplain review with the permit.
In the City of Charleston's historic districts, exterior changes such as windows, siding, porches, roofs and additions generally need approval from the Board of Architectural Review. Build the review time into your schedule and budget for approved materials.
South Carolina assesses investor property at a 6% assessment ratio, compared with 4% for an owner's primary residence, and non-owner-occupied homes also pay school operating taxes that primary residences are exempt from. Budget on the investor bill, not the seller's.
South Carolina charges a deed recording fee based on the sale price, split between the state and the county, and real estate closings are handled by attorneys. Wind and hurricane deductibles and flood insurance can be significant costs while you hold the property.
Our South Carolina fix and flip page covers the program statewide.
When the work is done, you can list the property and pay off the loan at closing, or you can lease it and refinance into a DSCR loan with a 30-year term available, qualified on the rent rather than W-2s or tax returns.
If you hold instead of selling, remember the investor tax ratio and insurance costs when you test a DSCR refinance. See the local DSCR loan page for how those loans are sized.
The more of this you have on day one, the sooner we can size the loan and schedule closing.
We finance investor rehabs throughout Charleston, Berkeley and Dorchester counties. Share the deal basics, including price, scope, budget and timeline, and the team will review the file and lay out the loan amount and next steps.
Request a quote with the form below or call (877) 298-1001.
In a FEMA flood zone, improvements costing 50% or more of the building's market value generally trigger compliance with current flood rules, which can require elevation. Confirm with the local floodplain office before you finalize your scope.
If the house is in one of the City of Charleston's historic districts, most exterior changes need Board of Architectural Review approval. Interior work usually does not.
Investor property is assessed at a 6% assessment ratio versus 4% for a primary residence, and it pays school operating taxes that primary homes are exempt from.
Yes. We finance 1 to 8 unit investor rehabs across Charleston, Berkeley and Dorchester counties, subject to normal review.
Fix and flip loans run from $150,000 to $5M+ on 1 to 8 unit investor properties.
It is held back at closing and released in draws as work is completed and inspected.
Yes. Many investors refinance into a DSCR loan that qualifies on the property's rent, with no W-2s or tax returns.
Yes. LLC borrowers are standard on our investor loans.
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