Most Columbia rentals are financed well below $1.5M, so a jumbo DSCR loan here is the exception, not the rule. When it fits, it is usually a newer 5-8 unit building, a high-end home in Forest Acres or on Lake Murray, or a sign that several properties belong on a portfolio loan instead.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ for purchase, rate-and-term and cash-out on high-value 1-8 unit rentals, including in the Columbia, SC metro. The loan qualifies on the property's rent with no W-2s or tax returns, but larger balances get more review and maximum LTV can be lower, varying by program. In this market, investors financing several mid-priced rentals usually do better with a blanket portfolio loan.
The properties that reach $1.5M or more in the Columbia area are a short list.
Tell us early which of these you have. A leased multi-unit building is the most straightforward jumbo file; a large single home is the hardest to make work on rent alone.
High-end homes rent for much less, relative to price, than modest rentals do. Add South Carolina's 6% assessment ratio for rental property, and a large home's tax bill grows quickly. The result is that a $1.5M house rarely covers a DSCR payment on long-term rent. Lake Murray homes can earn more as short-term rentals, and some programs use projected short-term revenue, but local rules and HOA covenants decide whether that is allowed; confirm with the county or town before relying on it.
If you are set on a large home, compare the price with what similar homes have actually leased for in the past year. That gap shows quickly whether a DSCR loan can work.
This example is illustrative and not a quote. A newly built eight-unit building near Rosewood costs $1,600,000, with units renting for $1,900 each, or $15,200 a month. Taxes at the 6% assessment ratio are $2,300 and insurance $900 a month. At 70% LTV the loan is $1,120,000, estimated principal and interest is about $7,831, the payment is near $11,031 and the DSCR is about 1.38x.
Compare a Forest Acres home priced at $1,500,000 that leases for $6,500, with taxes of $2,100 and insurance of $350. At 65% LTV, the loan is $975,000, the payment is near $9,267 and the DSCR is only about 0.70x. Similar price, very different fit for a rent-based loan.
The difference comes from rent per dollar of price. Eight moderate rents add up to far more than one large lease, while the purchase prices are close.
| Item | Eight-unit building | Forest Acres home |
|---|---|---|
| Price | $1,600,000 | $1,500,000 |
| LTV | 70% | 65% |
| Loan | $1,120,000 | $975,000 |
| Estimated principal and interest | $7,831 | $6,817 |
| Taxes and insurance | $3,200 | $2,450 |
| Total payment | $11,031 | $9,267 |
| Monthly rent | $15,200 | $6,500 |
| DSCR | 1.38x | 0.70x |
If you own a dozen Columbia rentals worth $200,000 to $350,000 each, their combined value may be well past $1.5M, but the right tool is a blanket portfolio loan. It puts five or more properties under one loan, with one closing and one payment, qualifies on combined cash flow and includes release provisions so you can sell a property without refinancing the rest. Properties in more than one state can be combined on some programs.
A blanket loan can also simplify management: one payment date, one lender and one set of reporting, instead of a dozen separate loans.
Expect higher reserve requirements, a detailed appraisal review and, on some programs, a second valuation. Maximum LTV is often lower than on a standard DSCR loan. The basics hold: a 620 minimum credit score, qualification on rent, LLC borrowers and 30-year terms available.
Reserves of several months of payments are common on large files, and more may be required as the balance grows.
On an eight-unit building, the tax bill at the 6% assessment ratio is often the largest expense after the loan payment. New construction may not have a full-year bill yet, so budget on the completed value. Insurance in the Midlands is generally more moderate than on the coast, but lakefront homes may need flood coverage and higher liability limits.
Lexington County and Richland County millage differ, so the same building can carry a different tax bill on either side of the river.
Investors who built a small apartment building with construction financing can move into a long-term jumbo DSCR loan once it is leased, or pull equity later with a cash-out refinance. Cash-out leverage on large balances is usually below the 75% program maximum.
Rate-and-term refinances at jumbo size are reviewed like purchases, using current leases and a current tax figure.
A complete package shortens review on a large balance. Plan to provide the items below, plus a short summary of the rentals you own and manage in the area.
LendingStreet reviews large rental loans across South Carolina. Our investor loans are business-purpose loans on non-owner-occupied property. Send the rent roll, price, tax estimate and insurance quote through the form below, and we will tell you plainly whether a jumbo loan or a portfolio structure fits.
If a portfolio structure fits better, we will say so and show you the numbers for both.
About $1.5M to $5M+ on a 1-8 unit rental, for purchase, rate-and-term or cash-out.
Not for single homes. In this metro, balances that large usually involve a 5-8 unit building, a lakefront or high-end home, or several properties.
On some programs, if local rules and the HOA allow short-term rentals. Confirm before you rely on nightly income.
It varies by program and is often lower than on a standard DSCR loan.
If you are financing five or more mid-priced rentals together, usually yes.
No. The loan qualifies on the property's rent.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Once it is complete and leased, yes. Before that, construction or bridge financing is the usual path, followed by a DSCR refinance.
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