Most Myrtle Beach rentals do not need a jumbo loan. A jumbo DSCR balance here usually means one of a few things: a large oceanfront vacation home, a marsh or waterfront property, a 5 to 8 unit building or several rentals financed together.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ for purchase, rate-and-term and cash-out on high-value 1 to 8 unit rentals in the Myrtle Beach area. The loan qualifies on the property's rent or, on some programs, projected short-term revenue, with no W-2s or tax returns. Larger balances get more review, and maximum LTV can be lower, varying by program.
Price levels across the Strand are moderate compared with many coastal markets, so balances above $1.5M are concentrated in a few places. Oceanfront and second-row homes in North Myrtle Beach neighborhoods such as Cherry Grove, Ocean Drive, Crescent Beach and Windy Hill include large houses built to sleep big groups. In Myrtle Beach, Grande Dunes and the Golden Mile have high-end homes, and Garden City, Surfside Beach and Murrells Inlet have oceanfront and marsh-front properties.
South into Georgetown County, Pawleys Island and DeBordieu have some of the highest values on this stretch of coast. Away from the water, jumbo balances usually come from a 5 to 8 unit building or a group of rentals.
Be realistic about the market: many investors buying here are buying homes and condos priced well below jumbo levels. If your plan is a single property above $1.5M, it is likely oceanfront, waterfront or in a high-end community, and the file will lean heavily on insurance quotes and income support.
| Jumbo type | Typical areas | How income is shown |
|---|---|---|
| Large oceanfront vacation home | Cherry Grove, Windy Hill, Garden City | STR history or revenue projection |
| Luxury long-term rental | Grande Dunes, Golden Mile | Lease or market rent |
| Marsh or creek-front home | Murrells Inlet, Pawleys Island | Lease or STR projection |
| 5 to 8 unit building | Myrtle Beach, Conway | Rent roll |
| Several rentals together | Across the Strand | Combined portfolio cash flow |
This example is illustrative and not a quote. An investor buys a large oceanfront home in North Myrtle Beach for $2,200,000, on a street where nightly rentals are allowed. Based on booking history and a third-party revenue projection, the qualifying monthly income is $15,500. Taxes at the 6% assessment ratio are budgeted at $1,650 a month, and wind, flood and property insurance combined are $1,900 a month.
At 70% LTV the loan is $1,540,000, estimated principal and interest is $10,768 and the total payment is $14,318, for a DSCR of about 1.08x. At 65% LTV the loan is $1,430,000, the payment is $13,549 and DSCR is about 1.14x. The larger down payment buys extra cushion if the program wants it.
| Item | 70% LTV | 65% LTV |
|---|---|---|
| Loan amount | $1,540,000 | $1,430,000 |
| Estimated principal and interest | $10,768 | $9,999 |
| Property taxes | $1,650 | $1,650 |
| Insurance (wind, flood, property) | $1,900 | $1,900 |
| Total monthly payment | $14,318 | $13,549 |
| Qualifying monthly income | $15,500 | $15,500 |
| DSCR | About 1.08x | About 1.14x |
On an oceanfront house, insurance can rival the property taxes. Wind coverage is often written separately, sometimes through the South Carolina Wind and Hail Underwriting Association, with deductibles that are a percentage of the dwelling value. Federal flood policies have coverage limits that may be lower than the cost to rebuild a large home, so some owners add private excess flood coverage. The full cost of all policies belongs in the ratio.
Big oceanfront homes on the Grand Strand often rent to large family groups, golf groups and events. Local governments regulate occupancy, parking, noise and trash, and some have rules specific to large rental homes. The City of Myrtle Beach limits short-term rentals to certain zones. Check the city or county rules, business license and accommodations tax requirements for the exact address, and read any HOA covenants.
Large homes with many bedrooms can also face septic, parking and occupancy limits that cap how many guests can stay. Those limits affect revenue, so confirm them before relying on a projection built for a larger group.
The loan still qualifies on the property's income, with a 620 minimum credit score, LLC borrowers and 30-year terms available. On larger balances, maximum LTV is often lower, reserve requirements are often higher and some programs ask for a second appraisal or a more detailed review. Unique oceanfront homes can have few direct comparable sales, which makes the value harder to support, so share recent sales and rental data you have.
Large group homes also wear harder than typical rentals. Lenders do not count maintenance in the DSCR, but you should budget for frequent cleaning, furniture replacement and exterior upkeep in salt air.
A non-owner-occupied home is assessed at the 6% assessment ratio and pays school operating millage, so the tax bill on a $2M rental is meaningfully higher than on a primary residence of the same value. The purchase also allows the county to reassess at the sale price. Use the current millage for the city or unincorporated area, not the seller's bill.
Reserves matter on a jumbo file. Expect to show several months of payments in liquid assets after closing, more on larger balances, and to document the source of the down payment.
If you own five or more rentals, a blanket portfolio loan can put them under one loan with one closing and one payment, with release provisions when a property sells. That can be a better fit than separate loans, and on some programs the properties can be in more than one state.
Combining properties can also simplify management of insurance renewals and tax payments, since one loan servicer handles the escrows for the whole group.
Send the address, price or value, rent or revenue history and your target leverage. We will run the ratio at more than one loan amount and outline the reserves and review the file needs. Use the form below or call (877) 298-1001. For statewide context, see our South Carolina jumbo DSCR page.
About $1.5M to $5M+. On the Grand Strand, that usually means an oceanfront or waterfront home, a 5 to 8 unit building or several rentals.
On some programs, yes, using booking history or a revenue projection, if nightly rentals are allowed at the address.
It is often lower on larger balances and varies by program.
Wind and flood coverage on a large coastal home can be a major monthly cost, and it counts fully in the DSCR.
No. The loan qualifies on the property's income compared with its payment.
Yes. Jumbo programs cover purchase, rate-and-term and cash-out, subject to program limits.
Yes. We finance investment properties across Horry and Georgetown counties, subject to local rules and the property's income.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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.