Greenville's growth has pushed prices on Augusta Road, North Main and in Alta Vista well past $1M for renovated homes, while builders in Simpsonville, Fountain Inn and Greer sell new townhomes by the row. Both kinds of deals can need a large, fast loan.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ on Greenville, SC 1 to 8 unit properties and packages, with rates from 7.99% and closings in as little as 10 days. These are short-term, interest-only loans, usually repaid by a sale or by a refinance into a DSCR, blanket or jumbo DSCR loan. Larger balances usually need a full valuation.
The first is the high-value single property: a dated house on a large lot near Augusta Road, in Alta Vista or near North Main that an investor buys, renovates and sells or rents. The second is the package: a group of mill village houses on the west side or older rentals in Berea and Parker sold together by a long-time owner.
The third is the bulk new-construction buy: an investor takes a row or a phase of townhomes from a builder in the southern suburbs, closes quickly at a volume price and leases them up. Each has a different exit, and the bridge loan should be sized with that exit in mind.
Larger lake homes on Keowee and Hartwell sometimes come up as well, though they sit outside Greenville County. Wherever the property is, the rule is the same: the loan is secured by residential investor property of 1 to 8 units, and the plan for paying it off has to be clear before closing.
Permanent DSCR financing wants leased, stabilized properties. Large Greenville deals rarely start that way: a house needs a full renovation, a package has vacant or under-rented units, or a block of new townhomes has no tenants yet. A bridge loan covers the purchase and the time it takes to finish, lease or sell.
Speed matters, too. Builders offering bulk pricing and estates selling packages often want a firm closing date. Closing in as little as 10 days on some files can make the offer.
This example is illustrative and not a quote. An investor buys twelve new townhomes at $275,000 each, $3,300,000 in total. The bridge loan is $2,310,000, 70% of price, with estimated interest-only payments of about $20,212 a month while the units lease up.
Once leased at $1,975 a month each, rent totals $23,700. Taxes at the 6% assessment ratio total about $4,440 a month, insurance $1,080 and HOA dues $1,440. With the package appraised at $3,600,000, a blanket DSCR loan at 70% of value is $2,520,000, for a payment of about $24,151 and a DSCR of about 0.98x. At 65% the loan is $2,340,000, the payment is about $22,923 and the DSCR is about 1.03x, which clears the standard minimum and is still large enough to pay off the $2,310,000 bridge loan. Always check both: the ratio and the payoff.
| Item | Bridge phase | Exit at 70% | Exit at 65% |
|---|---|---|---|
| Loan amount | $2,310,000 | $2,520,000 | $2,340,000 |
| Debt payment | About $20,212 interest-only | $17,191 | $15,963 |
| Taxes, insurance and HOA | Paid by investor | $6,960 | $6,960 |
| Monthly rent | Leasing up | $23,700 | $23,700 |
| DSCR | Not used | 0.98x | 1.03x |
South Carolina taxes rentals at a 6% assessment ratio and charges them school operating millage that homeowners are exempt from. That pushes up the tax line on every rental and often means a lower loan amount at exit than investors expect from other states. Plan the bridge loan so the permanent loan can still pay it off at a conservative leverage.
The same issue is sharper on luxury homes. A renovated $2M house near Augusta Road can rent well, but its investor tax bill and insurance can make the DSCR hard to reach. Many of those projects exit by sale rather than by refinance, and that is fine as long as the plan says so from the start.
Larger bridge balances usually need a full valuation of each property, not a desktop review. For a package, that means one appraisal or valuation per address; for a new-construction bulk buy, expect the appraiser to consider how many similar units are coming to market in the same community.
South Carolina closings are handled by a licensed South Carolina attorney, who also coordinates title work. Allow time for title on each parcel in a package.
In Greenville's older close-in neighborhoods, a $1M-plus purchase often comes with a big scope: kitchens, baths, additions, new systems, sometimes a full gut. Share a detailed budget and timeline, contractor bids and permits status. The lender sizes the loan against your total cost and the expected value after the work, and a realistic scope keeps the bridge term on track.
Permitting timelines differ between the City of Greenville and the county, and historic or design review can apply in some close-in neighborhoods. Find out before you close which approvals your scope needs, so the interest carry does not stretch while you wait.
Also price the carrying costs beyond interest: taxes at the investor ratio from the day you close, builder's risk or vacant-property insurance, utilities and HOA dues on new townhomes. These sit outside the loan but come out of your return.
Most packages and bulk buys exit into a blanket DSCR loan that keeps the properties together with one payment and release provisions. A single high-value rental may fit a jumbo DSCR program. Projects designed for resale, especially luxury renovations, repay the bridge loan from the sale. Whichever route you choose, run the exit numbers before you close.
A bridge loan that has to be extended because the exit was not ready costs time and money. Give yourself enough term for leasing or sale, and keep reserves for the interest payments in case the market takes longer than planned.
Send the property or package details, price, renovation budget, current rents and planned exit through the form below, or call (877) 298-1001. We will size the bridge loan and show you how the exit pencils out with real South Carolina investor taxes.
Yes. Large residential investor bridge loans run from $1M to $5M+ on 1 to 8 unit properties and packages.
Rates start from 7.99%, and pricing on larger balances is set case by case.
Yes. Bulk purchases of 1 to 8 unit residential properties are a common use, with an exit to a blanket DSCR loan or sales.
Larger balances usually need a full valuation of each property.
South Carolina's 6% assessment ratio and school taxes on rentals raise the tax line, which lowers the loan the rent can support.
In as little as 10 days on some files. Packages with many valuations can take longer.
Yes. Bridge loans are short-term and interest-only.
South Carolina closings are conducted by a licensed South Carolina attorney.
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