South Carolina taxes rentals at a 6% assessment ratio, half again the 4% ratio a homeowner pays on a primary residence. On a $1M+ bridge loan, that one number does more to shape the exit than almost anything else.
In short: LendingStreet provides residential investor bridge loans from $1M to $5M+ on 1-8 unit South Carolina property, with rates from 7.99%, interest-only payments and closings in as little as 10 days on a complete file. Common uses are Greenville and Columbia rental packages and Charleston, Myrtle Beach and Hilton Head homes. Larger balances usually need a full valuation, and exits are a sale or a DSCR or jumbo DSCR refinance built on investor-rate taxes.
The Upstate is the volume market: Greenville, Greer, Simpsonville, Spartanburg and Anderson, where manufacturing and corporate growth support single-family rentals bought in groups. Columbia adds demand from the University of South Carolina, state government and Fort Jackson, and Rock Hill and Fort Mill draw renters from the Charlotte region.
On the coast, Charleston, Mount Pleasant, Summerville and James Island have high-value homes, and Myrtle Beach, Hilton Head and Bluffton combine year-round and vacation rentals.
Estate and portfolio sales in the Upstate and coastal homes with competing offers both reward a quick close. A bridge loan funds the purchase, then gives the investor time to lease, repair and refinance.
South Carolina charges a deed recording fee of $3.70 per $500 of value, made up of state and county portions and customarily paid by the seller. On a $2M package that is about $14,800.
The bigger issue is property tax. A primary residence is assessed at a 4% assessment ratio, but rentals and second homes are assessed at a 6% assessment ratio. When an investor buys from an owner-occupant, the tax bill can rise by half or more, before any reassessment. Always run the DSCR on the investor bill.
This example is illustrative and not a quote. An investor buys eight single-family homes in Greenville and Simpsonville for $2,240,000 from an estate that wants a fast close. The seller had lived in one and rented the others, and taxes are budgeted at the 6% assessment ratio on all eight.
For this example, the bridge is $1,680,000, or 75% of the price. The estimated interest-only payment comes to about $14,000 a month, so a 7-month hold costs about $98,000 in interest before the refinance.
The exit appraisal comes in at $2,400,000, and the DSCR loan is sized at 70% LTV, or $1,680,000. That carries estimated principal and interest of about $11,461 a month. Taxes ($3,360), insurance ($900) and other costs ($0) bring the payment to about $15,721, and $16,400 of rent works out to DSCR of about 1.04x.
At the investor tax level, a 75% LTV loan would fall below 1.0x, so the refinance is sized at 70% LTV. The $1,680,000 DSCR loan repays the $1,680,000 bridge, and the ratio stays above the standard minimum.
| Item | Amount |
|---|---|
| Purchase price | $2,240,000 |
| Bridge loan (75% of price) | $1,680,000 |
| Estimated monthly interest-only payment | $14,000 |
| Interest carry over 7 months | $98,000 |
| Value at refinance | $2,400,000 |
| DSCR refinance at 70% LTV | $1,680,000 |
| Estimated principal and interest | $11,461 |
| Taxes, insurance and other monthly costs | $4,260 |
| Total monthly payment | $15,721 |
| Monthly rent | $16,400 |
| DSCR | 1.04x |
Upstate and Columbia rents support DSCR refinances, but the 6% assessment ratio takes a real share of the payment. Many South Carolina packages refinance at a lower leverage than the program maximum to stay above 1.0x.
Coastal homes add wind and flood insurance costs. High-value Charleston and Hilton Head homes may need jumbo DSCR financing, with leverage that varies by program, or a sale exit when long-term rent will not carry the payment.
Our residential investor bridge program runs from $150,000 to $5M+, and this page covers the upper end: roughly $1M and up on 1-8 unit property in South Carolina. Rates start from 7.99%, payments are interest-only, terms are short, and a complete file can close in as little as 10 days.
Balances above $1M are reviewed case by case. Expect a full valuation of each property on these larger loans, along with a clear exit plan: a sale, or a refinance into a DSCR or jumbo DSCR loan.
| Feature | Large residential bridge |
|---|---|
| Loan size | $1M to $5M+ (program from $150,000) |
| Rates | From 7.99% |
| Payments | Interest-only |
| Speed | As little as 10 days on a complete file |
| Valuation | Full valuation usually required on larger balances |
| Property | 1-8 unit non-owner-occupied investment property |
| Exit | Sale, DSCR or jumbo DSCR refinance |
Coastal properties often need wind coverage through the South Carolina Wind and Hail Underwriting Association or a private carrier with a hurricane deductible, plus flood insurance in mapped zones. Charleston-area flooding from tides and storms is a known issue, so check elevation and flood history.
The City of Charleston limits most short-term rentals in residential areas, and other coastal towns and HOAs set their own rules. Myrtle Beach and Hilton Head have areas where vacation rentals are common, but confirm the rules for each address.
Our investor loans are business-purpose loans on non-owner-occupied property. The fastest large-balance files show the exit math up front: what the properties rent for, what they will be worth, and how the bridge gets repaid. Get a quote with the form below or at (877) 298-1001.
Expect the team to test the exit first. If the rents and values support a DSCR or jumbo DSCR refinance, or a sale makes sense, the bridge can be sized around that plan, and you will know what cash the South Carolina deal needs at closing and at refinance.
Rentals and second homes are assessed at 6% of value for property tax, compared with 4% for a primary residence. Budget on the 6% figure.
The seller customarily pays the $3.70 per $500 fee. Confirm with your closing attorney.
Charleston limits most STRs in residential areas. Confirm the zoning and permit status before relying on nightly income.
No. Our investor loans are business-purpose loans on non-owner-occupied property. They are made for investment properties held by investors or their entities.
Bridge rates start from 7.99%. Pricing on large balances is set case by case based on leverage, the properties and the exit.
A complete file can close in as little as 10 days. Packages with many properties take longer because each one needs title work and a valuation.
The 6% assessment ratio raises taxes on rentals, which can push the DSCR below 1.0x at higher leverage.
Yes, as investment property. Plan for wind and flood insurance and check local STR rules.
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