Property developer and building contractor · Lampasas , TX · Member since 2016 · 148 posts · 81 votes
Starting to dig into the South Carolina Greenville & Spartanburg market. Focused primarily on multi-units, but will consider 1-4 units. Need help making some banking connections in these areas that are investigator friendly, etc.
@Rob Harris Lima One Capital is closer to hard money, but they operate out of Greenville. I've talked to them quite a bit in the past. I've also been communicating with a gentleman at First Citizens here in Charleston who helped one of my clients purchase an 8 unit last month and he's trying to structure some products for me, as well. Shoot me a DM and I'll forward you his info.
@Rob Harris Lima One Capital is closer to hard money, but they operate out of Greenville. I've talked to them quite a bit in the past. I've also been communicating with a gentleman at First Citizens here in Charleston who helped one of my clients purchase an 8 unit last month and he's trying to structure some products for me, as well. Shoot me a DM and I'll forward you his info.
and @Russ Scheider - Thanks for those recommendations. Much appreciate it. I have had a rep from Lima One reach out to me behind this post! I will also keep First Citizens in mind when I open a business account to fund projects through, etc....!
@Rob Harris it looks like you are based out of Texas. Typically you will find local banks do not lend to out of state investors. The reason is that the bank wants your depository business. Most buyers want their deposits account to be close to where they live.
@Karen Schimpf - I currently commute back and forth to TX from CA and have a local bank near WACO that I have a long standing business relationship with, and have done a multitude of loans. In SC, I would employ the same strategy. My SC business will channel incomes and expenses through the chosen entity and I have a proven record of such processes.
I do though definitely understand your point. Thanks
@Rob Harris Many times the local banks lend in a particular "foot print" and are not able to lend outside of those areas. Also local banks typically offer a 15/15 which is a 15 year fix with a 15 year amortization or a 5/20 which is a five year fix with a 20 year amortization.
If you need a lender that allows buyers to live out of state of from where the investment property is located or want a 30 year amortization or longer fixed rated like a 7 year or a 10 year, than you might want to reach out to a Commercial Mortgage Broker.
@Russ Scheider I have a HELOC in process with First Citizens on my primary but they said they do not do HELOCs on rentals. Are you referring to a commercial loan instead?
I saw your post about needing banking connections in the South Carolina market. I am a nationwide lender that lends heavily in South Carolina; all non-owner OCC properties, including purchase, rehab and refi. Please reach out; I would be happy to help.