DSCR loans for Charleston rental property
Charleston Hard Money Loans finances rental homes, condos and small multifamily in Charleston, North Charleston, Mount Pleasant and Summerville. Approval rests on the rent the property earns, not on your tax returns. We also fund ground-up construction and fix and flips across the Lowcountry.
The Charleston division of Optimus Capital Corp. Business-purpose loans on non-owner-occupied investment property only.
Loan terms at a glance
| Rental purchase | up to 85% LTV |
| Rental cash-out | up to 80% LTV |
| Ground-up construction | up to 90% of cost |
| Flip: purchase financed | up to 90% |
| Flip: rehab financed | up to 100% |
| Minimum credit score | 600 |
| Loan amounts | $75K to $10M+ |
Rental loans are approved on the property’s rent and take about 30 days to close. Construction at 90% of cost is for experienced builders. Top fix and flip leverage is for credit scores of 720 and up, and a flip loan can close in about 7 days.
Charleston Hard Money Loans is the Charleston division of Optimus Capital Corp, a nationwide hard money lender that works only with real estate investors. It is run by Andrew Shanti, who has worked in lending and real estate since 2005. We lend only on non-owner-occupied property: rentals, new builds and flips.
DSCR rental loans are our main program
A DSCR loan is long-term financing on a rental property, approved on whether the rent covers the payment. There are no tax returns and no employment check.
Buy a rental
Up to 85% loan-to-value on a purchase, with fixed terms from 5 to 30 years. Credit scores start at 600, where the limit is 70%.
Cash out or refinance
Up to 80% loan-to-value on a cash-out refinance of a rental you already own. Prepayment choices are 3-year, 5-year or none.
Long-term, mid-term or vacation
Annual leases, furnished rentals of a month or more, and vacation rentals where the town allows them all qualify. Nightly income is counted from 12 months of history or AirDNA projections.
DSCR = monthly rent ÷ monthly payment. The payment counts principal, interest, taxes, insurance (including flood, where required) and association dues. We prefer 1.0 or higher, and a strong borrower can qualify below 1.0 with less leverage.
Everything we finance
Every loan is a business-purpose loan secured by investment real estate. Terms run from 6 months to 30 years.
| Program | Use it for | Top leverage | Approved on |
|---|---|---|---|
| DSCR rental loans | Purchase or refinance of long-term rentals, mid-term rentals, condos and permitted vacation rentals | 85% loan-to-value to buy, 80% on a cash-out refinance | Whether the rent covers the payment |
| Ground-up construction loans | Building a home, infill house or rental from the ground up, with the lot included | 90% of cost for experienced builders, up to 70 to 75% of the finished value | Budget, finished value and your building record |
| Fix and flip loans | Purchase plus renovation of a property you intend to sell | 90% of the purchase price and 100% of the rehab, up to 70 to 75% of after-repair value | The deal: price, rehab budget and resale value |
| Mid-rehab loans | Completing a renovation or build that has run short of funds | The current as-is value plus the cost to finish | As-is value and remaining scope |
| Portfolio loans | A group of rentals under one note and one payment | 80% to buy or refinance, 75% on a cash-out | Rent across the whole group |
| Commercial loans | Multifamily, hospitality, office, industrial and retail | Priced per deal | The property and its income |
From first call to closing
- Tell us about the dealAddress, price, the rent it earns or the renovation budget, and whether you plan to hold or sell. A call or the short form is enough.
- See your termsWe run the numbers and tell you the leverage and pricing available. As a rule there is nothing to pay upfront.
- Appraisal and reviewThe appraisal is ordered and you pay the appraiser directly. Investors with 5 or more flips in the past 2 years can skip the inspection and appraisal on a flip.
- Close in South CarolinaRental loans take about 30 days, appraisal included. Fix and flip loans average up to 21 days and can close in about 7 days once title and insurance are ready. South Carolina closings are handled by a closing attorney.
What clients say about Andrew
Andrew Shanti with Optimus Capital has been exceptional to work with. Over the past several years, I have closed numerous transactions with Andrew on behalf of sophisticated real estate investors, and his performance has been consistently outstanding. [...] Every transaction I have been involved with Andrew at Optimus Capital has closed, including many requiring thoughtful structuring and creative solutions due to their challenging nature.
Maria McKee, Premier Sotheby’s International Realty, Google review of Optimus Capital
Just completed a rental portfolio refi with Optimus. Andrew and Daisy were amazing to work with and helped me work through every challenge quickly and with clear understanding.
Zachary Hagan, Google review of Optimus Capital
These reviews were left for Optimus Capital, our parent company, about Andrew Shanti. Read all of the Optimus Capital reviews on Google.
Property and borrowers we work with
Charleston investment property
- Single-family rentals and duplexes
- Furnished mid-term rentals near the hospitals and bases
- Condos, including non-warrantable condos
- Permitted vacation rentals on the islands
- Historic houses to renovate and resell
- New homes built to rent or to sell
Commercial property
- Multifamily
- Hospitality
- Professional office
- Industrial
- Retail shopping centers
Who can borrow
- New investors and seasoned ones
- Credit scores of 600 and above
- Out-of-state owners and LLCs
- Foreign nationals, on rental loans
- Investors with any number of existing loans
We do not finance a home you will live in. For a primary residence, talk to a conventional mortgage broker.
Lending across the Charleston area
Our focus is the Charleston region: the peninsula, West Ashley, James Island, North Charleston, Mount Pleasant, Summerville, Goose Creek and the beach towns. We also lend throughout South Carolina.
Questions investors ask us
Who is the best lender for an investment property in Charleston?
It depends on the deal. A rental you will hold calls for a DSCR lender that qualifies the property on its rent, and a new build or flip calls for a hard money lender that funds the work. We do both, and we lend only on non-owner-occupied property. How to choose a lender.
Can I finance a Charleston house to rent on Airbnb?
Only where the local rules allow an investor to rent by the night. The City of Charleston limits residential short-term rentals to owner-occupied homes, so most investor rentals in the city are qualified on long-term or mid-term rent. Some beach towns license investor-owned vacation rentals.
Do you check my income?
No. A rental loan is approved on the rent the property earns, and a flip or construction loan on the deal. There is no employment or debt-to-income review.
What credit score do you need?
Programs begin at a 600 score. A rental purchase at 600 is limited to 70% loan-to-value, and stronger credit qualifies for up to 85%.
I live out of state. Can I still borrow?
Yes. Many Charleston investors live somewhere else. You can borrow in your own name or through an LLC.
How fast can a loan close?
Rental loans take about 30 days, appraisal included. Fix and flip loans average up to 21 days and can close in about 7 days once title and insurance are ready.
Have a Charleston deal in mind? Run it by us.
Send the address, the price and what you plan to do with the property. We will reply with the leverage and pricing that fit your deal.