In the Charleston real estate market, grabbing properties before your competition is essential for making the best deals. Although real estate investors sometimes go the traditional route and seek bank loans, the process is anything but speedy.
When time is of the essence, waiting for the lengthy process of getting approval is not an option for most investors. Charleston hard money lenders specialize in providing hard money loans which provide quick funds to investors. These loans are for a non owner occupied property or in some cases for business purpose loans.
Charleston Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Charleston.
What Do Charleston Hard Money Lenders Specialize in?
Charleston hard money lenders specialize in providing short-term, creative financing for real estate investors. If you seek a conventional lender to purchase an investment property, your loan request will be based on the property’s value and your assets. Your credit score, job, and finances will be scrutinized intensely. Hard money lenders base their final loan decisions on the after-repair value. The ARV represents the potential value of a property after all repairs have been accomplished.
What are the Benefits of Charleston Hard Money Loans?
Charleston hard money loans offer advantages that traditional banks cannot. Lenders like Acamnet Financial offer a higher level of flexibility than banks. When qualifying for this type of loan, lenders do not delve too deeply into the finances of real estate investors. In most cases, simply present the property and your plans, which saves you the hassle of gathering countless financial documents.
Do Charleston Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Charleston hard money lenders is the lack of credit score requirements. One of the first things a bank does is check your credit score. You can get approved for a hard money loan in Charleston even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Charleston Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Charleston?
Interest rates for hard money loans in Charleston are typically higher than traditional bank loans (conventional loans) because of the greater risk lenders must take on when approving loans. When searching for a hard money lender near me in Charleston, you will find average interest rate is between 8%-15%. You should also be aware that lenders sometimes charge points that are meant to offset their administrative costs. Each point represents 1% of the total loan amount. The average points lenders charge is between 1 to 3. Some lenders may charge up to 10 points. These points are due upfront or at closing, depending on the lender.
What Should I Look for in a Charleston Hard Money Lender?
There are many benefits to working with a Charleston hard money lender. You just need to make sure you are working with the right lender. You can rely on Acamnet Financial Group when you need us most. We offer reliability, consistency, experience, and support. As a real estate investor, you know the importance of grabbing the best property deals when they become available.
How can Hard Money Lenders in Charleston Help Me?
Whether you are new to real estate and real estate projects or an old pro, you know having the capital to purchase real estate is essential. Without funds, you will miss out on real estate transactions. When you partner with hard money lenders in Charleston, you will quickly get the money you need without jumping through the hoops of traditional bank lenders.
How do I get a Hard Money Loan in Charleston?
When you want a hard money loan in Charleston, begin by preparing the property information. Location, size, purchase price, after repair value, repair costs, etc. In most cases, the financing will be based on these numbers. Then, apply for a hard money loan in Charleston using this information and supply some financial information. Then, an appraisal will be ordered to assess the loan-to-value ratio, which will influence the loan amount.
How do I Refinance a Charleston Hard Money Loan?
Refinance a Charleston hard money loan will involve moving from a high interest, short term loan to a longer term, usually lower interest rate loan. Typically a conventional type of loan. When refinancing a Charleston hard money loan you will find it will have a more stringent set of guidelines. You will need to have sufficient credit and income qualifications. As the lending landscaping and regulations constantly change, you want to consult a knowledgeable conventional loan expert.
Here’s other cites we can help with in South Carolina: South Carolina hard money lender
Current Real Estate Trends In Charleston (2023)
Charleston’s real estate market is currently experiencing an expansionary period, with both home values and demand on the rise. In October 2023, the median listing price of a home reached $660,000, showing a significant annual growth rate of 12.8%. Furthermore, the median sale price of homes in Charleston stood at $622,000, and most properties were sold at or very close to the asking price, as indicated by the median sale-to-list ratio of 99.17%.
Despite the abundance of available housing options, the market in Charleston remains buyer-friendly. On average, homes spend approximately 39 days on the market, slightly longer than the previous month and year. However, this figure still reflects a strong demand for housing in the area. The robust local economy, which offers ample job opportunities, plays a significant role in driving up rents and home values. Additionally, the limited space available in Charleston contributes to the high demand, particularly among millennials who are attracted to the area for its employment prospects. As a result, real estate investors have taken notice of these trends and are actively investing in the Charleston market.
In Charleston, the median home price is currently at $660,633, having seen a 12.8% year-over-year surge. This is a sign of a sturdy housing market in the region.
The high demand for housing, combined with a limited amount of available homes, is driving prices up.
The median listing price per square foot is further evidence of the Charleston real estate market’s strength, set at $370.
The median home sold price is standing at $622,000, indicating an upward trajectory in home values.
These figures demonstrate why Charleston is such an attractive option for real estate investments.
Buyer/Seller Market Dynamics
Charleston’s housing market shows a visible change in dynamics between buyers and sellers. Right now, Charleston is a buyer’s market, with the inventory of homes surpassing the demand. This is clear from the reality that homes in Charleston take an average of 39 days to sell, which is slightly higher than what was seen in the previous month and year.
Additionally, the sale-to-list price ratio of 99.17% suggests that most homes are sold for the asking price. This indicates that sellers are willing to negotiate and accept lower offers, giving buyers more leverage in the market.
Furthermore, the median home sale price of $622K and the median listing home price of $660K show that buyers have more bargaining power in the market. With the median sale price being lower than the listing price, buyers have the opportunity to negotiate and potentially secure a better deal.
Impact of Local Economy
The housing market dynamics in Charleston are significantly impacted by the local economy. The job market in the area is very strong, which has been a major influence in the rising rents and home values.
Space is limited in the area, which has caused the demand for housing to increase, resulting in higher prices. The workforce of Charleston has also been a contributing factor to the growing housing market.
Millennials moving to the area have had an effect on the increasing rental prices, as they have added to the demand for rentals. Furthermore, the lack of affordable single-family homes for the growing workforce has driven the demand for rentals even higher.
Overall, the local economy in Charleston has had a positive impact on the current real estate market, by encouraging investors and supporting the growth of the housing market.
All About Charleston
Are you curious about the captivating city of Charleston? Prepare to explore all the wonders this historic gem has to offer.
Charles Town was established in 1670 and soon grew to be a major port in the slave trade. The city has since recognized and apologized for its dark past.
Charleston is now renowned for its beautiful architecture and unmistakable southern charm. Take a stroll down Rainbow Row, wander around The Battery, or take in the sight of the oldest stone building in town, the Pink House.
Throughout its history, Charleston has endured plenty of adversity, from outbreaks of smallpox and yellow fever to pirate encounters. The city has drawn in immigrants from Europe, Barbados, and Bermuda, including a flourishing Jewish community.
With its thriving economy, lively commercial area, and stunning waterfront park, Charleston continues to be an alluring destination.
Let’s uncover all the amazing facts about Charleston!
Location and Geography
Charleston is renowned for its history, southern allure, and its extraordinary location and geography. Lying on Charleston Harbor, an inlet of the Atlantic Ocean, this delightful city is south of South Carolina’s middle point along the coast. The Ashley, Cooper, and Wando rivers meet to form it and its elevation is 20 feet (6 meters). The harbor and its surrounding area provide fantastic views.
The city’s geography had a major influence on its early growth and importance. It was established in 1670 as Charles Town and in ten years had become the fifth-largest city in North America. In the past, its coastal positioning made it a major hub for slave trading and in 2018 it apologized for its role in the American slave trade.
As you explore Charleston, you will come across many remarkable landmarks. Rainbow Row is a line of colorful houses that brings vibrancy to the streets. The Battery is a historically significant seawall and promenade with a beautiful view of the harbor. The Pink House is the oldest stone structure in the city and shows Charleston’s past architecture.
Charleston is a city that never fails to captivate. From its picturesque coastline to its architectural marvels, there is a tale around every corner.
Immerse yourself in the past and explore the rich historical significance of this vibrant city.
Charles Town, founded in 1670, soon became the fifth-largest in North America within a decade due to its role as a major slave trading port. Charleston had an essential role in the American slave trade, with forty percent of captives being landed at Sullivans Island. In 2018, the city apologized for its involvement in the slave trade.
The city has maintained its historical importance and charm over the centuries. Sightseeing spots such as Rainbow Row, a row of colorful houses, The Battery, a defensive seawall and promenade, and the Pink House, the oldest stone building, all showcase its unique heritage.
Charleston has always been of great importance, from its colonial beginnings to its role in the American Revolution. Its fascinating past sets the stage for the cultural and architectural highlights that await visitors.
Cultural and Architectural Highlights
Renowned for its historic architecture and southern charm, the vibrant city of Charleston captivates visitors with cultural and architectural highlights.
Rainbow Row, a row of colorful houses from the 18th century, creates a picturesque scene and is a favorite spot for photographers.
Visitors must also check out The Battery, a historic defensive seawall and promenade where you can take a leisurely walk along the waterfront, admiring the beautiful antebellum mansions that line the street.
History lovers should not miss the Pink House, the oldest stone building in the city, offering a glimpse into Charleston’s past.
The downtown Charleston waterfront is a popular spot, with its cobblestone streets, quaint shops, and delicious restaurants.
Charleston’s well-preserved historic architecture and warm hospitality makes it hard to resist.
As we explore the colonial era (1670-1786), we can uncover the beginnings of this remarkable city.
Colonial Era (1670-1786)
The settlement of Charleston during the colonial period took place in 1670 when shiploads of settlers from Bermuda and Barbados arrived. Their goal was to form a new society in the New World, choosing the current spot of Charleston because of its location on the Ashley River. Initially, the colony was established at Albemarle Point on the west bank but was moved to its present site in 1680. The colonists followed a plan known as the Grand Model, which created the grid-like pattern of streets that still stand today.
Over the colonial age, Charleston’s population and importance increased rapidly. The provincial government enacted local laws, making the town a hub for trading and commerce. Settlers from Europe and other colonies like Barbados and Bermuda were attracted to Charleston. Immigrant groups such as Huguenots, Scottish, Irish, and Germans found a new home in Charleston, along with a Jewish community from London and the Dutch Republic.
As the colonial period progressed, Charleston continued to grow and became a major port. Its economy relied on the production of cash crops like tobacco and rice, which were farmed by slaves brought in from Barbados and Bermuda. The slave trade played a vital role in Charleston’s growth and success during this time.
Charleston faced numerous difficulties and crises that affected its growth and welfare in the following years. Natural disasters and medical issues were just a few of the hardships that Charleston had to endure.
Natural Disasters and Health Issues
During colonial times, Charleston had to contend with multiple difficulties, including natural disasters and health issues that posed serious danger to the people and the settlement’s progress.
In 1698, smallpox hit the European population and the 18th century saw an outbreak of yellow fever, exacerbating health problems. Malaria was also a common problem until the 1950s.
To prevent the health issues and other potential dangers, the local government in 1704 issued protective regulations. However, a hurricane in 1713 caused major flooding, resulting in considerable damage and hindering the settlement’s growth.
Pirates were also a major issue, as the weak government and corruption made the town a pirate haven. In May 1718, the infamous Blackbeard laid siege to the town. As a result of the pirates’ activities, Charleston’s name was written as Charlestown starting in 1719.
Despite these problems, Charleston remained strong and kept thriving. The government passed laws to ensure the safety of the residents and the natural disasters and health issues did not stop the settlers’ resolve and determination.