South Carolina Real Estate Favors Fix And Flips
The state is experiencing amazing real estate growth brought on by the increased demand and decreased home inventory. As of July 2021, Redfin reports that the average sale price for homes in the state is $328,168, marking a nearly 20% increase from the previous year and setting a 5-year-high record. The number of homes sold in July 2020 for the entire state reached 13,542, which is a 18% increase from the previous year and another 5-year-high for the area. One of the most impressive stats is that nearly 60% of these home sales received multiple offers above their asking price, placing the seller in an excellent position for negotiations.
Record-low inventory means finding a profitable deal is tougher than before, but it also means the profits are much more lucrative when you find the right deal. If this growth continues into 2022 then fix and flip investments in the state are going to continue yielding very impressive ROI. Currently, the most competitive South Carolina cities for real estate are Florence, Spartanburg, Columbia, Mount Pleasant, and Rock Hill. Asset Based Lending offers hard money fix and flip loans in each of those cities and beyond, allowing real estate investors to take advantage of this state’s hot markets to expand their real estate business.
How To Finance a Fix and Flip in South Carolina
One of the most common investor questions we receive is asking how to finance a fix and flip. Since these investment projects require upwards of hundreds of thousands of dollars, most investors need extra capital to fund the initial property purchase and keep their renovation moving forward. While traditional mortgages may help with purchasing a primary residence, financial institutions don’t like to lend on fix and flips due to the inherent risk involved. Plus, traditional mortgages come with strict qualifications that disqualifies many potential investors. One bad hit to your credit or inexperience in fix and flips are enough to be turned down by typical lenders.
Hard money loans are much more accessible and useful for real estate investors. Hard money lenders like ABL work with first-time investors and only use credit as part of the approval process, with the borrower’s cash reserves and experience level playing into the qualifications as well. These hard money flip loans also close quickly compared to other financial institutions, cutting the deal closing time down from a few weeks to a few days. The best hard money lenders combine flexible loan terms with quick closings to provide reliable financing to real estate investors. If you’re looking to invest in fix and flips in South Carolina, choosing a hard money fix and flip loan is the right move, and no one does it better than Asset Based Lending. With quick closings, flexible underwriting, and a professional in-house draw management team, ABL provides the best hard money loans SC has to offer.
Investors Trust ABL Fix And Flip Loans
Successful real estate investors understand that time is of the essence, and Asset Based Lending works tirelessly to provide the fastest funding possible. With the ability to approve loans within 24 hours and provide initial funding in 10 days or less, we make sure you never miss out on your next fix and flip opportunity. Our loans feature flexible underwriting with loan sizes ranging from $75K – $2.5M and quick draw turnaround so you never experience a financial delay.
With the growing rate of fix and flips SC has seen, this state now has access to the most secure and reliable hard money fix and flip loans on the market. Asset Based Lending insists on a transparent lending process with no prepayment penalties. Contact us today to experience the five-star service ABL provides with SC hard money flip loans.