South Carolina DSCR hub: This page documents a funded Upstate BRRRR — program terms and statewide context at DSCR loans South Carolina and hard money lenders Greenville.
This case study walks through a closed Greenville hard money file in Nicholtown — a 1948 3/2 bungalow acquired distressed, rehabbed on milestone draws, leased to a BMW-corridor professional tenant, and refinanced into South Carolina DSCR without selling the asset.
Numbers are rounded from an actual investor file structure. They illustrate how inland insurance and lower basis create DSCR headroom that Charleston flood premiums often erase at the same gross rent.
Acquisition thesis
Property: Nicholtown, Greenville — walkable to Unity Park revitalization corridor
As-is condition: Federal Pacific panel, failing HVAC, dated kitchen, original windows
List price: $199,000 — estate sale, 14-day decision window
Close: $195,000 via LLC · Day 9 from complete file
Why hard money: Conventional lender required panel replacement and 45-day close — seller accepted a hard money proof-of-funds letter on Day 2.
Hub: hard money loans Nicholtown · SC hard money.
Hard money structure
| Parameter | Terms |
|---|---|
| Rate | 10.75% interest-only |
| LTC | 87% acquisition + 100% rehab draws |
| Rehab budget | $52,000 line-item scope |
| Term | 14 months |
| Entity | South Carolina LLC |
Draw schedule: Panel + HVAC (Draw 1) → rough mechanical passed (Draw 2) → kitchen/bath/finish (Draw 3).
Rehab scope ($52,000)
- Federal Pacific panel upgrade and meter coordination — $6,800
- HVAC replacement — $8,200
- Kitchen + bath cosmetic — $18,500
- Windows (selective) + exterior paint — $11,200
- Contingency used on tuckpointing — $7,300
Timeline: 8 months — winter exterior delay on paint 3 weeks.
Stabilization and rent roll
- Lease: $1,650/mo gross · 12-month term · deposit + first month documented
- Tenant profile: Manufacturing supervisor · employer verified on lease addendum
- PM: 8% of gross — $132/mo modeled in DSCR file
Appraisal and DSCR exit
| Metric | Value |
|---|---|
| As-repaired appraisal | $285,000 |
| DSCR refi LTV | 75% → $213,750 loan |
| Rate | 7.85% · 30-year fixed |
| Monthly P&I | ~$1,545 |
NOI sketch (underwriter file):
- Gross $1,650 · vacancy 6% (−$99) → $1,551 effective gross
- Property tax $285/mo (post-reassessment) · insurance $238/mo · maintenance $150 · PM $132
- NOI ~$746/mo
Sponsor targeted 72% LTV ($205,200) @ 7.85%, 30-year → P&I ~$1,482/mo → DSCR ~1.18
At 75% LTV the ratio landed ~1.14 — sponsor accepted slightly lower cash-out to preserve rate tier.
Cash returned after bridge payoff: ~$38,000 — recycled into West Greenville second acquisition.
Lessons from this file
- Model Greenville County reassessment post-rehab — tax bill jumped 22% year one.
- Panel scope in Draw 1 — Nicholtown files stall when electrical waits until Draw 3.
- Flip spread was thin — ARV $278K flip model netted ~$11K after carry; BRRRR won.
- Use the DSCR calculator before LOI — sponsor initially modeled 80% LTV and missed ratio.
Related programs
Pre-Qualify for Greenville Hard Money · DSCR calculator · (833) 264-7776
Rates, terms and conditions offered only to qualified borrowers. Jaken Finance Group only finances non-owner occupied investment properties.