South Carolina: In the Spotlight
South Carolina, often known as the Palmetto State, is home to around 4.7 million people. The state of South Carolina is the 24th most populous state, and is also home to cities like Charleston, which is the most populated city in the state with more than 135,000 residents. Columbia, the state capital, is another key location in South Carolina, with more than 133,000 people calling the region home.
- South Carolina was the 8th state to join the union.
- The MUSC Children's Hospital is the largest employer in South Carolina, with over 15,000 employees.
- Agriculture, Aerospace, and Automotive are the largest industries in the state.
- The average household income is $53,199.
- The average age in South Carolina is 39 years old.
- South Carolina has 1.9 million employees across the state.
- The home ownership rate is roughly 69%, which leaves around 31% of the residents looking for apartments and rental properties.
South Carolina Apartment Loan and Multifamily Property Facts
South Carolina is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- South Carolina is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in South Carolina are 1.54% higher than the previous year.
- The average rent in South Carolina is $894.
The market for commercial real estate in South Carolina is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
South Carolina Apartment Loan and Lending Options
In the state of South Carolina, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Charleston or a simple eight-unit property in an up-and-coming neighborhood of Greenville. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your South Carolina Apartment Building Now
Apartment.loans has an expert team specializing in apartment building loan products and options available for borrowers and investors of apartment properties throughout South Carolina. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a cooperative, our team endeavors to meet all of your apartment mortgage loan needs. South Carolina is a state that has been a decently strong market for apartment property loans and we are no strangers to arranging high-quality loans in the state for investors. We have a plethora of many available loan products to help qualified borrowers purchase or refinance an apartment property.
Apartment.loans offers apartment loans with terms and amortizations of up to 30 years, with recourse and non-recourse options, and flexibility when it comes to prepayment. South Carolina apartment building loans typically close within 45 days of application. With the apartment.loans streamlined application process (with no-cost and no-obligations), gain unbiased access to the best possible apartment financing in the state of South Carolina!
Our apartment loan brokerage and lending strengths are available in markets throughout the state, with a particularly strong presence in Columbia, Charleston, Mount Pleasant, and Rock Hill.
Apartment loans from $750,000 and up.