When someone in Lexington finds a deal, the next question is almost always about the money. These are the answers I give, based on borrowing for my own deals in the Midlands.
To be clear: I’m not a lender, and I don’t name or recommend lenders. I also don’t quote rates or terms. Those depend on you, the property and the loan.
Read the full guide at hard money lenders in Lexington SC. If the money is for a hold, see rental property investing in Lexington. Growth, schools and the lake are covered on my Lexington SC investing overview. And bring your deal to REI Skool for feedback.
Straight answers
Do you lend money for deals in Lexington SC?
No. I’m a real estate investor and a borrower. I don’t lend, broker loans or recommend specific lenders. These pages explain how funding works.
How do I choose between hard money and a bank loan?
Start with your exit. Short-term money fits a renovate-and-resell plan on a house that won’t qualify for a mortgage yet. Long-term bank or DSCR money fits a hold. Mismatching the two is how good deals go bad.
What do hard money lenders look at?
Mainly the property and your plan: purchase price, scope of work, after-repair value, your experience and your exit. See hard money loans.
How do private money loans get documented?
Typically with a promissory note, a recorded mortgage, title insurance and a closing attorney. Have everything reviewed by counsel.
Can I refinance a Lexington rental with a DSCR loan?
Often. A DSCR loan looks at whether rent covers the debt. Requirements vary by lender. Read DSCR loan basics.
What if I find a deal but can’t fund it?
A written joint venture can work: someone brings capital, you bring the deal and the work. Put roles and splits in writing first. If you raise from several people, talk to an attorney about securities law.
What questions should I ask any lender?
Ask about draws, every fee from origination to payoff, extensions, prepayment penalties, references from recent borrowers, and whether your attorney can review the documents.