People ask me for a lender’s name almost every week. I don’t give one out. Not because I’m protective, but because the right lender for my deal might be the wrong lender for yours.
What I can give you is the method.
First, the ground rule: I’m not a lender, and I don’t make loans. I’m Ben Lovro, an investor in Lexington who has used borrowed capital to buy, renovate and hold houses around the Midlands. Everything below is education on how investors fund deals in Cayce SC and how to tell a solid lender from a problem.
Match the money to the Cayce deal
Cayce’s housing stock is mostly older ranch homes on small lots. That shapes the funding conversation, because the house you’re buying usually needs some work and a conventional loan may not be possible in its current condition.
| Deal type in Cayce | Money that often fits | The main thing to plan for |
|---|---|---|
| Cosmetic-plus ranch flip | Hard money or private money | A short loan term that keeps ticking if the rehab slips |
| Buy, renovate and hold | Short-term money, then a DSCR refinance | An appraisal and rent that support the refinance |
| Turnkey-ish rental | Local bank or credit union, DSCR | Slower approvals and condition requirements |
| A partner brings cash, you bring the deal | Joint venture | Roles, money and decisions written down first |
None of these is the “best” option. Each is a tool. Pick the one that fits the deal you actually have.
How investors fund deals in Cayce SC
Hard money
Short-term, asset-based loans from private lending companies, typically for purchase and rehab. Built for speed and for houses banks won’t touch yet. The cost is higher and the runway is short. Read the hard money loans breakdown before you request a quote.
Private money lenders in Cayce SC
Individuals lending their own money, usually people who already know you. That relationship has to be earned and documented — a promissory note, a recorded mortgage, insurance naming the lender, and an attorney on both sides. If you ever raise from many people or pool money, securities law can come into play. Start with private money lenders.
Local banks and credit unions
Hometown lenders around the Midlands sometimes finance investors, especially borrowers with a track record and a deposit relationship. They tend to be slower and want the property in better shape. They’re worth getting to know early.
DSCR loans
For rentals, a DSCR loan qualifies mostly on whether the property’s rent covers its debt payment rather than your personal income. Investors often refinance into one after renovating a Cayce ranch. See DSCR loans.
Partners
Sometimes the right answer is a partner, not a loan. The joint venture page explains how to structure one.
How to find a hard money lender worth calling
You don’t need a magic list. You need a short process.
- Ask investors who close. People who are actively buying in the Midlands know who funds on time and who doesn’t. A community like REI Skool is a good place to ask.
- Ask about the closing side. Your South Carolina closing attorney sees lenders at the closing table and can tell you whether paperwork tends to arrive cleanly.
- Get the term sheet in writing. Before you pay anything beyond a standard appraisal or application cost, get every fee, the term, the draw process and the extension terms on paper.
- Call a reference. Ask the lender for a borrower you can speak with. A real lender has them.
Questions to ask any Cayce lender before you sign
- Do you fund purchase only, or purchase plus rehab, on fix and flip loans in Cayce SC?
- How are draws requested, inspected and paid, and how long does each step take?
- What is every fee from application through payoff, in writing?
- What happens if the project runs past the loan term? What do extensions cost?
- Is there a prepayment penalty or minimum interest period?
- What do you need from me — experience, reserves, a scope of work, comps?
- Do you require a specific appraiser, inspector or title company?
- Can I close with my own attorney?
If a lender gets irritated by those questions, you’ve learned what you needed to know.
Before you borrow a dollar
The lender isn’t what makes the deal work. The deal makes the deal work. Capital chases deal flow, so spend your energy on finding and underwriting the right Cayce house first. Run the maximum allowable offer formula, scope the repairs, and write down your plan B.
Then match the money. For the flip side, see flipping houses in Cayce SC. For city context, start with real estate investing in Cayce SC. For every funding structure in one place, there’s the fund real estate deals site.
Got a term sheet you’re not sure about? Bring it to REI Skool, my free community, and get experienced eyes on it before you commit.