South Carolina Apartment Loans and Financing

At Select Commercial, we offer South Carolina apartment building financing with competitive rates starting at 5.74% for loans under $6 million. Whether you're purchasing or refinancing, our low rates, fast approvals, and simple process make us a trusted source for apartment building loans throughout the state of South Carolina.

Need a loan over $6 million? Visit our South Carolina multifamily loan page. For other commercial property types, explore our South Carolina commercial mortgage options. To compare all rates nationwide, see commercial mortgage rates.

South Carolina Apartment Loan Rates

These rates were last updated on August 24, 2025.

Below are our current South Carolina apartment loan rates for properties between $1.5 million and $6 million. Looking for a larger loan? We also offer multifamily loan programs for South Carolina properties over $6 million.

SC Apartment Loans ($1,500,000 - $6,000,000) Free Loan Quote
Loan Type Rate* LTV
Apartment Loan 5 Yr Fixed 5.74% Up to 80%
Apartment Loan 7 Yr Fixed 5.85% Up to 80%
Apartment Loan 10 Yr Fixed 5.94% Up to 80%

*Rates start as low as the rates stated here. Your rate, LTV, and amortization will be determined by underwriting.

Want a personalized quote? Click here to request a customized loan quote for your South Carolina apartment property.

Why Choose Select Commercial for Apartment Loans

Why Choose Select Commercial for South Carolina Apartment Loans

Why Choose Select Commercial?

What sets Select Commercial apart from traditional lenders and large banks? In this short video, we highlight the key reasons apartment building investors choose to work with us for South Carolina apartment loans between $1.5 million and $6 million. We also actively finance multifamily loans exceeding $6 million.

Here’s what the video touches on:

  • No upfront application or processing fees
  • Fast written pre-approvals often within 24 hours
  • Access to a wide range of apartment lenders, not just one bank
  • Loan structures tailored to your property and investment goals

What Lenders Look for in a South Carolina Apartment Loan

What Lenders Look For in a South Carolina Apartment Loan

What Lenders Look For

Before you apply for a South Carolina apartment loan, it helps to understand what lenders are actually evaluating. In this short video, Select Commercial President Stephen Sobin outlines the key borrower and property qualifications that influence approval.

Watch to learn:

  • What makes a loan request stand out or get rejected
  • The importance of cash flow, occupancy, and borrower experience
  • Which documents lenders require to issue a pre-approval

Understanding Your Apartment Loan Options

South Carolina Apartment Loan Options Explained by Select Commercial

Apartment Loan Lending Options

Not all apartment loans are created equal. In this short video, Stephen Sobin explains the most common types of apartment loan programs and when each one makes the most sense for South Carolina borrowers.

  • Bank vs. agency vs. private apartment lenders
  • Short-term vs. long-term fixed-rate options
  • How to structure your loan based on your property and investment goals

Our Apartment Loan Application Process

We make applying for a South Carolina apartment loan fast, clear, and cost-effective. Below is a step-by-step overview of what to expect when working with Select Commercial:

Initial Screening icon

Step 1: Initial Screening

During an introductory call or email, we gather the basics of your transaction. If the request doesn’t meet loan guidelines, we’ll let you know right away.

Document Request icon

Step 2: Document Request

If eligible, we’ll send a short checklist to review your financials, credit, and property cash flow. This includes tax returns, rent rolls, and operating statements.

Underwriter Review icon

Step 3: Underwriter Review

Once documents are received, underwriting begins. If your deal qualifies, we issue a written pre-approval. If not, we’ll explain why.

Pre-Approval Letter icon

Step 4: Pre-Approval Letter

If approved, we send you a detailed pre-approval letter outlining preliminary terms and any additional requirements.

Third-Party Reports icon

Step 5: Third-Party Reports

Once pre-approved, the underwriter orders the appraisal and any necessary third-party reports. A good faith deposit is required to cover these costs.

Final Submission icon

Step 6: Final Submission

When all documentation and reports are in, we finalize underwriting and issue a formal loan commitment.

Legal and Closing icon

Step 7: Legal & Closing

Our legal team prepares closing checklists and final conditions. Once satisfied, we schedule the closing.

Loan Timeline icon

Step 8: Timeline

Most loans close within 30 to 60 days, depending on the complexity of the deal and speed of document delivery.

Get a Free Loan Quote

Apartment Property Types We Finance in South Carolina

At Select Commercial, we arrange financing for a wide range of South Carolina apartment buildings, from smaller 5+ unit walkups to large portfolios of rental properties. Whether your property is urban, suburban, or mixed-use, we can help you secure the right loan structure based on your investment goals.

  • Urban mid-rise and high-rise apartment buildings
  • Suburban garden-style apartment complexes
  • Small apartment buildings with 5+ units
  • Mixed-use properties with residential and limited commercial space
  • Underlying co-op apartment building loans
  • Portfolios of small apartment or single-family rental properties
  • Stabilized buildings with strong cash flow and rent history

If you're not sure whether your property qualifies, contact us for a free quote and we'll review your deal and let you know within 24 hours.

Recent Apartment Loan Closings

Why South Carolina Borrowers Choose Select Commercial

Thousands of apartment building investors trust Select Commercial for our direct, transparent approach and proven expertise in the South Carolina apartment loan market. We're not just brokers, we provide personalized service, fast answers, and access to top institutional lenders without the bureaucracy of traditional banks.

  • Over 30 years of apartment loan experience with a national platform
  • No upfront fees and fast pre-approvals, often within 24 hours
  • Direct access to top lenders offering aggressive terms
  • Dedicated support from quote to closing

Want to see why so many clients return to us for their next deal? Start with a free quote – we'll review your scenario and respond quickly.

Our Reviews

 

Latest Expert Insights from Stephen A. Sobin

Stephen A. Sobin, the president of Select Commercial Funding LLC, is a renowned expert in the field of apartment financing. His insights and perspectives are regularly featured in leading industry publications. Below are his latest contributions, offering deep analysis on the apartment financing landscape and current market dynamics.

Inflation's Current Impact on Apartment

In an article featured in Multi-Housing News, Sobin explains how commercial mortgage rates continue to challenge investors, with elevated inflation depressing real estate market activity. Read the full article.

Will the July Jobs Report Pressure the Fed to Act?

Sobin noted in Multi-Housing News that unemployment hit a three-year high and job creation slowed significantly—factors that could push the Fed to reconsider future rate hikes. Read the full article.

Persistent Inflation and Its Effects on CRE

In Multi-Housing News, Sobin acknowledges that while inflation remains a concern, a softening CPI is a promising signal for the industry. Read the full article.

Commercial Spotlight: Mid-Atlantic Region

Featured in Scotsman Guide, Sobin outlines how shifting investor interest is impacting South Carolina and other Mid-Atlantic markets. Read the full article.

What the New Jobs Report Means for CRE

In Commercial Property Executive, Sobin offers perspective on economic uncertainty and buyer-seller hesitancy across the commercial real estate market. Read the full article.

Decoding "Junk Fees" in Rental Housing

In Multi-Housing News, Sobin helps clarify the difference between legitimate third-party fees and misleading “junk fees.” Read the full article.

Understanding the Impact of Federal Reserve's Decisions

In Multi-Housing News, Sobin forecasted the Fed's rate pause, citing recession concerns and recent bank instability. Read the full article.

Stay tuned for more expert insights from Stephen A. Sobin as he continues to share his expertise on apartment finance across South Carolina and beyond.

South Carolina Apartment Market Snapshot (2025)

Average Rent by Metro Area:

  • Charleston-North Charleston: $1,635
  • Greenville-Anderson-Mauldin: $1,420
  • Columbia: $1,275
  • Myrtle Beach-Conway-North Myrtle Beach: $1,345
  • Statewide Average: $1,420

Vacancy Rates (2025):

  • Charleston Metro: 7.8%
  • Greenville: 7.3%
  • Statewide Average: ~7.6%

Key 2025 Trends:

  • Rent growth has slowed, with most metros seeing annual increases under 1%.
  • New construction is adding to supply, resulting in higher vacancy rates across the state.
  • Apartment building loan demand is strong, especially in coastal and Upstate markets.
  • Apartment financing remains favorable, with cap rates averaging 5.9% statewide.

Frequently Asked Questions About South Carolina Apartment Loans

South Carolina apartment loan rates vary depending on several factors such as loan-to-value ratio (LTV), property type, borrower experience, and market conditions. As of 2025, rates remain elevated due to ongoing inflation concerns, but borrowers with strong credit and high-quality assets can still find competitive pricing. Check our latest apartment loan rates for current updates.

Most lenders require a DSCR of at least 1.25, good borrower credit, net worth, liquidity, and experience. Loan-to-value ratios in 2025 typically range from 65% to 80%, due to elevated interest rates. Properties with strong occupancy and clean financials stand a better chance of qualifying.

Most lenders require 20% to 25% down for apartment loans in South Carolina. Your loan-to-value ratio will be subject to the property's debt service coverage ratio.

A qualified broker like Select Commercial can present your loan to many different capital sources, including banks, credit unions, CMBS, agency lenders, and private funds. This increases the odds of approval and helps you secure the most favorable terms available.

The process starts with gathering financials like a rent roll, trailing 12-month income and expense statement, borrower resume, and net worth statement. A mortgage broker will analyze your documents and match you with the best lending program. Start with a Free Quote today.

Absolutely. While this page focuses on apartment loans under $6 million, Select Commercial also arranges smaller balance loans for qualified borrowers. Visit our multifamily loan page for options over $6 million.

Agency Small Balance Apartment Loan Programs

Select Commercial connects borrowers with top-tier agency small balance loan programs in addition to bank and private capital options. Featured programs include:

These agency-backed options offer competitive fixed rates, non-recourse terms, and simplified underwriting for qualified apartment investors.

 

South Carolina Apartment Building Financing

Select Commercial provides apartment building financing and South Carolina commercial mortgages throughout the state of South Carolina including but not limited to the areas below.

Columbia • Charleston • North Charleston • Mount Pleasant • Rock Hill • Greenville • Summerville • Sumter • Hilton Head Island • Florence