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Hard money loans in Savannah, GA
Hard money financing across the river in Savannah, for historic renovations, duplexes and rental property.
The Savannah market for investors
Savannah is about an hour from Hilton Head and is the largest city in the coastal region. Its historic district of squares and rowhouses draws visitors year-round, and neighborhoods just south of it have seen steady renovation for years.
Investors work with historic rowhouses and Victorian homes, duplexes and small multi-families, and bungalows in the midtown neighborhoods. The Savannah College of Art and Design, the port and the nearby Army installations all feed rental demand.
Areas investors ask about
- Landmark Historic District: rowhouses and townhomes around the squares
- Victorian District and Thomas Square: large frame houses, many divided into apartments
- Starland: bungalows and small commercial buildings in an arts district
- Ardsley Park and Midtown: early twentieth-century single-family homes
- The Southside and the islands: newer housing and rentals
Plan for these on a Savannah deal
- Savannah limits short-term vacation rentals by zoning district and requires a certificate. In several historic wards the number of non-owner-occupied rentals is capped. Check a specific address with the city.
- Exterior work in the historic districts needs a certificate of appropriateness.
- Georgia closings are handled by attorneys, as in South Carolina.
- Older frame houses often need foundation, roof and electrical work.
- Low-lying areas and the islands are in flood zones.
Loans available in Savannah
| Program | Use it for | Top leverage |
|---|---|---|
| DSCR rental loans | Purchase or refinance of vacation rentals and long-term rentals | 85% loan-to-value to buy, 80% on a cash-out refinance |
| Ground-up construction loans | Ground-up building, with the lot included | 90% of cost for experienced builders, up to 70 to 75% of the finished value |
| Fix and flip loans | Purchase plus renovation of a property you intend to sell | 90% of the purchase price and 100% of the rehab, up to 70 to 75% of after-repair value |
| Portfolio and commercial loans | A group of rentals under one note, or multifamily and commercial property | 80% on a portfolio purchase; commercial priced per deal |
Savannah hard money loans: common questions
Yes. We lend on investment property in Savannah and the surrounding coastal Georgia area, including fix and flip loans, DSCR rental loans and new construction loans.
Yes. Two- to four-unit properties can be financed with a fix and flip loan or a DSCR rental loan, and the rent from every unit counts toward the ratio. Larger multifamily buildings go through our commercial program.
Only where the property holds a valid short-term vacation rental certificate. Savannah restricts these by district, so many rentals there are underwritten on long-term rent.
Fix and flip loans average up to 21 days and can close in about 7 days when title and insurance are ready. Rental and DSCR loans take about 30 days, appraisal included.
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Looking at a property in Savannah?
Send the address, the price and what you plan to do with it. We will reply with the leverage and pricing that fit your deal.