Bank Statement Loans in Florence, SC

A regional hub

Florence sits where I-95 and I-20 meet, and rail and trucking have long been central. McLeod Health, a large regional health system, anchors the medical community, and Francis Marion University adds education jobs. Close to them are independent physicians, dentists, therapists and pharmacy proprietors, plus the contractors, haulers and farm services that serve the rural Pee Dee.

Neighborhoods and surrounding towns

Established neighborhoods close to downtown and along Cheraw Street offer older homes, while the east side has newer subdivisions. Timmonsville, Darlington and Lake City offer smaller-town living, and Marion and Hartsville round out the region. Properties that sit on agricultural land or close to rivers and swamp areas may involve flood or land-use questions.

Housing context

Housing here tends to be more modest than on the coast, and many purchasers are looking for space for a business or a family. A home with a big garage or acreage may be reviewed differently from a standard subdivision lot. Hurricane Florence in 2018 brought serious flooding to parts of the Pee Dee, so flood insurance may be required in some areas.

Medical and trucking files

A physician who owns a practice has insurer and patient payments in the practice account, and the lender includes her share. A trucker may have settlements from one or two carriers. Either way, a letter from a tax professional that explains the business and a summary of regular payers cover most reviewer questions.

The self-employed workforce

Counting both kinds of business owner, approximately 2,064 of the 18,135 employed residents of the city of Florence are self-employed, or 11.4 percent. That is slightly higher than the South Carolina number of 10.1 percent. Roughly 5.6 percent of all workers run unincorporated businesses, such as sole proprietorships, and 5.8 percent run incorporated ones. For file purposes the two groups look different: entity proprietors show payroll or draws from the business, and sole operators show customer deposits landing straight in the account.

By headcount, the largest groups of self-employed residents work in construction (341 people), education and health care (304 people), and professional and business services (296 people). Relative to the size of the industry, construction stands out: approximately 51 percent of its workers are self-employed. Construction deposits mix customer payments with material reimbursements, which is why a loan analyst separates what the job paid from what simply passed through. Health and education businesses are often stable, and a loan analyst can read a long record in the same field as a sign of stability.

Where the jobs are

In Florence County, 2024 Quarterly Census of Employment and Wages data show close to 3,634 private employers with roughly 54,877 workers. Average annual pay was $51,473, about the national average. Private employment grew by 0.9 percent over the year. Health care and social assistance (9,696 jobs, 17.7 percent), retail trade (8,523 jobs, 15.5 percent), and manufacturing (7,773 jobs, 14.2 percent) lead the payroll count.

The local job mix is broad, without one sector standing considerably above the national pattern, so independent income here has many sources. The best paid big sector is professional, scientific and technical services, at roughly $77,289 a year per worker.

The housing stock

Census data put the median home value in the city of Florence close to $211,000, about 18 percent below the South Carolina median of $259,000. Proprietors live in 58 percent of occupied residences and renters in the rest. Median gross rent is approximately $992 a month, which counts to self-employed buyers who are weighing a purchase against renting.

The median home was built in 1983. Homes of many ages sit side by side, which makes a property specific appraisal more important than any average. Detached single family houses make up 67 percent of housing units, with 11 percent in buildings of ten or more units. Single family detached homes lead the market, which suits business proprietors who need a garage, shop or room for equipment. Median annual real estate taxes run roughly $860 for owners with mortgages, an item every lender adds to the housing obligation.

Commutes, home offices and schooling

Work from home is the main way 11.0 percent of the city of Florence workers get to the job, around the South Carolina number of 11.5 percent. Most workers commute to a job site, so many self-employed buyers here look for a location around clients or a shop. About 30 percent of adults aged 25 and older hold a bachelor's degree or larger, and the median age is 38. The median household income is roughly $56,000.

Institutions and anchors near Florence

Greater education here tallies Francis Marion University and Florence-Darlington Technical College. Major health systems include McLeod. Each one supports a ring of outside vendors, contractors and consultants who may be paid on 1099s.

How Florence compares

Among the 18 South Carolina areas on this site, Florence ranks 6th for share of workers who are self-employed. For median home value it is 16th of 18.

Putting it together for Florence borrowers

With roughly one worker in 9 self-employed, a buyer in Florence who uses bank statements is far from unusual. If you work in construction, the strongest files include a job list with draw schedules next to the statements. Looks at go faster when each large deposit has a name and a reason beside it. A modest price tag does not change how deposits are read, but it can shrink the cash needed to close.

Florence at a glance

Self-employed residents of Florence by industry

Largest private sectors in Florence County

We pulled the local figures from the Census Bureau and BLS public tables; limits and definitions are on the data sources page.

Wherever you land in Florence, the underwriting steps match the rest of South Carolina. If you want the checklist version, start with what you need to prove.

This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.

Nearby

• All of South Carolina
• Beaufort, SC
• Anderson, SC
• Sumter, SC
• Lexington and Lake Murray, SC
• Greer, SC