Bank Statement Loans for Real Estate Agents in Myrtle Beach, SC

What the data show for Myrtle Beach

BLS documents for Horry County show roughly 373 employer establishments in offices of real estate agents and brokers, employing approximately 1,112 workers and paying close to $48,063 a year on average. Anyone working alone is invisible to payroll documents, which means the total of real estate agents and brokers is larger than the establishment count suggests. The employment location quotient is 3.43, meaning the area has more of this work than the national average.

Looking at residents instead of employers, 405 self-employed people in the city of Myrtle Beach work in finance, insurance and real estate, which is 28.7 percent of that group and 16.1 percent of everyone self-employed.

Myrtle Beach snapshot

A market of condos and golf communities

Agents work oceanfront and Intracoastal condos, golf-course houses in Pawleys Island and Carolina Forest, and new subdivisions near Conway and Socastee. Many purchasers are investors or second-home operators from the Midwest and Northeast, which stretches the timeline of each deal.

What buyers face in the market

What buyers face in the city of Myrtle Beach: houses are valued at a median of about $389,000, about 50 percent above the South Carolina median of $259,000; 14.3 percent of workers work from home; and about 17.3 percent of units are held for seasonal or occasional use. Averages like these do not replace an appraisal of the house you are buying.

The deposit pattern

Payouts follow closings, which cluster in spring and at the start summer, with a slower winter. An underwriter will see the cycle and divide the total by all months in the period. A recent strong quarter is less persuasive than a two-year average.

Condo complexities that slow deals

Condo transactions can be slowed by association approvals, inspections, special assessments and insurance. That affects payout timing but not income paperwork. A short list of deals that were delayed, with dates, helps explain a lumpy deposit.

Records and entities

Bring brokerage payout statements, a closing log, your license record and entity documents if you operate through one. Keep any income from your own rentals out of the commission account if you can, so an underwriter can count each properly.

Paperwork worth gathering

Roughly 14.3 percent of Myrtle Beach workers work from home, which makes record keeping a practical question for many operators. Many agents spend heavily on marketing, lockboxes, photography, association dues and a car that is mostly a rolling office. A statement-based examine does not ask you to list each of those. It applies a flat expense factor to the deposits, or a lower one when a tax professional records the real costs. Knowing which route fits you before you apply helps you decide how much documentation to line up.

How Myrtle Beach compares

Set against 14.3 percent for South Carolina as a whole, the 28.7 percent share here is above the state level. Among the 18 South Carolina areas on this site with enough workers to measure, Myrtle Beach ranks 3rd for self-employment in this group. At $48,063, this is a lower paying field on average, which puts the expense factor and real operating expenses at the center of the look at.

What a reviewer looks for

Referral fees paid to you by another agent and bonuses from a brokerage can look such as one-off deposits. They count only when they recur and the source is clear. Keep a short list of referral partners and what each paid over the period, because an underwriter who sees an unexplained transfer tends to remove it from the average instead of asking about it.

Making the file easier

About 61 percent of houses in Myrtle Beach are owner occupied, and many of those owners have been through this process. Agents who also buy, renovate and resell residences often run those deals through the same account as commissions. A reviewer separates sale proceeds and rehab spending from commission income and handles them under distinct rules. Starting a separate account for investment activity makes the commission history cleaner and shortens the look at.

Employers in the work around Myrtle Beach

Local statistics are from the Census Bureau and the Bureau of Labor Statistics, as described on the data sources page.

Not a loan offer or a quote. Rules differ by program, and a lender confirms your income, debts and ability to repay.

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