Bank Statement Loans for Restaurant and Retail Owners in Myrtle Beach, SC

What the data show for Myrtle Beach

BLS records for Horry County show roughly 1,213 employer establishments in food services and drinking places, employing around 24,512 workers and paying roughly $24,462 a year on average. Owners with no employees are not in that count, so the real number of solo restaurant and retail operators is larger. A location quotient of 2.16 for jobs puts this work above the U.S. norm of 1.0.

On the household side, Census estimates show about 451 self-employed residents of the city of Myrtle Beach working in hospitality and the arts together with retail, which is 7.8 percent of everyone employed in that group and 17.9 percent of all self-employed residents.

Myrtle Beach snapshot

Who the customers are

Summer vacationers, golf groups, bike-week visitors and conventions make up the visitor crowd, while retirees and military families keep local restaurants open year-round. Market Common and Murrells Inlet serve more locals, and the Boardwalk and Broadway at the Beach are driven by tourism.

The local housing picture

What buyers face in the city of Myrtle Beach: the median year built is 1994; 34 percent of adults aged 25 and older hold a bachelor's degree; and the typical home carries a value about $389,000 (approximately 50 percent above the South Carolina median of $259,000). A lender reviews the particular property, so these medians are only a starting point.

The seasonal split in the statements

A downtown or boardwalk shop may close for part of the winter, while an inlet restaurant stays open. A reviewer sees the difference in the monthly deposits and divides the total by all months. A short note on your operating calendar heads off confusion.

Seasonal employees

Payroll jumps in summer, and proprietors often use seasonal workers. A mortgage lender will not penalize that, but the program's expense factor will account for high labor costs. If you use a payroll service, its debits will be visible and stable.

Paperwork to assemble

A business license, health permits, the lease, ownership records and several months of processor reports. If you own more than one outlet, include each. A letter from a tax professional that spells out the business and the owner's share is useful.

Paperwork worth gathering

Myrtle Beach is a market where 13.8 percent of workers are self-employed, so the points below come up usually. Second locations and franchise units add ownership questions. If each location is a dedicated entity, the loan analyst needs statements and ownership records for each one you want counted, and may count only a portion for partners. Bring the operating agreements and a one page chart showing who owns what.

How Myrtle Beach compares

Set against 7.3 percent for South Carolina as a entire, the 7.8 percent share here is around the state level. Among the 18 South Carolina areas on this site with enough workers to measure, Myrtle Beach ranks 9th for self-employment in this group. At $24,462, average pay in this line of work is on the lower side, so operators generally run thin margins and the expense factor deserves attention.

Reading the deposits

Seasonal food and retail businesses should expect the underwriter to use the full 12 or 24 months, not the best quarter. A shop that earns half of its revenue between October and December and runs thin the rest of the year will average out lower than the holiday months suggest, which is also how a conservative budget should look. A twenty four month window can smooth a weak year.

What a reviewer looks for

Median gross rent in Myrtle Beach is roughly $1,261 a month, which is the yardstick many local owners use when they decide to buy. Delivery apps and online marketplace payouts count when they are traceable to your business. Keep the monthly payout summaries from each platform. An underwriter who sees a payout deposit with no summary may ask for one, and a missing summary can delay the file by days.

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.

Related

• Bank statement loans in Myrtle Beach, SC
• Restaurant and Retail Owners: national guide
• What you need to prove
• Seasonal Business Owners in Myrtle Beach
• Real Estate Agents in Myrtle Beach
• Restaurant and Retail Owners in Charleston, SC
• Restaurant and Retail Owners in Greenville, SC