South Atlantic Bank Mortgage Rates, Fees & Info
Myrtle Beach, SCLEI: 5493003I223S7AP6XL58
Tax ID: 26-1366826
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Mortgage Data
Review & Overview
South Atlantic Bank is a smaller bank specializing in Home Purchase loans. South Atlantic Bank has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Georgetown, Charleston, Hilton Head Island, and Asheville among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)South Atlantic Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
225Origination Dollar Volume (All Markets)
$113,495,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 121 | $57,155,000 | $472,355 | $0 | 0.00% |
| Georgetown, SC (FHA|USDA|VA) | 44 | $23,300,000 | $529,545 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 26 | $17,320,000 | $666,154 | $0 | 0.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 23 | $10,575,000 | $459,783 | $0 | 0.00% |
| ASHEVILLE, NC (FHA|USDA|VA) | 3 | $1,165,000 | $388,333 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $1,155,000 | $1,155,000 | $0 | 0.00% |
| Cullowhee, NC (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| Seneca, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against South Atlantic Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 225 | $113,495,000 | $504,422 | $0 | 0.00% |
For 2024, South Atlantic Bank's most frequently originated type of loan was Conventional, with 225 originations.
Loan Reason
For 2024, South Atlantic Bank's most frequently cited loan purpose was Home Purchase, with 187 originations. The 2nd most popular reason was Refi, with 23 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 225 | $113,495,000 | $504,422 | $0 | 0.00% |
For 2024, South Atlantic Bank's most frequently cited loan duration was Other, with 225 originations.
Loan Sizing
2024 saw South Atlantic Bank place emphasis on $200k-400k loans with 79 originations, totaling $22,795,000 in origination value.
Applicant Income
South Atlantic Bank lent most frequently to those with incomes in the $250k+ range, with 71 originations. The second most popular income band? $150k-250k, with 53 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 225 | $113,495,000 | $504,422 | $0 | 0.00% |
South Atlantic Bank lent most frequently to those with DTI ratios of Exempt%, with 225 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.71%
South Atlantic Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.33%
South Atlantic Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 225 | $113,495,000 | $504,422 |