Reasons To Fund Your Investment Property with New Silver
It doesn’t matter if you are a buy and hold investor or a house flipping specialist. New Silver is one of the highest rated hard money lenders in Arkansas with a selection of real estate loans perfectly matched to meet your real estate investing needs. Unlike a conventional mortgage which can take ages to complete, our hard money loans can be approved online in less than 10 minutes, with an instant proof of funds letter to help you secure the purchase. We are ready to help you solve your real estate investment needs.
Frequently Asked Questions
Does New Silver offer short term loans and long term loans?
Yes. New Silver is a private lender that offers short term loan products for house flipping projects, but we also have 30 year rental property loan product for investment properties. We also cater to real estate entrepreneurs hoping to build multi-family apartments with our new construction loans. To view more details, it is best to take a look at the details our hard money loan products.
Is New Silver A Private Money Lender?
Yes, New Silver is a private money lender that provides asset-based loans at scale. With asset-based lending, the underwriting process can be more lenient than conventional lenders. This is because the underlying value of the asset is more important than the financial background of the investor when setting the terms of a private money loan. As a result, the financing and credit score requirements are less stringent, income verification is not needed and the debt-to-income ratio of the borrower doesn’t matter. Plus, we can get you approved and closed within 7 days.
Do you offer new construction loans?
Yes. We offer ground-up construction loans for real estate developers that build single family (1-4 unit) residential properties.
Does New Silver offer bridge loans?
Yes. Our fix and flip loans can act as a bridge loan for real estate investors from 12 to 24 months in duration. More information can be found on the loan products page.
Why do hard money loans have higher interest rates than traditional mortgages?
The main reason hard money loans have higher interest rates than traditional loans is because of the risks involved in the transaction. Unlike a residential home purchase, a fix and flip project could run over budget or the real estate market could take a turn for the worse, making the property difficult to sell quickly.
In other words, you could potentially lose money with a fix and flip. This risk is applicable to the borrower and the lender. The higher interest rate compensates for this risk, which most conventional lenders are unwilling to take on. Hard money lenders effectively fill the gap, using an asset based lending model to fund real estate deals.
How do you calculate the origination fee and monthly payments?
The origination fee (loan points) is usually between 2-3%, but this varies based on the loan amounts, the loan term, the ltv and the experience of the investor. To work out the expected monthly payments and the expected closing costs, it is best to use our hard money loan calculator.
On this point, it is also worth noting that the monthly payment of all New Silver hard money loans work on interest only payments. This helps reduce the cash flow burdens of the investor while the project is underway. Interest only payments are one of the best benefits that you can unlock by working with a reputable hard money lender like New Silver.
Does Credit Score Matter?
In short, yes. While our credit requirements are not as stringent as a traditional lender, we do review the credit history of all our borrowers. If you’re worried about bad credit, it is best to look at our hard money loans product page to see if New Silver is a good fit for your needs.
You should find that our interest rates are lower than other private money lenders. In addition, we don’t require income verification during the credit history check.
What Are The Main Loans That You Offer?
- House Flipping Loan – Designed for house flippers
- Rental Property Loan – 30 year loan for investment properties
- Construction Loan – For new residential building projects
- Personal Loan – Private loans for whatever you need
All of our hard money loans are designed specifically for real estate investors. Together with extremely fast closing and a user-friendly loan application process, it helps explain why New Silver is one of the top Arkansas hard money lenders.
Does New Silver Offer Commercial Loans?
Right now, we do not specialize in commercial hard money loans. With that being said, our maximum loan amount should be big enough to cover both residential and commercial projects.
