Reasons To Fund Your Investment Property with New Silver
Frequently Asked Questions
Yes, we are a private hard 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 the real estate 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.
Yes. We offer ground-up construction loans for real estate developers that build single family (1-4 unit) residential properties.
The main reason fix and flip loans have higher interest rates 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, and it also explains why conventional loan providers tend to reject house flip loan applications.
The origination fee (loan points) is usually between 2-3%, but this varies based on the loan amount, the loan term, the ltv and the experience of the investor. To work out the expected monthly payments of each loan option, it is best to use our hard money loan calculator.
On this point, it is also worth noting that the monthly payment of each New Silver hard money loan program works on interest only payment. This helps reduce the cash flow burdens of experienced investors while the project is underway.
In short, yes. While our credit requirements are not as stringent as a traditional lender, we do review the credit history of each borrower. If you’re worried about bad credit, it is best to look at our loan products page to see if New Silver is a good fit for your needs.
- House Flipping Loan – Designed for house flippers
- Rental Property Loan – 30 year loan for investment properties
- Construction Loan – For new residential building projects
- Rehab Loans – For investors that need capital to renovate properties
- Personal Loan – Private money personal loans for whatever you need
Right now, we do not specialize in commercial hard money loan products. With that being said, our maximum loan amounts should be big enough to cover both residential and commercial projects.