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 leading hard money lenders in Michigan 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.
Unlike other hard money lenders in Michigan, New Silver can actually deliver on the promise of ultra fast closing private hard money loans. Our loan application and closing process is second to none, and it helps explain why we are considered on of the best hard money lenders in the real estate business.
Frequently Asked Questions
The main reason hard money loans have higher interest rates than a conventional loan 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 traditional lenders generally reject applications for house flipping loans.
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 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 each New Silver hard money loan program works on interest only payments. This helps reduce the cash flow burdens of the investor while the project is underway.
In short, yes. While our credit requirements are not as stringent as a traditional mortgage 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 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 – Quick close construction loan for new residential building projects
- Personal Loan – Unsecured personal loan for whatever you need
- Rehab Loans – Home improvement loan for house upgrades
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. In essence, our private hard money loans can be customized to meet the needs of professional real estate investors operating in Michigan’s real estate market.