Reasons To Fund Your Investment Property with New Silver
Frequently Asked Questions
Yes, we are a non-bank direct lender that provides asset-based loans at scale. With asset-based lending, the underwriting process can be more lenient than conventional financing. This is because the underlying value of the asset (real estate property) is more important than the financial background of the investor when setting the loan term. As a result, the requirements for credit scores 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. New Silver offers ground-up construction loans for real estate developers that build single family (1-4 unit) residential properties.
Yes! We offer bridge loans, fix and flip loan and new construction loan product for real estate investors, from 12 to 24 months in duration. More information can be found on the loan products page.
The main reason fix and flip loans have higher interest rates is because of the risks involved in the financial transaction. Unlike a residential home purchase, a fix and flip project could run over budget, the real estate market might 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.
The origination fee (loan points) is usually between 2-3%, but this varies with each deal. To work out the expected monthly payments, it is best to use our hard money loan calculator.
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 loan products page, to see if New Silver is a good fit for your needs.