Yes, we can finance both new purchases and refinances for short term vacation rentals. Program details here.

Yes, a full appraisal from an approved Appraisal Management Company with interior access and market rent addendum is required.

For the Rent program, New Silver has a minimum loan amount of $150,000 and as-is value of $150,000.

Typically there is a 5-4-3-2-1 step down prepayment penalty. In this scenario, the borrower is responsible for paying a penalty of 5% of the outstanding balance if prepaying in the first year, 4% in the second year, 3% in the third year, 2% in the fourth year and 1% in the fifth year.  The borrower will have the option to decrease the prepayment penalty with an increase in the interest rate.

Yes. While New Silver evaluates each loan individually, the minimum DSCR required for Rent loans is 0.75. Borrowers with a higher DSCR may be eligible for more favorable terms. DSCR is calculated as the lesser of market rent or rent in place, divided by total monthly obligations including property taxes, insurance, debt service, and HOA/COA fees (if applicable).

You need to be a US citizen or legal resident.