For newbie real estate investors who still haven't built enough capital to purchase properties, looking for the best hard money lender is crucial. Not only will this dictate if the sale will push through but also how much money will they bank during closing.
New Silver is a highly-rated hard money lender that you can consider for real estate investing. They currently have a 4.6-star rating from Trust Pilot and have received commendations from a lot of real estate investors in the country.
Check out this review to find out if New Silver is the hard money lender for you.
New Silver offers different loan products online to help you in real estate investing. Their goal is to improve local communities by funding the capital of real estate investors.
New Silver was founded in 2018 by Kirill Bensonoff and Alex Shvayetsky. Kirill is a passionate entrepreneur while Alex Shvayetsky has a strong foundation in real estate. Through the duo's efforts and work ethic, they were able to make the very first real-time pricing engine for investment loans.
Getting a loan from New Silver is easier compared to other hard money lenders. For starters, they approve loans online in as fast as 5 minutes. They won't do any hard credit pull. Aside from the instant loan approval. New Silver also provides an instant term sheet and proof of funds letter so you can make offers fast. They also offer discounts for repeat clients.
Many real estate investors who discovered Alex and New Silver have raved about how they totally enjoy working with NewSilver. Some went ahead and said that New Silver is their first and only recommendation for hard money lenders, that they are unbelievable good, they met initial time and loan commitments, they didn't give false promises, and that they cannot request for a better team.
It is for this reason that many investors who another lender totally screwed are super excited to work with New Silver for their next deal. The guys stepped up for many investors in the past.
Creating an account in New Silver is free. After you've created an account, you can start applying for different loan types including fix and flip, rent, ground up, and personal loan.
You can get up to $100,000 for personal loan, $5,000,000 for the ground up loan, $2,000,000 for the rent loan, and $5,000,000 for the fix and flip loan. Of course, these loans vary in terms of interest rate and origination fee.
Also, as mentioned. If you are a repeat client, you can very well get a discount from them.
There is a list of reasons why New Silver is highly rated on TrustPilot and other platforms where you can rate loan providers and REI software. Let's look at all the features of this hard money loan provider to determine whether they're really the best out there!
New Silver not only offers a single loan product for real estate investors, but 4!
New Silver offers a free tool called FlipScout that you can leverage to find the most profitable properties in your target locations. If you sign up for free to get this tool, you'll get access to properties to flip and rent all over the United States. The app has a user-friendly interface so you can find more properties and land a couple deals fast.
Here are some of the best things about FlipScout:
Applying for a real estate investment loan from New Silver lending only takes a 5 minutes initial time including approval, except for personal loans which can take 48 hours.
What's more, you can apply remotely and there is no required hard credit pull. Doubtful real estate investors would experience the complete opposite of what they have expected as they are sure to have an amazing experience. They also reduce default risk so they don't loose developers to other lenders.
After applying and getting approved, you can download and print your term sheet or the document stating the terms of your loan. You no longer need to wait for a call about the deal close from the New Silver team just like what other lenders or other banks do.
New Silver understands how cutthroat the real estate investing market is. That is why New Silver gave proof of funds letter to their loan applicants and make them seem more trustworthy and professional compared to their competitors.
If you've already used New Silver services a couple of times to quickly finance your real estate investing business, you are qualified for discounts on their interest rates and miscellaneous fees.
To make the loan process smooth and fast, New Silver uses the latest technology and accurate data which streamlines loan originations and underwriting of all their loan products. Even if you used to be in a tough bind with your previous lender, they'll provide you with a loan.
As stated initially, you can loan from New Silver without leaving your home and you can enjoy fast closing. Their entire team will process it online. Every process can be done online including finding a property to fix and flip on their FlipScout platform.
To help you determine different figures for your real estate investing business, New Silver gives free access to the following calculators:
New Silver is by no means perfect nor is it for every real estate investor in the country. That said, it is crucial that we weigh its pros and cons.
To use New Silver, it is suggested that you create an account for free on their company website. After which, you can start browsing among their four loan types. Once you have decided which one fits your current project, just click the Get Approved Online button on their homepage to start the process.
Expect to input your loan experience from your few prior lenders, property address, your personal information, the property's information, and choose your loan options.
After you've been approved in the loan structure, you can download and print your loan term as well as the proof of funds letter from their website to secure deals without contacting their amazing professional team.
If New Silver did not approve your loan application or you're just looking for more options before looking, check out these top alternatives!
Flip Funding company uses the Profitable Pairing Process when you take a loan from them. This means after submitting your lending request, they'll provide you with a property-specific lending solution. After this, you can decide if you want to continue with the loan application. Approval typically takes 7 days.
Kiavi is one of the largest loan providers for real estate investors in the country. They have already funded $12.3 billion in loans to date. They offer fix and flip or bridge loans, DSCR rental loans, and rental portfolio loans. They lend to over 32 states and they have 95% successful exit rate for their transactions.
Baselane company is ultimately a financial technology company but it also offers loans to fund real estate investment properties. They have partnered with Lendency so you can get a quote in as fast as 60 seconds. There's no income verification required in this loan provider just like New Silver.
This is a private direct lender established in 2010. They offer both long-term and short-term financing for every real estate investor. The loan types include new construction, fix and flip, rental financing, and multi-family loans. All their loan offers are flexible and they can tailor it based on your capacity to pay and your goals.
AMZA Capital customizes loans so it fits all of their clients. They offer commercial real estate deal financing, unsecured business line of credit, and accounts receivable financing. They also have to buy to rent loans and fix and flip. Even if you have bad credit, you can avail of a loan from them as long as you have good cash flow.
Corevest is a private lender based in California but provides funding all over the United States. They provide loans for any of the following: investment properties, fix and flip deal, hard money, refinancing, bridge loans, etc. Loan terms are between 5 years and 10 years and the loanable amounts range from $500,000 to $100,000,000.
Lima One Capital is another premier lender in the United States that have already funded more than 24,000 projects at over 7 billion in total. Similar to New Silver, they have fix and flip, ground up, and rental loan. They also have multi-family house loan.
DoHardMoney not only provides loans but also other services related to real estate investing including finding a property and estimating the profit of a property. They also have 100% financing options if you are really short on capital for your project.
Groundfloor gives their customers two options, invest or borrow. When you decide to borrow, take note that they have a strict process. They require a credit score of 640 and a five-year lookback on your experience.
Residential Capital Partners is composed of a team dedicated to helping real estate investors build wealth. They offer 100% financing with no money down and their estimated ARV is 70%. They have fix and flip loans, bridge rental loans, and long-term rental property loans.
New Silver is a great hard money lender for new and seasoned real estate investors alike. They offer different loan products which can help you get up to $5,000,000 in funding your future projects and real estate investment.
What's more, they approve loans online in as fast as 5 minutes without wasting time. You no longer need to drive to a lender's office and prepare tons of paperwork to get approved. They'll also provide you with a proof of funds letter and term sheet so you can make offers to property quickly.
Since we've already established that New Silver is a great financing option for your real estate business, it's now time to focus on investing leads so you can start making offers.
To get highly motivated seller leads, check us out at Property Leads. Our leads are generated from SEO and we sell them exclusively!
Fill out the form below to start getting leads from us.
30 N Gould St Ste N
Sheridan, WY 82801
(207) 309-3949
sales@propertyleads.com
