New Silver

A hard money loan is a short-term loan that can be used to purchase fix and flip properties. In addition, there are also long-term hard money loans that are designed specifically for purchasing rental properties.

With a hard money loan, your monthly repayment only covers the interest portion of the loan, which helps keep costs down while the project is underway. However, at the end of the loan, you pay back 100% of the capital amount that was borrowed.

The primary requirement is a FICO score of 600 or more. You also need to have the details of the property that you are intending to purchase, regardless of whether it is a fix & flip, or a rental property.

New Silver is a direct non-bank lender and offers asset-backed loans for fix and flip, ground up construction and rental investment property. We can work with residential properties ranging from 1 to 50 units.

New Silver’s Fix and Flip loan rates range from 6.99-9.5%, Ground Up rates range from 8-9.5% and Rent loan rates start from 5.875%.