New Silver

Category: Mortgage lender

Address: 2729 FL-580 Suite B, Clearwater, FL 33761, USA

Phone: +18558445627

Opening hours

Sunday: Open 24 hours

Monday: Open 24 hours

Tuesday: Open 24 hours

Wednesday: Open 24 hours

Thursday: Open 24 hours

Friday: Open 24 hours

Saturday: Open 24 hours

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Questions & Answers

What is a hard money loan?

Richard Stevens | Sep 11, 2021
New Silver | Sep 11, 2021

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.

How do you calculate hard money loan monthly payments?

Richard Stevens | Sep 11, 2021
New Silver | Sep 11, 2021

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.

What are the hard money loan requirements?

Richard Stevens | Sep 11, 2021
New Silver | Sep 11, 2021

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.

What types of loan products does New Silver offer?

Richard Stevens | Sep 11, 2021
New Silver | Sep 11, 2021

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.

What are New Silver's interest rates?

Richard Stevens | Sep 11, 2021
New Silver | Sep 11, 2021

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%.

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