Excellent
132 reviews
Honesty, pricing, process and quality scores appear once 5 customers have rated them.
New Silver is a company with a mission -- improve local communities by providing fast, convenient, and flexible capital to real estate investors. We use data and technology to underwrite and originate investment property loans with more efficiency and predictability. Our pricing engine provides instant online loan approval and a term sheet so that our many happy clients are ready to make an offer in as little as 5 minutes.
New Silver (newsilver.com) has 132 customer reviews on Rated Honest, with an average rating of 4.8 out of 5.
Showing 3 reviews with 1 star · Clear filters
Jay Z.
Posted
I can't believe I wasted so much time. I got bounced around between 4 people only to end up being told that they cannot close. I'm about to lose my deposit. I'm filing a complaint. These guys are amateur hard money lenders. what a joke.
Response from New Silver· Mar 13, 2024
The loan was not approved, we did our best, but unfortunately, we can not approve every loan.
Mckee I.
Posted
I was attempting to close a loan with New Silver for approx. $120k ($45k down). I applied for the loan, and was approved at a rate and fee, as well as term of loan. I communicated with lender if I missed closing, I stood to lose my earnest money. My representative made multiple errors, including terms of loan, prepayment penalty, % of concessions from seller allowed and the loan rate. I communicated this to management and they would not help at all. Additionally, the lender they worked with required a certain appraisal and for me to spend $600 to register to do business in State of MS. After being late on closing by several weeks, and with a 1.5% interest rate higher than approved for (another error of lending company), I then lost 1% of seller concession because this lender would not allow more than 2% - even though I asked prior to signing the real estate contract and lender told me 3% was allowed. The appraisal they used was the wrong type and as such, lender would not clear it. I ended up taking a hard money loan from another company and closed with no issues in 4 days. In the end, because of the errors of New Silver, I lost $1,250 in fees as well as several hundred dollars in being late to close by nearly a month. Lastly, I had to pay $5,000 in origination fees with the other lender to close immediately. This is gross negligence and New Silver should not be allowed to lend money period. I plan to pursue this legally or as far as I need to take it to get reimbursed for my fees and ensure other buyers are not harmed the way I was. In over 25 real estate transactions, I have NEVER had such a poor experience. New Silver is the WORST.
Response from New Silver· Aug 28, 2023
We are very disappointed to hear that you had a negative experience. We have maintained transparency throughout the process with you and all parties involved. We provided discounts when available and worked relentlessly to ensure this difficult transaction closed. We conducted a review and feel we acted with integrity. Everything is fully documented on our end. We wish you luck with future business.
Ted J.
Posted
Was pre-approved, once we entered closing process said they couldn't find deal. Steer clear.
Response from New Silver· Feb 3, 2022
Sir, I checked in with your Loan Advisor, you were conditionally approved, however, our underwriting team was not able to final-approve your application due to a number of underwriting issues on the asset as well as the guarantor. The conditional approval is not a guarantee of final approval, this is clearly stated on our website and in the proof of funds letter. The underwriting team came back with a denial within 24 hours of your application and there were no costs incurred on your end. We apologize, we are not able to guarantee approval for every single applicant. Thank you.
