HARTFORD, Conn., Nov. 18, 2019 /PRNewswire-PRWeb/ -- New Silver (https://newsilver.com/), the data-driven hard money lender for the real estate economy, has successfully completed a $2.6 million refinance of a 50 unit commercial apartment complex in New Britain, CT. New Silver is an established lender providing tech-focused financial solutions to real estate investors. This commercial loan represents a foray into a slightly different space for New Silver, which typically works with residential properties and fix and flip projects.
"While residential properties are typically our forte, the team at New Silver is excited to be venturing into the small-balance commercial space, funding loans of up to $5 million. Our plan going forward is to approach the commercial property sector and offer borrowers the same benefits that our residential market borrowers have come to depend on," said Alex Shvayetsky, partner, New Silver.
New Silver offers fast closing and terms up to 24 months for real estate entrepreneurs, and have a variety of loan products available, including ground-up construction, fix and flip loans, fix and rent loans and cash-out refinance loans. These services are available to borrowers located in Connecticut, Massachusetts, Rhode Island, New York, Florida and New Jersey. Catering to both single and multi-family residential properties as well as small balance commercial properties, New Silver can help entrepreneurs fund their next real estate project quickly.
New Silver has a track record of working with clients like Property Manage CT, whose Principal Corey Kosiensky shared this testimonial:
"As a seasoned investor, I have worked with dozens of lenders. I have done a few deals with New Silver in the past year. They truly have programs for everything. I have done a buy fix and flip in Southington, CT. I buy and hold a second beach home in Clinton, CT. A commercial property to buy and rent in Meriden, CT. A 7 figure cash-out refinance of a 50 unit complex to bridge rehabbing and partnership buyouts. The process is high tech in regards to being able to go online to get POF letters and work through underwriting electronically. The customer service is great with Alex and Guy constantly communicating and pushing the deals along. My net worth has gone up over $1.5 million on deals that I have done with New Sliver over the past year. They make the impossible, possible."
About New Silver
New Silver is a tech-first non-bank loan originator, with a vision of making the private lending process easy for the borrower. New Silver's technology allows borrowers to get approved for a loan online, in under 10 minutes, and close within 7 days. Technology and strong customer relationships give New Silver an edge in addressing the $70 billion per year "fix and flip" real estate-backed lending space, with a focus on single-family residential and small balance commercial investment properties located on the East Coast of the United States. More info at https://newsilver.com.
SOURCE New Silver
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