New SilverReviews of newsilver.com

My experience with New Silver was disappointing. The loan process took much longer than expected, communication was poor, and the expectations set upfront were not met. I often had to press for updates rather than being kept informed. Technology issues prevented documents from reaching me for over a week, and I was repeatedly asked for information I had already provided. Additionally, all questions had to be answered in the form of a signed letter, which made the process unnecessarily cumbersome. I understand my loan may have been somewhat outside the norm, but better communication and a more streamlined process would have made a significant difference.

New Silver will not properly disclose fees and won't even tell you until you're a few days before closing, when you see them on the forms from the closing attorney. They charge admin fees and origination fees. I believe it was the Admin Fee that was not on the term sheet. Since this is a commercial loan, Truth in Lending laws do not apply, and they seem to capitalize on that. Also, they have very archaic processes that, at least last year, still involved fillable forms and excel spreadsheets to apply. Nobody you work with is licensed and did not seem very knowledgeable. If you decide to work with them and get assigned Collin, definitely politely request someone else. Edit to respond to them: the correct terms were absolutely not disclosed until a few days before closing when it was on the closing documents. Far too late to just cancel, as they suggested. For over a month they have tried to get me to delete this, and then claimed to Trust Pilot I was not even a customer, and made me submit more documentation to verify this is a real review. When they finally lost their appeal they decide to respond and lie again. This company has a toxic ethical culture

This is an honest review. I type this with the hope that it will make real change. The communication and process was extremely poor. Were they finally able to fund my deal? Well, yes. It was everything in between that reflects in the review. It’s too much to detail on a platform such as this but I do believe New Silver has room to improve internally. I would say just be prepared and for the time being don’t have your standards too high if you plan on using New Silver in the near future. Not sure I’d use them again unless I was in a position that I just absolutely had to.

Terms changed during process Initial Term sheet stated 10/2 75%cash out Changed to 10.5/2 65%. Even though my appraisal came in above what I presumed. Forced to give an account for auto draft at closing. All aspects to be discussed upfront Too many unpleasant surprises. Felt like I was working with a conventional lender