Most Popular Questions
Please read the FAQs below carefully and familiarize yourself with our lending policies. If you think you and your project meet our lending requirements, we’d be happy to discuss and review the deal with you.
Hopefully all the questions you may have are answered below. If you have any additional questions, please feel free to contact us.
Yes we are. We are NOT a broker. There is no middle-man involved. We write the checks. We use our own cash to fund deals and if our resources happen to be tied up in other deals, we have money partners who we team up with to help fund your deal.
SilverSky routinely funds investors in as little as 10 days from start to finish. This can vary depending on the size and type of the investment project.
Our minimum loan amount is $200K.
We lend nationwide to commercial, residential, non-owner occupied properties in A, B, and C class areas.
A good faith estimate of all loan costs will be provided free-of-charge after loan request.
We specialize in providing short-term/bridge financing (12-24 months) to real estate investors, flippers and rehabbers who are able to purchase non-owner occupied, residential properties at a 30%-50% discount.
Rehab funds are escrowed and managed by draws. Draws are released AFTER a milestone has been verified complete by one of our certified 3rd party builder's control company. Once the work scheduled for Draw #1 is verified complete, we then release the draw. In addition, we require rehab funds to first go towards buying material, and whatever is left over can be applied to labor cost.
We offer non-amortized, interest-only balloon loans that mature within 12-24 months.
Debt Service Coverage Ratio (DSCR) is a calculation that helps us determine if a rental investment is generating enough income to make its loan payment obligations. To calculate the debt service coverage ratio, simply divide the net operating income (Rental Income) by the annual debt (Principal, Interest, Taxes, Insurance and Association Fees).
We require a minimum 1.2 debt coverage ratio.
Typically we don't, however sometimes depending on the complexity of the loan and the amount of time and effort we spend underwriting the loan we may.
Yes. In fact, we prefer lending to domestic single-purpose business entities such as a LLC or Corporation. As part of the due diligence process, we must review the governing Company by-laws or operating agreement and verify the individual(s) are authorized to sign documents on behalf of the entity.
Rarely. For us to consider a 2nd position loan, the LTV must be significantly low. In addition, we must carefully review the terms of the 1st position loan to see if it fits our criteria. 2nd position loans are riskier loans resulting in a higher loan cost to the borrower.
Yes. A commercial investor/rehabber can use our private loan as a lending tool for financing when he/she only plans on holding the investment property until the construction or rehab work has been completed and the property goes to sale.
Yes. We determine the value of the property via an appraisal that is ordered by us and paid by the prospective borrower. We never use the borrower's appraisal.
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