New Silver for Illinois investors
New Silver is a tech-forward non-QM lender with fast underwriting and accessible minimum loan sizes that suit newer investors.
Illinois context
Illinois property tax burden second-highest in nation. Chicago south/west neighborhoods produce strong DSCR cash flow with Section 8 vouchers. Cook County investor-class tax assessment.
How New Silver positions in Illinois
The Illinois lender pool for DSCR includes New Silver among the active platforms. Illinois top metros (Chicago, Springfield, Peoria) see meaningful New Silver loan volume.
City-level coverage in Illinois
New Silver provides DSCR coverage across Illinois metros including Chicago, Springfield, and Peoria. Within each metro, submarket variation drives deal-specific underwriting more than lender selection. New Silver program terms apply uniformly across Illinois metros; the specific deal characteristics determine final pricing.
Terms and pricing
| Loan type | DSCR non-QM institutional |
|---|---|
| Products | fix-and-flip, BRRRR, rental, bridge |
| Loan size | $100K - $3.0M |
| Rates | 9.5%-11.75% |
| Points | 1 - 3 |
| Max LTV | 85% of ARV |
| Term lengths | 12-24 months (hard money) / 30-year (rental) |
| Typical close time | 5-14 days typical |
| Illinois property tax | 2.3% |
| Illinois state income tax | 4.95% |
New Silver strengths in Illinois
- tech-driven fast underwriting
- low minimum loan sizes
- BRRRR-friendly
Ideal borrower: Newer-to-mid investor with smaller deal sizes
FAQ
Yes, operates nationally including Illinois. New Silver is based in West Hartford, CT and operates nationally.
Chicago is the top investor market in Illinois and falls within New Silver national coverage. Chicago property tax follows the Illinois state rate of 2.3 percent. New Silver typically underwrites Chicago acquisitions at standard rate sheets.
Yes. Springfield ranks among the larger Illinois investor metros and sees consistent DSCR loan volume from New Silver. Submarket variation within Springfield matters for property selection.
New Silver applies the same rate sheet across Illinois metros. Pricing variation comes from property-specific factors rather than metro location within the same state. Chicago, Springfield, and Peoria all qualify for the same New Silver program.
New Silver indicative DSCR rate range is 9.5 to 11.75 percent with 1 to 3 points.
Illinois property tax burden second-highest in nation. Chicago south/west neighborhoods produce strong DSCR cash flow with Section 8 vouchers. Cook County investor-class tax assessment. New Silver follows standard business-purpose loan structures.
New Silver funds fix-and-flip, BRRRR, rental, bridge in Illinois.
Illinois allows standard DSCR prepay structures; New Silver typically uses 3-5 year step down.
New Silver typical close: 5-14 days typical.
Bottom line
For Illinois DSCR borrowers, New Silver is one option among many. Compare against 2-3 lender programs before committing.
Independent directory listing. DSCR Loan Program is not affiliated with New Silver.