Complaints

• Initial Complaint

  08/30/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Hi, The New Silver lending website allows you to show a better rate and term sheet when you apply. After you pay the appraisal fee they they change the term and increase rate by 2%. 2 weeks later they change the rate again. Their application and term sheet is fraudulent and misleading to attract the customer. I paid appraisal fee of $1600 for 2 properties and they changed the rate as soon as the appraisal is done for one of the property. Had I knew it upfront, I would not have even applied. So they trapped me. Thanks, ****

  Business response

  08/30/2023

  Dear ****,

  First, we are sorry that the outcome was not as you expected. However, we have been clear and transparent from the beginning, when we quoted you a rate of "around 9%" for a 0.5 DSCR ratio on the loan you requested. LTV. We worked hard and were able offer you a 9.25% rate, which is slightly hire than what our software priced in the beginning, however, we rely on a 3rd party appraisal, and the it came in lower than anticipated, so DSCR was below .5. You have the appraisal to use with any other lender, however, because we pay the appraisal management company to complete the appraisal, we are unable to refund those.

   

  thank you

  Team New Silver

  Customer response

  08/30/2023

  
  Complaint: ********
  
  I am rejecting this response because: 

  The response from the New Silver is completely false. Their website is designed to give you an extremely good rate even if DSCR is less than 0.5  By the way lower appraisal doesn't change DSCR. It changes only the loan amount keeping the same LTV %. So if I keep 75% LTV, their website I would show a rate of 8% even with DSCR less than 0.5.   Their appraisal is useless. All lenders order their own appraisal and don't reply or a prior one. Also, they charged me a trip fee of $250 and refunded $499 for one of the appraisal (out of $800), it should have been $550.

   

  
  Sincerely,
  
  **** *****

  Business response

  08/30/2023

  The preliminary terms provided during the application process are based on the estimated entered numbers and not on the actual appraised values.  As indicated in multiple places on the website, lender rates are subject to change and is not something we can control.  DSCR is based on the market rents in the appraisal report.  All appraisal fees are 3rd party costs paid directly to the Appraisal Management company.  The appraiser charges a trip fee due to a now show by your contact for the inspection.  AMC appraisals are fully transferrable and accepted by all lenders which we had offered to facilitate if you were not happy with the terms.

  Customer response

  08/31/2023

  
  Complaint: ********
  
  I am rejecting this response because:
  

  This is  clearly a fraud and misleading statements. You are saying bullshit random stuff and not the facts and answering actual questions.
  Sincerely,
  
  **** *****

• Initial Complaint

  08/25/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  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 ter** 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 **. 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.

  Business response

  09/09/2023

  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.

• Initial Complaint

  03/13/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  We are musician investors that were seeking to raise some funds for publishing projects and one of our reps. W. S******, first called New Silver and had an almost hour conversation about loan eligibility. It was explained we have $500K in home equity 800 credit score, but as musician that have worked at ***, no current income. They claimed that they could provide a loan from 15K to 40K and that we qualified, This was double checked with another long call, so the due diligence was done. They then instructed us to proceed by sighing up on their web site, and since they approved the loan over the phone, we thought it was safe to enter the private and personal loan information such as ***, *** address etc. but were wrong as New Silver not only lied about the approval to obtained our private information, but then shocked us, by a, not offering any loan b. SHOTGUNNING OUR PRIVATE INFOTRMATION OUT TO NUMEROUS LOAN SHARKS THAT WE DO NOT EVEN KNOW OR NEVER AGREED TO SUBMIT TO, WHAT A SHOCK! Then we have the email to the N.S. CEO Ben ***********************************. that responded briefly to our concerns and then without responding to any of the issues, that fact that we qualify for at least a 25K loan, went into hiding even though we emailed him we will report NS to *** etc. We are very concerned about identity theft, and need to hear from Ben that our information is secure, as they know everyone, they sent it to, and that they will keep their word and offer say at 15K to 40K loan as that is what they agreed to do before reneging after receiving our private secure personal info! This is an urgent matter so pleases expedite. Thank you.

  Business response

  03/13/2023

  Hello, as we have explained to this person multiple times, we have not, and can not, provide any approval or pre-approval for any loan over the telephone, we can only provide information on the loan products offered in general. We are a technology marketplace that, based on information users input, shows loan options from lender partners, we do not write, originate nor fund unsecured personal loans. If W. S****** was not able to complete the online process, or was not able to be matched with any lenders, we unfortunately not help further. 

  Customer response

  03/21/2023

  BBB also closed the case in just one week from their response, and this does seem orthodox, as do you not give consumer at at least two weeks (they could be sick or travelling), and also how abouta the regular notice that the case is pending closure due to no answer? Are these not BBB rules, and if not should they not be the rules?

   

  We do not accept the response for two reasons ansd ask that you request a response. One, we were lied

  to by the NS phone rep, that said that to our main eligibility question, do you offer loans for a. 800 credit

  score b. 500K home asset but c. no current income? The rep said "Yes!" and discussed this for an hour.

  At no time did they say they are just a forum, and maybe one of their signatures MAY make a loan. 2. and this is most important, N.S. does now disclose to  the uwarry applicant that they are going to shotgun all

  their personal security information out to the world of loan sharks! They had us believe this information

  is just for them and then blasted this out to, we do not know who, and this is what we need to find out

  to prevent identity theft or worse! It is apparent these crooks are not going to offer any loan, but we

  need a list of exactly who they sent our private security info *** *** address etc. out to????!!!!

  This remains our only concern so please elt them know case was closed by mistake and ask them

  for a list of who they sent out the private info to? Thanks

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩