New Silver Fintech CEO Kirill Bensonoff on Blockchain Hard Money Loans
Guest: Kirill Bensonoff, CEO of New Silver, a groundbreaking fintech lending organization, is at the forefront of revolutionizing real estate investment. With a focus on fix and flip, ground-up construction, and buy-to-rent projects, New Silver provides investors with innovative financing solutions backed by cutting-edge technology. Combining his expertise in technology and a deep understanding of real estate, Kirill brings a unique perspective to the table, unraveling the intersection of blockchain and trust within the industry.
Big Idea: New Silver combines financial expertise with advanced technology to streamline the lending process for real estate investors. By leveraging blockchain technology and smart contracts, New Silver offers faster loan approvals and closings, reducing the time and complexity traditionally associated with hard money lending. The discussion revolves around the pivotal role of trust in real estate transactions amidst the rise of blockchain technology. While blockchain promises seamless transactions and tokenization, Kirill and Dan delve into the fundamental necessity of trust in every aspect of real estate, from lending to investment.
Kirill: Yeah, absolutely. So New Silver, I’m a technologist by background. We started New Silver in 2019. And we’re essentially a fintech lender. We think of ourselves as a FinTech, meaning that we have the financial part and the technology part. So the financial part is at the end of the day, we’re a lender for real estate investors. Our typical client would be somebody that’s doing single family residential fix and flip ground up or buy to rent type of a project. Right now we’re in 39 states. And then on the technology side, what we’ve done is we built a pricing engine that helps us value and underwrite deals, meaning you can go to our website, start the application and finish the application under five minutes, get your term sheet, you get your loan pricing and everything else. So it’s really a quick to market type of a process. And then everything else, post close, servicing everything, or the majority of things, we’re working towards everything, but right now it’s the majority of things are web enabled. So we try to make things convenient, kind of convenience is our North Star, if you will. And that’s what we’re trying to drive towards.
Dan: Cool. So let’s stay on the hard money topic for people. We don’t have a lot of hard money lenders on the show and we’ve had some in the past and we still do business with some of them. 39 states, you and I talked about the main markets that Diamond Equity, my company invests in, which is the Illinois area, the New Jersey, Pennsylvania, Delaware, Maryland, tri-state, quad-state area, and Georgia. And you told me that you’re in all of those markets right now. So some of the lenders we had on the show in the past, and I’m hesitant to say that because you might take this back to your lending partners and pull the plug, but we’ve had lenders who would start in Illinois and maybe then they like Georgia. I have one I still do business with. He moved from Illinois to Georgia and stopped lending in Illinois. And we had another nationwide lender as well who we still do close a lot of business with in the other markets also pull out of Illinois. They did not like the foreclosure process timeline. So hopefully that won’t be the case by the time our show goes live in three or four weeks. But I did want to kind of highlight the point that as we’re talking now, you guys are lending in the markets where we have our offices for listeners who know who we are.
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Kirill Bensonoff & I Discuss Blockchain Hard Money Loans:
- Exploring the Role of Hard Money Lending in Real Estate Investments (02:12): Unpacking the significance of hard money lending as a crucial financing option for real estate investors, offering flexibility and speed in transactions.
- Demystifying Loan Requirements, Down Payments, and Interest Rates for Profitable Ventures (5:34): Breaking down the essential components of real estate loans, including requirements, down payments, and interest rates, while discussing profitability calculations to empower investors.
- Effective Strategies for Strengthening Offers and Accelerating the Closing Process (17:01): Offering tactical approaches to enhance offers to sellers and expedite the closing process, ensuring a competitive edge in real estate transactions.
- New Silver’s Dedication to Tailored Solutions and Building Strong Borrower Relationships (00:20:10): Highlighting New Silver’s commitment to providing customized solutions and nurturing robust borrower relationships to foster trust and long-term success.
- Blockchain Applications in Real Estate Transactions (25:05): Discussing the potential of blockchain to streamline real estate processes such as property title transfers and asset settlement, enhancing efficiency and reducing transaction costs.
- Tokenization and Investment Opportunities (30:51): Exploring how blockchain enables fractional ownership of real estate assets through tokenization, opening up investment opportunities for individuals and institutions.
- Risk and Trust in Blockchain Adoption (39:34): Analyzing the importance of trust in blockchain implementations, highlighting the need for transparency, regulatory compliance, and informed decision-making in blockchain-based investments.
Relevant Episodes: (200+ Content Packed Interviews in Total)
- How to Make $100K or More Per Deal with Tucker Merrihew
- John Matheson on How to Access Commercial Credit
- Fast & Easy Multifamily Lending with StackSource Founder Tim Milazzo
- Dave Orloff on Financing Rentals & Fix & Flip Deals
- Johnny Wolff on how to Unlock Passive Wealth with Real Estate and Innovation
The transcript of this episode can be found here.
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