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Senior-secured loans for developers and homeowners to acquire and renovate residential properties. These loans are secured against those residential properties. So, DAI is effectively backed by those properties. Typically 9 - 18 month maturities.
These end assets are Acquisition + Renovation loans. This means that the loan principal is large enough to enable a borrower to finance the purchase of and renovation on a home.
These loans are NOT construction loans because construction typically refers to building from the ground up—foundation and all. New Silver finances renovations like upgrading the kitchen/bathrooms, new roofs/painting, and other mainly non-structural improvements.
New Silver draws DAI from a revolving credit facility managed by Centrifuge. The DAI loan is overcollateralized, though to a lesser extent than most on-chain crypto-collateral.
Page last reviewed: 2022-10-05
Next review due: 2023-10-05