New Silver August 2021 Update

Dear Community,

August was a bit slower mainly due to continued slowness on the collateral valuation front. We are working various angles to try to speed up this process, while still getting quality valuation as the result. This process is extremely archaic (please see an informative article here if interested in more info), the appraiser population is getting older and dwindling in numbers. With the current real estate boom, it’s become often impossible to get timely reports, which is essential for our business model. We are looking at various alternative options, and will keep everyone informed when we have some good data points to share.

Loan Originations in Tinlake

New Loans: 14
New Loan USD Volume: $3.04mm
Average Originated Interest Rate: 8.8%
Average Tinlake Finance Fee: 6.14%
Average Loan Amount: $217,418
Average Loan to Value: 52.36%
Average FICO score: 710
Average Term: 12 months
Current MakerDAO Debt Ceiling: $20mm with about $7.8mm used

**data provided is based on loan origination date, not finance date

Loan Performance

90+ day late: 0
Forbearance: 0
Foreclosure: 0

Technology

We are still working on integrating with Tinlake, this will enable much faster and error-free NFT minting. Improving a large number of internal web features.

People

Hired a new Load Advisor, James, who will start this month. We are currently recruiting a front-end developer.

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