We wanted to share an important update. New Silver, as one of the pioneering real world assets on DeFi, is positioning to use the recent momentum to expand loan originations and capture market share in a highly competitive real estate market. Given the overall market rates and the environment we operate in, one of the ways we plan to attract highly qualified borrowers is with very competitive pricing. In light of this, we have recently announced a major rate reduction for our Fix and Flip, Refi and Ground Up loan products.
At the same time, we are also announcing DROP rate decrease from 5% to 4% APR, starting on June 4th, 2021. This was communicated to existing investors via email 2 weeks ago.
We will be providing further updates as they are available.