Underwriting New Silver: Our Work with infiniFi
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Qiro has completed external risk assessment of New Silver Income Fund for infiniFi
infiniFi aggregates stablecoin capital and routes it into different yield strategies. As part of their private credit allocations, they engaged Qiro to conduct detailed risk assessment of one of the funds sitting inside their yield strategy: the New Silver Income Fund, a residential bridge lending vehicle that has originated over $500M in short-duration loans across 41 U.S. states since 2018.
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8:32 PM · Jun 16, 2026 · 2.67K Views
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Here’s the final risk assessment report: https://github.com/InfiniFi-Labs/documents/blob/master/new-silver/NS_Fund_PR_Qiro.pdf
We followed Qiro’s standard framework for evaluating private credit funds before they’re allocated to. Here’s what we looked into to arrive at the final assessment report.
Corporate structure
We mapped the fund’s full legal structure, the loan originator, the capital vehicle LP investors commit to, the SPV that holds collateral, and the third-party counterparties involved, including the trustee, servicer, and account bank. Understanding who holds what role, and what each layer is and isn’t responsible for, is the starting point for any risk assessment.
Capital stack
We reviewed how the fund is capitalized the senior facility, its cost, and how it sits relative to the junior tranche that LP investors hold. This includes looking at the spread between portfolio yield and senior facility cost, and how that spread has moved over time, since it determines how much room exists before returns come under pressure.
Borrower profile and loan performance
We reviewed the underlying loan book, borrower credit quality, loan terms, and historical performance data since the platform’s inception and benchmarked the fund’s loss experience against comparable lending strategies.
Structural protections
We assessed the mechanisms designed to protect investor capital, including collateral position, independent trustee oversight, and any loss-mitigation policies built into the fund’s structure. For each mechanism, we looked not just at what it’s designed to do, but what its effectiveness depends on.
Risk factors
We identified the variables most likely to affect the fund’s performance going forward including leverage sensitivity, concentration, and market conditions specific to the underlying asset class, and flagged which of these require ongoing monitoring rather than a one-time check.
Note: the risk assessment report is not a recommendation. It is intended to give investors a fuller picture of a fund’s structure and risks so capital can be allocated with that information in hand.
About infiniFi
infiniFi is building the system DeFi needs, built for real users. Simple, secure, and built for depositors.
About New Silver
New Silver Lending LLC is a private lender focused on short-duration residential investment property loans across 41 U.S. states. Founded in 2018, the platform has originated over $500M in loans.
About Qiro Finance
Qiro is credit underwriting and risk monitoring platform for tokenized private credit assets. Backed by Alliance, CMT Digital, Druid, EV3 & Trident Digital.
Website: https://www.qiro.fi
Twitter: https://x.com/Qiro_Finance
LinkedIn: https://www.linkedin.com/company/qiro-finance/
Call to DeFi allocators
If you’re allocating to private credit through a vault, yieldcoin, or fund and looking to strengthen your underwriting process, reach out to us! we’d be glad to discuss risk assessment and ongoing monitoring for your allocations.
Book time: https://calendly.com/qiro/qiro-30-mins
Until next time.
~ Team Qiro