Getting approved for a loan isn’t easy for someone with poor credit. Luckily, hard money loan lenders are available to help. Hard money loans come in handy for a variety of reasons. They’re easier to qualify for than traditional loans, often require less paperwork, and you can receive funding quickly. Read on to see what you can expect from applying for these loans. Loan Ratios Hard money loan-to-value ratios tend to hover at around 6...

Poor credit can be hard to deal with, but it shouldn’t stop you from living your life. The good news is that it’s still possible to get a private loan with poor credit. At ARC Private Lending, we work hard so you can get funding. However, even if you know where to get funding, you may still have some important questions. With that in mind, here are some of the most frequently asked questions we receive about private loans and the answ...

A hard money loan is a loan that’s based on the value of the property, not on the borrower’s creditworthiness. Hard money loans are usually short-term loans, lasting from one to five years. They’re typically used for rehabbing properties or for investment purposes. Here are the qualifications you’ll need to get a hard money loan. 1. Good Equity When it’s time to get a hard money loan, the lender will want to see that...

You learn that a co-worker wants to unload a house ASAP. You see the potential to make a good profit by flipping the house. They want a reasonable amount, but you don’t have enough in savings, or strong enough credit, to swing a traditional mortgage. Nor will the other party wait the 6 weeks or more a traditional mortgage process requires. What do you do? The solution could be a hard money loan from a private lender. What Is a Hard Money Lo...

Every now and then, a time may come when you need to apply for either a conventional or hard money loan. If you happen to be one of the approximately 68 million Americans who have poor credit, you may be wondering what to do. This is because it’s practically impossible to get a loan if you have bad credit. Read on to see some tips that can help you improve your credit so that you can get a loan. 1. Pay Your Bills on Time One of the easiest ...