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...
Read More >>Can You Get a Private Loan With Poor Credit?
Are you stressed out over bad credit, and wonder if you can find some relief? If so, you aren’t alone. According to Fox Business, as many as one-third of Americans share your struggle with poor credit, but the good news is there are options! Getting a private loan is possible with bad credit, depending on where you look. Read further to find out how you can work around poor credit to get funding. 1. What is a Private Loan? A private loan is...
Read More >>4 Qualifications You Want for a Hard Money Loan
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...
Read More >>How Quickly Can You Get a Hard Money Loan?
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...
Read More >>3 Tips to Improve Your Credit for a Loan
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 ...
Read More >>How Do Most Entrepreneurs Get the Funding to Start?
Many people across the globe have aspirations to venture into business. The Small Business Administration reports that investors started one million small businesses between 2019 and 2020. For these businesses to get off the ground, they need one common factor – money! And this is what creates the difference between entrepreneurs in business and those in waiting. Supposing you are in the latter category, you’d probably want to know how th...
Read More >>4 Tips for Choosing the Right Hard Money Lender
Private hard money lenders are critical people to build relationships with if you work in real estate. For many years, they have played an important role as a financing alternative for real estate investors, particularly those with bad credit or searching for rapid cash for time-sensitive projects. If you’re unfamiliar with hard money, it can be difficult to know where to start. Since not all hard money lenders are similar, it’s essen...
Read More >>3 Reasons People Get Hard Money Loans
A hard money loan is an alternative type of financial product that’s typically offered by individuals and not banks. Since a hard money loan is secured by real property, this type of loan is generally used in real estate transactions. Below we look at the top reasons why anyone might get a hard money loan if they qualify. 1. Secure Real Estate Property The top reason for taking out a hard money loan is the acquisition of real ...
Read More >>4 Benefits of a Hard Money Loan
What comes to your mind when you want to get a hard money loan? Hard money loans are a form of lending. They are generally unsecured, meaning the borrower does not need to use any asset as collateral. There is no recourse to the lender in case of a default or inability to repay the loan. Hence, individuals often use hard money loans when they have trouble qualifying for standard financing options due to credit scores or other factors unrelated to...
Read More >>Who Qualifies for Residential Owner Occupied Loans?
There are many different types of mortgage loans. One of the most popular types is residential owner occupied loans. These types of loans cater to a specific type of borrower. Are you eligible for residential owner occupied loans? Find out now. What Does Owner Occupied Loans Mean? Residential owner occupied loans simply mean that at least one of the borrowers on the loan documents lives at the mortgaged property. For some loan programs, the borro...
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