whats wrong with arkansas

whats wrong with arkansas. I can’t find hard money lenders that will do business in the great state of arkansas. I think they have us stero typed as hill billies.

Hello, Are you looking for commercial or residential?

What kind of responses have you been getting? What reasons do they offer?

<<whats wrong with arkansas. >>

Lots! For starters they elected Bill Clinton several times then, they pawned him off on the rest of us!

Now that is down right evil :evil: Ha!

I actually worked for the Clinton White House (military assignment) for 5-1/2 years…what you saw on TV was the “tip of the iceberg”!


While I am not an expert on the subject nor an attorney, states such as Arkansas, Louisiana and others where you find it hard to find Hard Money Lenders, can usually be traced back to either USURY Laws in that state. Or other “Legal” reasons lenders choose not to do business in those states.

Re: Arkansas


Arkansas’ usury law is set out in our Constitution: “The maximum lawful rate of interest on any contract … shall not exceed five percent (5%) per annum above the Federal Reserve Discount Rate at the time of the contract.” Ark. Const. Art. 19, § 13(a)(i) (1987). Usurious contracts are void as to the amount of unpaid interest in excess of the maximum lawful rate, and a borrower may recover twice the amount of usurious interest already paid on the loan. Ark. Const. Art. 19, § 13(a)(ii). For a contract to be usurious, it must be so at the time it is entered into. Smith v. MRCC Partnership, 302 Ark. 547, 792 S.W.2d 301 (1990).

Im looking for residential, no penaltys for small population, with minimun loan amount perhaps at 25,000.00

I don’t care for slik willy much my self but the people spoke and as far as I know that includes you to. ;D

Hello, Thank you for your reply. I am currently working with commercial investors. Good Luck!

Part of your problem may be the loan amount. It is becoming increasingly difficult to obtain funding for O/O and N/O/O loans under 40k in the conforming and non conforming market place They are out there but they do not always offer the best terms. Usually 80% LTV max. Your parameters need to be pretty good also (income,credit, reserves, etc.)

As with any scenario, the better your parameters the better the program.

I just moved from Arkansas where I spent 2 years as a mortgage broker and 3 years as a Loan Officer. One of the biggest problems is the size of the loans. I was in a small town where people bought things from mom and pop stores that did not report to the credit bureaus. I lost several loans as the homes were “architerturely obsolete”. Closed loans with Wells Fargo, MLN, Chase - they all do low loan amounts.

Good luck! :dance: