Borrowing short term from SEP IRA

[Daniel P.]

Hey guys and gals,

I found a SFH that is foreclosed and needs some work. I am interested in purchasing it and keeping it as a rental after I do the needed repairs and fixes.

Here is my issue...

In the last two years I have bid on several separate properties in my area and I have lost all of them.  It seems to be all cash buyers with quick closes.  The last property I was told that the bank even took a lower bid than mine that was all cash.  

With that in mind...

I have the funds to buy the house outright with my SEP IRA. Is it possible to borrow the funds from my IRA (I believe I have 120 days) and then replace them in some other fashion? Such as, home equity loan from another property or refinancing the purchased property into a 15-30 year traditional loan?

Appreciate any feedback.  Thanks in advance!