Nonrecourse Loan Questions

[Sam Stout]

Hey there,

     I have 3 mortgages right now, all conventional and I'm wondering about nonrecourse loans.  I have a vacant lot in the San Francisco area that is completely paid off but just sitting there.  I am not building a home on it at this time and wonder, should I use it as collateral to get another loan to buy another multi-family?  That way, atleast the lot is making money right?  Can anyone give me some advice on this?  What are %'s usually on a nonrecourse loan?  Thanks!

[Dmitriy Fomichenko]

And IRA can not be used as a collateral on a loan. Non-recourse means that the only recourse lender has is the underlying property, no other assets of the borrowers or the borrower personally.