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Updated over 8 years ago on . Most recent reply
Non-recourse loan for renovation
Newbie here!
I have purchased a property thru my IRA LLC. I paid cash. This is a total renovation, down to the studs, with all new utilities. I need financing to complete the renovation. I have not yet found a non-recourse lender that will finance a renovation. Any advice?
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Jay Hinrichs
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Jay Hinrichs
#1 All Forums Contributor
Professional Services
#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
@Account Closed when one receives a loan whether non recourse or not.. the property is on its face put up as collateral.. are you thinking a NON recourse loan is a personal UNSECURED loan.. you may be confusing the two.
Jennifer, there are lenders that will do IRA loans usually only to 50% LTV... also careful on how you structure this as you cant self deal in your IRA... make sure you have talked this through with your IRA expert..there are many on this site I would ask them as well.
- Jay Hinrichs
- Podcast Guest on Show #222
JLH Capital Partners