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Updated over 7 years ago,
Non-recourse loan on a self-directed IRA... question...
Greetings -- I'm not sure if this is in the right category, but as someone who's new to non-recourse loans against a self-directed IRA, the whole concept seems very creative...
Anyway, my loan application is asking for a document it describes as:
LETTER FROM IRA ACCOUNT HOLDER EXPLAINING THE DETAILS OF THE LOAN REQUEST. THIS
SHOULD INCLUDE, SPECIFIC DETAILS ABOUT THE TYPE OF PROPERTY THAT WILL BE USED AS
COLLATERAL, LOCATION OF THE PROPERTY, LOAN AMOUNT REQUESTED AND HOW THE IRA
WILL BE INVOLVED, INTENTIONS FOR THE USE OF THE COLLATERAL PROPERTY (AMOUNT OF
RENT, WHO WILL BE RENTING THE PROPERTY), AND FUTURE INVESTMENT GOALS FOR THE
COLLATERAL PROPERTY. YOUR EXPERIENCE IN INVESTING IN AND MANAGING INVESTMENT
PROPERTIES SHOULD BE EXPLAINED.
Since this is my first investment property purchase, I don't want to sound like a complete dummy, so I'm wondering: Does anyone have a template or sample document that I could take a look at and use as a guide for writing my first one? I'd really appreciate it and I'm psyched to hopefully be purchasing my first single-family investment property!!