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Updated over 7 years ago,

User Stats

22
Posts
7
Votes
Matt Franklin
  • Rental Property Investor
  • Portland, OR
7
Votes |
22
Posts

Non-recourse loan on a self-directed IRA... question...

Matt Franklin
  • Rental Property Investor
  • Portland, OR
Posted

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!!

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