Financing for an IRA or soloK

[Brett Snodgrass]

Hello, 

I am from Indianapolis, Indiana, and have a need to find out more information on my situation.

I have been buying properties out of my self directed IRA, and I own a few properties. I have one that we are rehabbing and I might need some financing for this home. Does anyone know of a lender, private or Traditional, that would finance a property held in an IRA?

The Ira owns the property free and clear. The Arv is around 120k. Its just outstanding de of Indianapolis. I'm just seeing what my options are, as we have never financed a property owned by our Ira? LTV doesn't need to be super high. 60-65% of ARV would be fine. This would be a refinance or Equity Line. Looking for a loan for 12-18 months possibly.

Thank you, and God bless, 

Brett 

[Bryan C.]

Make sure that you get a "non-recourse" loan since you are investing with your IRA or 401k. you will need to seek the non-recourse lenders or someone that will do a non-recourse loan with you.

[Ashley Mullin]

@Don Harris might be a good person to talk too!

[Account Closed]

Hello

I do mentor a very limited few people.

I buy, sale, and wholesale in all 100 counties in NC. Please feel free to read my profile to see where the synergies are. I have a solid knowledge in IRA, 401K uses as well. Feel free to reach out to me if you need anything. You can join in meetup group.

I love this saying "Baseball games are not won by home runs, but rather by the skilled talent of a team who knows the value of the base hit"

Thanks

[Brett Snodgrass]

@Bryan C.   Thank you I will check into th non-recourse loan option 

@Ashley Mullin Thank you I will reach out to @Don Harris

@Account Closed thanks Craig. I will send you a pm.  

Brett 

[Mark Nolan]

@Brett Snodgrass

Consider sending messages to other members for specific guidance.

[Dmitriy Fomichenko]

@Brett Snodgrass

There is only a handful of banks who offer non-recourse financing for retirement accounts. Since this is a recent purchase most lenders will only use a purchase price (not current or after repair value) and will lend up to about 60% LTV. So if the numbers would still work for you feel free to PM me and I'll send you list of those lenders.

Another options is to look for private financing, there are number of individuals here who do that. You will find their rates be higher than banks but guidelines might be more attractive also.

[Gordon Cuffe]

@Brett Snodgrass

I have taken out a non recourse loan for my IRA with a local hard money lender. Once my self directed IRA custodian recommended these guys.

http://www.iralending.com/

. I would bet your custodian would know of a few more.