Self Directed IRA Non Recourse Loan in NY

[Justin Taylor]

Hello. I have recently funded a self directed IRA. I have a few potential properties in New York State that I would like to purchase using my self directed IRA as a down payment. I will need to fund the other portion of the aquisistion with a Non Recourse Loan which I believe is the only loan that will legally work with usng my self directed IRA.

I am having trouble finding a lender that offers a Non Recourse loan for properties in New York State. Many lend in other states but no NY.  Does anyone know of lenders that will offer a Non Recourse Loan in New Yorks State? 

Is there another method to use my self directed IRA as a down payment combined with a loan?

Thank you for your help.

[Chris Seveney]

new york is just  tough state to get financing, especially non recourse because it can take 3-5 years to foreclose and the accumulation of taxes and insurance on a property in NY can move it underwater very quickly on a default - that is one of the things going against you.