Looking for a non recourse lender

15 Replies

Can anyone recommend a good, reputable non recourse lender?

I'm looking for one that lends in Indianapolis and Kansas City, MO that will ideally do more than a 50% LTV with 30 year amortization with no less than a 10 year balloon.

Any help would be appreciated.

@Mike D'Arrigo

Here is one that has close terms:

Security National Mortgage Company - Steve Bighaus   teambighaus.com

He has a commercial product that is non recourse only if your means of purchase has to be non recourse like a 401k or IRA, you cant just get it for the sake of it.

terms - 35% LTV, 5% loan origination fee, 8.99% rate, 5yr balloon on 30yr AM. Loan renews every 5yrs, rates may change based on current market conditions.

I have used him for many of my clients, he can get the loans done. 

Good luck

I believe it is 35% down, sorry for the error. 

Originally posted by @Curt Davis :

@Mike D'Arrigo

Here is one that has close terms:

Security National Mortgage Company - Steve Bighaus   teambighaus.com

He has a commercial product that is non recourse only if your means of purchase has to be non recourse like a 401k or IRA, you cant just get it for the sake of it.

terms - 35% LTV, 5% loan origination fee, 8.99% rate, 5yr balloon on 30yr AM. Loan renews every 5yrs, rates may change based on current market conditions.

I have used him for many of my clients, he can get the loans done. 

Good luck

 Is that 8.99% even competitive for non-resource loans, at all? Seems high.

@Andrey Y.

Considering its difficult to find a lender who will even offer a non recourse loan and the loan is based on the property and not the individual borrower, I think its a fair rate.  

We work with several lenders offering non-recourse loans nationwide (in all 50 states) who have much more attractive terms. Please PM me and I'll send you the list.

Here is an example of the loan I personally did with one of them:

5/1 ARM, 60% LTV, 4.875% interest rate.

A couple nationwide lenders I contacted recently don't do non-recourse loans on properties built before 1940. So many of the 2 to 4-flats in Chicago were built around 1900. Anyone know lenders that don't have age restrictions on the property?

Originally posted by @Dmitriy Fomichenko :

We work with several lenders offering non-recourse loans nationwide (in all 50 states) who have much more attractive terms. Please PM me and I'll send you the list.

Here is an example of the loan I personally did with one of them:

5/1 ARM, 60% LTV, 4.875% interest rate.

 @Dmitriy Fomichenko Would it be possible for you to Post the list here or PM me? I am investigating if this makes sense for my situation. Thanks.

@Mike D'Arrigo I don't know any non-recourse lenders for the Kansas City market (other than some IRA investing which has been mentioned in this thread already).

Good luck!

Originally posted by @Tim Toney :
Dmitriy Fomichenko Would it be possible for you to Post the list here or PM me? I am investigating if this makes sense for my situation. Thanks.

Tim, since it is against BP policy to post outside links here on the forum I will send you a private message with the link.

I have a list of a dozen or so non recourse lenders that I got for a few SDIRA companies. Vote and PM me for the list.

I may have one for you. Get in touch if your still in need.

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