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Taz Zettergren
  • Real Estate Agent
  • Memphis, TN
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In Need of A Non Recourse Lender

Taz Zettergren
  • Real Estate Agent
  • Memphis, TN
Posted Mar 8 2024, 09:13

Does anyone have any experience or recommendations for non recourse lenders that will cross collateralize loans for properties in a retirement account? I have several clients that have a lot of equity in homes they purchased 8+ years ago but can't find a lender that offers the product. 
 

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AJ Exner
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AJ Exner
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Replied Mar 8 2024, 09:36
Quote from @Taz Zettergren:

Does anyone have any experience or recommendations for non recourse lenders that will cross collateralize loans for properties in a retirement account? I have several clients that have a lot of equity in homes they purchased 8+ years ago but can't find a lender that offers the product. 
 


Hey Taz, 

I am aware of one, usually caps at 70% leverage with more of a "limited" recourse, but sounds like it is what you are needing. Just sent a DM and would love to connect.

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Erik Estrada
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Erik Estrada
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Replied Mar 8 2024, 11:43
Quote from @Taz Zettergren:

Does anyone have any experience or recommendations for non recourse lenders that will cross collateralize loans for properties in a retirement account? I have several clients that have a lot of equity in homes they purchased 8+ years ago but can't find a lender that offers the product. 
 


 There are non-recourse lenders, but it's not really what you might think. Is there a specific reason why you are looking for a non-recourse loan? 

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Chris Seveney
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Chris Seveney
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Replied Mar 8 2024, 16:07

@Taz Zettergren

https://www.nextgenerationtrust.com/professional-resources/

Check out this website - next generation trust they are a sdira custodian and have some non recourse lenders on there.

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Jay Hinrichs#1 All Forums Contributor
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  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs#1 All Forums Contributor
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Replied Mar 8 2024, 18:10
Quote from @Erik Estrada:
Quote from @Taz Zettergren:

Does anyone have any experience or recommendations for non recourse lenders that will cross collateralize loans for properties in a retirement account? I have several clients that have a lot of equity in homes they purchased 8+ years ago but can't find a lender that offers the product. 
 


 There are non-recourse lenders, but it's not really what you might think. Is there a specific reason why you are looking for a non-recourse loan? 


they need non recourse because properties held in retirement accounts cannot have recourse loans they MUST be non recourse.  I used to specialize in those back in the day and I did a bunch of them in Memphis in fact.  10 points 10 to 14% rate is what we got for those loans.

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Dmitriy Fomichenko
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Dmitriy Fomichenko
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Replied Mar 8 2024, 20:02

@Taz Zettergren

One or more lenders on this list should be able to help:

https://www.biggerpockets.com/member-blogs/2810/50272-list-o...

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Replied Mar 9 2024, 16:02
Quote from @Jay Hinrichs:
Quote from @Erik Estrada:
Quote from @Taz Zettergren:

Does anyone have any experience or recommendations for non recourse lenders that will cross collateralize loans for properties in a retirement account? I have several clients that have a lot of equity in homes they purchased 8+ years ago but can't find a lender that offers the product. 
 


 There are non-recourse lenders, but it's not really what you might think. Is there a specific reason why you are looking for a non-recourse loan? 


they need non recourse because properties held in retirement accounts cannot have recourse loans they MUST be non recourse.  I used to specialize in those back in the day and I did a bunch of them in Memphis in fact.  10 points 10 to 14% rate is what we got for those loans.

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Dmitriy Fomichenko
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Dmitriy Fomichenko
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Replied Mar 11 2024, 09:38

@Conzy Ray,

Non-recourse loans must be used when buying a property in a retirement account because the IRS prohibited personal guarantees, so conventional loans may not be used. 

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Replied Mar 11 2024, 10:29
Quote from @Conzy Ray:
Quote from @Jay Hinrichs:
Quote from @Erik Estrada:
Quote from @Taz Zettergren:

Does anyone have any experience or recommendations for non recourse lenders that will cross collateralize loans for properties in a retirement account? I have several clients that have a lot of equity in homes they purchased 8+ years ago but can't find a lender that offers the product. 
 


 There are non-recourse lenders, but it's not really what you might think. Is there a specific reason why you are looking for a non-recourse loan? 


they need non recourse because properties held in retirement accounts cannot have recourse loans they MUST be non recourse.  I used to specialize in those back in the day and I did a bunch of them in Memphis in fact.  10 points 10 to 14% rate is what we got for those loans.
Hi Does anyone have any feedback on using an IRA to purchase real estate. I am looking into this but i understand that you can ONLY use a non recourse loan to purchase. Are non recourse lenders open to this??

Hi Dmitriy! Is a DSCR loan considered a non-recourse loan?

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Dmitriy Fomichenko
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Dmitriy Fomichenko
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Replied Mar 11 2024, 16:43

@Conzy Ray

not necessary; you would have to check with the lender originating the loan.

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Taz Zettergren
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  • Memphis, TN
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Taz Zettergren
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Replied Mar 11 2024, 18:07

Thank you all for the references

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Replied Mar 12 2024, 07:16

Got it! Thank you so much Dmitriy!!

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Jacob Sherman
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Jacob Sherman
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Replied Mar 12 2024, 15:20

Are they investment properties ? The only non recourse you may find these days are bridges with reduced LTV

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Sienna Keillor
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Sienna Keillor
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Replied Mar 12 2024, 15:41

I am aware of one, please message me 

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Jay Hinrichs#1 All Forums Contributor
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Jay Hinrichs#1 All Forums Contributor
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Replied Mar 12 2024, 17:54
Quote from @Conzy Ray:

Got it! Thank you so much Dmitriy!!


Conzy you can Trust Dmitriy as a fully vetted verified source for what is legal.. when you make post like this your going to open yourself up to fakes frauds and scammers contacting you so if that happens be very careful send NO Money.. etc.

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Replied Mar 12 2024, 18:12

Thanks Jay! I appreciate that!

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Alex Hunt
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Alex Hunt
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Replied Mar 17 2024, 12:14

Happy to take a look at these. Can see why this would give most lenders a headache, non-recourse, cross collateral, personal name I assume? 

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Simmy Ahluwalia
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Simmy Ahluwalia
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Replied Mar 19 2024, 15:27

@Taz Zettergren - Yes, NR loans are available for 401k or IRA accounts; however, several guidelines apply. Reach out if you would like to learn more.