Updated about 9 years ago on .
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No 2nd Lien Allowed - Can I Mortgage Another Property to Get Cash
Hello All,
I think the answer to this is that it *is* allowed, but wanted to get some feed back before pursuing any farther first.
I am working on purchasing a 4-Plex for 250K using my SDIRA that I would like to get a non recourse loan on. I have started talking to lenders and they will lend 60%, but will not allow for an other kind of liens including 'seller carried 2nd' lien, so I need to come up with about 100K for the down payment.
I also own two properties with no mortgage on them with the same SDIRA that are worth about 80K and 120K. If I were to get a Private Lender to do a non recourse loan on one of these properties for say 50K, would I be able to use that along with the 50K I have sitting in my SDIRA account to come up with the 100K needed?
Sounds pretty straight forward, just wanted to see if there was something I was missing?
Thanks, Dan Dietz