Investor · Portland, OR · Member since 2014 · 354 posts · 149 votes
Hello!
Bigger Pockets has always been the place to go, and I am looking for some help! At this time, I am not looking for a Mortgage Broker. If any Mortgage Brokers want to point me in the right direction to a bank that would work, feel free, but I also understand if you share your secrets. I just want to be up front with that.
So, has anyone had any success with any particular banks that WILL do a Self Directed IRA non recourse loan? US Bank told us they could. Gave us written acceptance, went through the appraisal process, but then while rounding 3 base, choked. They ended up needing to bring in their outside council, and it turns out they just don't have the experience with this non recourse IRA loans, and backed out. They would happily give the loan to us as individuals, but couldn't do it the way we needed.
If anyone has a bank contact they could connect me with, that would be great. It's a home run, but our window to close has been wasted by being strung along by US Bank.
There are three banks that can consistently lend in all 50 states. The key is that they are lending their own money, not just originating loans for Fannie and Hedge Funds like the big banks do.
There are three banks that can consistently lend in all 50 states. The key is that they are lending their own money, not just originating loans for Fannie and Hedge Funds like the big banks do.
There are three banks that can consistently lend in all 50 states. The key is that they are lending their own money, not just originating loans for Fannie and Hedge Funds like the big banks do.
We have done several loans with NASB and had great service/experience. Very on top of things with this being one of their specialties. Also, I have done a couple of non recourse loans with Private Lenders on a shorter term basis. One was a 5 year HELOC that we did on a house we owned free and clear for I think 50% LTV. We then used that to buy a 4 plex and put all of the 'cash flow' towards paying that note off within the 5 years and now have both properties cash flowing nicely for no more input from our SOLO401Ks. Right now I am working with a seller that is looking to sell a portfolio of about 10 units with seller financing and he is open to doing it non recourse. It helps that we have known each other for 30 years in a business to business capacity.
There are three banks that can consistently lend in all 50 states. The key is that they are lending their own money, not just originating loans for Fannie and Hedge Funds like the big banks do.
First Western Federal Savings in SD
North American Savings Bank in MO
Titan Bank in TX
Do you know if any Freddie Mac commercial RE lender can do this? I know a lender who does non recourse Freddie Mac commercial RE loans. He puts the LLC's name as the borrower and the person owning the LLC as the non recourse guarantor. The loan term explicitly lists the person as the non recourse guarantor. I asked that lender and he said he has never done such a loan to an LLC owned by an IRA so he wasn't sure.