Looking for Non Recourse Lenders in North Carolina

6 Replies

Hello

Does anyone know of any lenders that offer non-recourse loans of under $1 million in North Carolina? I'm looking to invest in a rental to buy & hold, but need to figure out how much I can borrow before setting the parameters for the property search.  It might be anything from a single family to a 5+ unit rental, but until I know how much money I have to use, it limits my search.

I'd like to invest within a self-direct IRA. The trustee tells me that if I use any borrowed money, it must be a non-recourse loan. Of course I started Googling, but all Google seems go give me is useless information.

Any info at all would be appreciated, please direct message me on Bigger Pockets if you can.

Thanks

Go to a commercial mort broker and explain your situation.  


You are limited to 401k money only (in almost all circumstances). So the lender may want a lower LTV or more reserves or higher rate.

@Suzanne Player

I am currently in the midst of shopping around to refinance my apartment complex in NC and even that's challenging.  Due to the current pandemic, many banks are being very selective of who they lend to.  The fact that you are also looking to finance something on the smaller side (5 units or less) won't help either.  Truliant Credit Union was very approachable you could try them.  Also google local banks that are within a 10 mile radius of whatever area your looking to invest into.  Hope this helps.

Thanks for the info - what you all passed along is extremely helpful. There are a decent number of options for purchasing real estate in a self-directed IRA.