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benjamin
2196 Posts |
 Posted - 09/04/2008 : 6:00:27 PM
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Client was working with his IRA company, has several hundred thousand . He wants to buy an investment property for $100,000, using his IRA as collateral. His IRA company said they have several lenders could do, however, the first one processed a loan, backed out .
He doesn't want to cashout IRA funds.
Anyone know if this is possible? |
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Miller192
174 Posts |
Posted - 09/04/2008 : 6:03:40 PM
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I don't know if I am reading this correctly but if you are asking if someone can take a loan from an IRA, that answer would be no.
Sorry if I am not reading this right. |
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benjamin
2196 Posts |
Posted - 09/04/2008 : 7:05:35 PM
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| Client says IRA Company has lenders to use his IRA as collateral, loaning him money to purchase a home. I have not heard of such a program. |
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Miller192
174 Posts |
Posted - 09/04/2008 : 7:26:03 PM
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quote:
Originally posted by benjamin
Client says IRA Company has lenders to use his IRA as collateral, loaning him money to purchase a home. I have not heard of such a program.
Their recourse then would be to collect on the IRA so that wouldn't be allowed. This is not possible. |
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dwallace
590 Posts |
Posted - 09/04/2008 : 9:30:37 PM
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| I came across this web site www.iralending.com. I have no idea who they are but a quick google search came up with them. Using a self-directed IRA to purchase investment property and take out a loan is fairly common, but you don't pledge the IRA account itself and it has to be a non-recourse loan. I'm assuming this is what the IRA company is talking about. |
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Miller192
174 Posts |
Posted - 09/04/2008 : 9:37:31 PM
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quote:
Originally posted by dwallace
I came across this web site www.iralending.com. I have no idea who they are but a quick google search came up with them. Using a self-directed IRA to purchase investment property and take out a loan is fairly common, but you don't pledge the IRA account itself and it has to be a non-recourse loan. I'm assuming this is what the IRA company is talking about.
That is what I was trying to clear up. It can't be a recourse loan.
What you essentially do is purchase the real estate THROUGH the IRA not WITH it. |
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austinmp
305 Posts |
Posted - 09/05/2008 : 01:48:16 AM
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He should be able to do it, though I don't know who is doing non-recourse loans right now. Anyone?
I have clients interested in this as well. Want to diversify. |
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benjamin
2196 Posts |
Posted - 09/05/2008 : 03:37:40 AM
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| Thank you, I am getting a better idea. |
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