Solo 401k and Checkbook IRA
Non-Recourse Financing Providers:
North American Savings Bank (NASB) specializes in offering non-recourse loans for self-directed Solo 401ks and Checkbook IRA accounts. They are also one of the largest Kansas City construction lenders. With their non-recourse loan, NASB offers a unique solution to help IRA and 401k plan holders with their funding requirements. NASB now has 9 branch locations, 4 residential loan origination offices and one residential construction loan origination office.
NASB offers loan services to customers all over the country. Founded in 1927, NASB’s mission is to uphold utmost security and strength in their business. The locally-owned bank is now holding more than $1 billion worth of assets.
NASB Non-Recourse Loan Products:
- 70% LTV for single family home
- 60% LTV for other residential property
- Maximum 55% LTV for CA, AZ, FL, MI, OH, NV
- Typical processing time: 45 days
NASB typically asks for a minimum downpayment of 30%. The income from the property also needs to be 20 to 25% higher than the debt service cost.Jason Zook | IRA Loan Officer (NMLS ID#: 415110) 903 E. 104th Street, Suite 400, Kansas City, MO 64131 (855) 211-3340 | email@example.com | www.iralending.com
First National Bank of America offers loan to residential properties of less than 4 units all over the country. Larger rental properties in Michigan can also qualify.
First National Bank of America’s Non-Recourse Loans:
- Offering loan of less than $50,000
- Rehab loans and refinances are available
- Maximum loan term: 10 years
- Processing time: 30 to 45 days
First National Bank usually requires a downpayment of 40 to 50% in the self-directed retirement accounts. Property incomes have to be 20 to 25% higher than the debt service cost.Chad Springer 4250 Chicago Drive SE, Grandville, MI 49418 Ph: (616) 538-6015 | firstname.lastname@example.org | www.fnba.com
As a non-recourse financing provider, First Western Federal Savings Bank works with clients nationwide. With their financing options, clients are able to leverage their real estate investment within a self-directed Solo 401k or Checkbook IRA. They offer service to Buy-and-Hold investors that are interested in residential properties, commercial properties, and multi-family units in any states.
First Western Federal Savings Bank Non-Recourse Loans:
- 60% LTV for residential properties with 4 units or less
- 50% LTV for commercial propertys and large rental properties
- Maximum loan term
- Loan size: between $40,000 to $800,000
- Processing time: 30 to 50 days
- No balloon payment, no pre-payment penalty
To qualify for the loan, there must be a reserve of 15% of the borrowed amount in the Solo 401k or IRA. Net income has to be at least 25% more than debt payments.Roger St. Pierre | Sr. VP | NMLS#: 768919 402 Main Street, Rapid City, SD 57701
(605) 341-1203 | email@example.com | www.myiralender.com
Founded in 1984 under the name Phoenix Mortgage, Pacific Crest Saving Bank (PCSB) has been converted in 1998 into a federally insured and state-charted savings bank. An independently-owned bank, PCSB has 30 years of experience in the industry, providing the best services to their customers.
Non-recourse financing is available for holders of the self-directed Solo 401k and IRA:
- Service area: Western Washington State
- Maximum LTV: 50%
- Type of loans: Purchase, refinance: rate, term and cash out.
The Lending Resources Group CEO, Mark Robbins, was the first banker at a large US mortgage firm to provide IRA investors with non-recourse financing. Since then, Mark has been a pioneer in this field, serving IRA investors in all 50 states.
The Lending Resourecs Group, Inc, was founded in 2008. The group continues to provide non-recourse financing for IRA plan holders. LRG offers their financing to any types of properties, including single family properties, duplex, apartment building, commercial properties and condominiums. The group also works with private sources and offers loans that other banks turn down.415-309-1803 | firstname.lastname@example.org | www.lendingresourcesgroup.com
Founded in 1963, FirstBank has grown through consumer and commercial lending, innovative banking products and services and a high regard for community investment. FirstBank now has over $14 billion in assets and over 115 locations in Colorado, Arizona, and California. FirstBank’s unique loan program offers non-recourse loans to purchase or refinance real estate within your self-directed retirement plan.
Service area: Colorado, Arizona (Phoenix Metro Area), California (Southern and Central California)
- Maximum 65% LTV
- 15 year fixed mortgage
- 7/1 or 5/1 ARM with 15-30 years armotization
- Processing time: 35 days for Checkbook control accounts
- No minimum or maximum loan limit
To qualify for the loan, plan participants must have a minimum credit score of 680. 75% of property income needs to cover principal, interest, taxes and insurance payments (PITI).California – Natalie Russo | 760-836-3529 | email@example.com Colorado – Ryan Blake | 303-920-5202 | firstname.lastname@example.org Arizona – Slava Ibragimov | 602-333-7740 | email@example.com www.efirstbank.com