Call: 800-908-8845 CONTACT US APPLY NOW HOME IRA NON-RECOURSE LOANS CRP PAYMENTS RESOURCES ABOUT CONTACT Loan Experts One of the nations leading IRA Non-Recourse Loan Lenders! Resources Contact Us Here IRA Non-Recourse Loan FAQs Your non-recourse loan questions, answered. Many people know that purchasing a rental property is a great way to grow their financial portfolio. A non-recourse loan is the tool needed to make this investment happen. But when it comes to the process, the application, and the fine details of this type of loan, things can get a little more complex. Our lenders at First Western Federal Savings Bank are here to answer all of your questions about non-recourse loans — and if we left something out, we’d be more than happy to connect with you. Look through our FAQ page to get the answers you’re looking for, and contact our non-recourse loan lenders for additional information or to submit your application. Does the same apply to a Solo 401(k)? Expand I have a rental property financed with a non-recourse loan in my self directed IRA. I read something about filing a 990-T Tax Return. Is this necessary? I didn’t think that an IRA had to pay income taxes. Expand Does it matter to your bank as a lender if I have a Solo 401(k) or self-directed IRA as the borrowing entity? Expand Do you lend on mixed use properties? Expand Do you base your loan amount on Purchase Price or Appraised Value? Expand Can I combine two or more investment properties on the same loan? Expand Is there a prepayment penalty if I want to pay more on principal or pay the loan off early? Expand Is there a limit on the number of non-recourse loans a customer can have with you? Expand Do you sell your loans after the loan closes? Expand How long does the process take to get a non-recourse loan? Expand What is a non-recourse loan? Expand How is this different from a recourse loan? Expand How do you qualify for a non recourse loan? Expand What kinds of property can be purchased? Expand What kinds of property do not qualify? Expand I see that your guidelines state that the property must be built 1940 or newer. Do you ever make an exception to this? I own a fully rehabbed and rented home but it was built before 1940. Expand I would like to buy a piece of land and develop it with a home on it. Do you make loans for development? Expand How can I tell if my property is “marketable?” Expand How does my self-directed IRA work with a non-recourse loan? Expand Can I refinance a property outside of my non-recourse loan? Expand I don’t have enough money in my IRA alone to invest in a rental property. Can I combine my funds with another investor and the two of us go together to buy a rental property with a non-recourse loan? If so, how can we do that? Expand Am I required to use a property manager? Expand Can I stay in the rental property my IRA owns? I want to buy a rental property in Phoenix so that I have a place to stay in the winter when I go south. Expand Will a non-recourse loan show up on my personal credit? Expand I have several free and clear rentals inside of my SDIRA. Can I refinance them to take out cash for other real estate purchases? Expand I just paid all cash with my Solo 401(k) for a home. I would like to take some cash out with a refinance. Is there a seasoning period required before I could do a cash-out refinance? Expand How do I apply? Expand We hope this has helped answer most of your questions about non-recourse loans, but if you still are looking for more information, please feel free to reach out to us! Understanding and applying for a non-recourse loan can be challenging, and we’re more than happy to clarify the details for you. Since 1979, the non-recourse loan lenders at First Western Federal Savings Bank have been helping people across the country grow and advance their investment portfolio. We’d love to help you do the same. Contact First Western Federal Savings Bank today to begin. First Western Federal Savings Bank 402 Main St. Rapid City, SD 57701 Get Directions P: 800-908-8845 Apply Here Necessary Documentation Contact Us Here MORE INFORMATION REFINANCING OPTIONS HOME EQUITY LOANS VACATION RENTAL PROPERTIES SELF-DIRECTED IRA Email: Roger St. Pierre NMLS #768919 Email: Jeff Fullerton NMLS #768918 Email: Nick Conway NMLS #1606997 Disclaimer: First Western Federal Savings Bank is not affiliated with any of the listed custodians, administrators, or facilitators nor do we receive compensation to provide you with this information. We are also not responsible for the website content at third-party sites. First Western Federal Savings Bank and its employees do not provide tax, legal, or investment advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or investment advice. You should consult your own tax, legal, investment advisors before engaging in any transaction. APPLY NOW Home About Us CRP Payments Contact Blog Privacy Policy 402 Main Street, Rapid City, SD 57701 Local Phone: (605) 341-1203 - Fax: (605) 394 - 0084 - NMLS #631666 © 2021 First Western Federal Savings Bank. All Rights Reserved.