The presence of non recourse IRA lenders shows that real estate investors rely more on private finance companies. Why would you go to a private financer, when you have your bank ready to give you a loan? If you want to learn about getting a private property loan, you should keep reading the blog.
1. Quick loan processing
Do you believe that your bank can process your loan within a business day? If you approach a bank for a loan, you will be asked to come through a different route. You will be given a lengthy loan form and asked to furnish all papers related to your income or profit. But a private financer won’t ask for papers. It will be a near-paperless loan. Also, the loan process will be fast.
2. No credit score check
Banks will check your credit score and payment history to pass your IRA non recourse loan. In other words, you will get the loan only when you pass the credit score check. If you have a poor credit score, the bank won’t consider you as a potential client. On the contrary, private financers will give you a loan without going through your credit score.
3. Easy repayment
Banks will be strict with repayment of the loan. Bank employees will call you for repayment. If you fail to repay the loan, the bank will report it to higher authorities. Your failure will be reflected in your credit score and payment history. However, a private financer will allow you to walk out of the deal scot-free.
4. Finance any property
Banks finance selected properties. They check many things like location, age, and size of properties before financing. In other words, you can never be sure whether your bank will finance the property you want to buy. However, a self directed IRA lender will approve the loan in a hassle-free manner.
Real estate investment is the best investment because it gives the highest return. You can even make up to 100% of your investment. For investment, you can look at your bank or approach a private financer for help.
A self directed IRA lender is a friend in need. The financer will provide real help without giving you any surprises. The finance company will process your loan application as soon as you present the application. If you need it quicker, you can talk to the financer and request a loan within a business day.