What Type of Loan Programs are Available For A Non-Recourse Loan?
If you are interested in a loan where you will not be personally liable for repaying outstanding debts due to it being backed by secured collateral, then working with a non-recourse loan lender is the perfect option. Essentially, as the borrower, if you do not repay the loan your personal assets will not be sought after, but you will lose the real estate property used as collateral. At First Western Federal Savings Bank, we are experts on non-recourse loans and are here to inform you about the type of loan programs available through us! Visit our website for more information.
Residential Property
Residential properties are the most popular type of property often secured with non-recourse loans. These include houses, condominiums, townhouses, and other possible residential options. As a non-recourse loan lender, we will let you borrow the money to purchase said property, but the residential unit will be used as collateral as a way of you promising to pay the loan on time.
Commercial Property
If you want to open up a commercial business, but do not want to be personally responsible for any mishaps on a loan, using a non-recourse loan is a great choice. With these funds, you may invest in properties such as a storefront, office space, local business, and much more, without the worry of your personal assets being at risk.
Multi-unit Property
Purchasing a multi-unit property such as a multi-family home or apartment is an excellent way to establish a passive income. That said, it may be difficult to get this started with a personal loan, as risking your own assets can be worrisome. Non-recourse loan lenders are here to help, as your self-directed IRA will be held responsible for any defaults on the money borrowed.
Agricultural Property
If you live within an agricultural heavy area, you may be wanting to get in on the action for yourself. Invest in agricultural property with a non-recourse loan, as a lease contract can also be implemented when crops or livestock are utilized on the property. This setup can be used as an excellent way to generate income!
If you are interested in working with one of the best non-recourse loan lenders in the nation, look no further than First Western Federal Savings Bank. Our team has years of experience working with people just like you, and we are ready to assist you on your next real estate property journey. Contact us today to get started!