When you’re on the search for a source for an IRA non-recourse loan, you’re going to find a variety of options. But distinguishing a good lender from a bad one isn’t always easy, especially when you can work with lenders online. So once you’re ready to start investing in real estate, how are you supposed to determine which lender to work with?
The easy answer, of course, is to work with First Western Federal Savings Bank, but if you’re looking for something a little more convincing than that, here are the traits you should look for in a good lending partner.
Your Mortgage Broker Recommends Them
You already trust your mortgage broker, so one of the easiest ways to find a reliable non-recourse lender is to simply ask them for suggestions. It’s very likely that your broker works with lenders like these and can help you connect with them. Indeed, your broker may even have insights into the non-recourse lending process, which you can then take advantage of once you begin investing.
They Speak From Experience
Having a good reputation is one thing, but reputation alone will not help you secure the right loan for your needs. Looking at a lender’s experience is a crucial part of the borrowing process. Ask the lender how long they’ve worked in the field, past projects, and how they stay up-to-date on the latest changes in laws and rates. The more experienced the lender, the better your experience will be.
They Lend Reasonable Amounts
When it comes to taking out an IRA non-recourse loan, or any loan really, you’ll want to make sure that the lender can offer you everything you need. You don’t want to have to take out several loans in order to make just one investment.
Additionally, you want to make sure that the lender isn’t offering exorbitant amounts of money in their loans. If a lender offers too much, you might encounter a situation in which they have insufficient funds to accommodate your loan. Here at First Western Federal Savings Bank, we offer loans in amounts ranging from $40,000 to $800,000.
The Lender is Responsive
In an era where we can connect in more ways than ever before, working with an unresponsive lender is unacceptable. The lender should always be timely in their responses, and thorough in the resources they provide you during the lending process. Taking a loan of any kind can be a confusing and intimidating process, and a good lender will take the time to walk you through it all.
In a similar vein, the lender should make decisions on a loan quickly. Once you’re approved, the processing time should be prompt, and the lender should notify you of changes as they occur. We’re committed to offering our clients a streamlined experience, so we make loan decisions within two days, and our processing time takes about 35 days from the application date.
They Offer a Variety of Loans and Services
A reputable lender offers several different loans and services. While you might only be interested in one, like a non-recourse IRA loan, checking for other options is a good idea. Lenders who offer different loans are best suited to help you should your needs or situation changes. This flexibility means that you can work with them on a variety of projects and they can support you every step of the way.
Partner With a Trusted IRA Non-Recourse Lender Today
Finally, a good lender will act as your strategic partner. More than just offering you financial backing, they’ll provide you with market insights, lending suggestions, and provide you with the knowledge and resources you need to make the best investments possible. Throughout the course of your loan and your repayment period, your lender will offer you the assistance you need. After all, when you find success after taking out a loan, the lender does too.
First Western Federal Savings has been helping Americans invest in real estate for more than 40 years. We offer IRA non-recourse loans that can help you attain your financial goals. You can use these funds to invest in properties that you can make into rental or vacation properties. Connect with our lenders today to get started.