Originate a loan from your IRA to a person or a company.
IRA loans can be secured by collateral of your choosing, or it can be unsecured.
Purchase existing fractional or whole notes from another originator/broker.
|Step 1||Open and fund your IRA – It takes New Direction IRA one to two business days to open your account once your application is in the office. You will then fund the account with a rollover (such as a gold IRA rollover), transfer, and/or contribution. This may take several weeks, depending on your current custodian, so plan for that in your timetable.|
|Step 2||Find a borrower and agree on loan terms.|
|Step 3||Generate IRA loan documents and submit original documents with a Buy Direction Letter to New Direction IRA.|
|Step 4||New Direction IRA sends money to the borrower.|
|Step 5||Borrower sends payments to your IRA at New Direction IRA according to the terms of the loan. It is the IRA holder's responsibility to service the loan or hire someone (at the IRA's expense) to service the loan. You can track incoming payments through your myDirection® portal.|