LAKE MARY, Fla. - Builders and developers who are finding it difficult to secure financing from traditional lenders can solicit owners of self-directed retirement accounts, says a leading funds administrator.
Glen Mather, president of Entrust Administrative Services, which administers more than 2,000 retirement accounts that total more than $200 million from offices in Lake Mary, Boca Raton and Jacksonville, told the Latin Builders Association in Miami recently that they should go directly to the source to seek alternative funding for worthy projects.
“It’s not just homes, it’s commercial too,” Mather told the more than 70 builders in the audience. “Builders and developers can gain access to finance through individual IRAs if they take the time to learn the correct approach,” he said.
Mather said IRAs can lend to companies, limited partnerships and individual ventures and serve as a stockholder.
Mather said one representative in the group was raising funds to finance individuals who wanted to buy mortgages.
“They are pooling resources to provide financing for distressed properties at a very low price so that individuals can acquire and remodel properties for resale or rental,” Mather said. “The IRAs would then become the lien holders---in effect, the bank---to make these transactions happen.
For more information contact:
Glen Mather, President Entrust Administrative Se
rvices, Inc. 407-367-3472 gmather@entrustfl.com;
Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com
