Results 1 to 3 of 3
-
07-17-2018, 06:56 AM #1Senior Member
Reputation points: 1018
- Join Date
- Oct 2012
- Posts
- 142
Loan on 401K
Have a client that wants to use his 401K as collateral for a loan. Is this a doable request?
Thanks!
Howie Dane
Funding Sources for Business
(847) 831-4118
president@fundingsourcesforbusiness.com
-
07-17-2018, 08:30 AM #2Senior Member
Reputation points: 4567
- Join Date
- Jun 2015
- Location
- Saint Louis, Mo
- Posts
- 335
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
-
07-17-2018, 08:54 AM #3Senior Member
Reputation points: 68233
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Nick is right.. What Benetrends does is the ROBS plan (Roll Over as Business Start up) where a client's business becomes his 401k essentially.
No taxable event etc. Challenge is most clients are hesitant to do the plan. Most 401k's allow clients a rollover period without a taxable event. Client should speak to their tax advisorLast edited by RichardGerard; 07-17-2018 at 09:07 AM.
Reply With Quote
Similar Threads
-
Will any funders fund a title loan and payday loan business?
By upperlinecap in forum Deal BinReplies: 1Last Post: 01-25-2018, 09:59 AM -
Can this work as SBA 7a loan? $1.6M loan needed for business partner buyout.
By HailMaryInvestment in forum Business LoansReplies: 4Last Post: 11-02-2017, 10:43 AM -
Looking for 401k Roller lender
By bankergirl in forum Deal BinReplies: 3Last Post: 11-01-2017, 09:42 PM -
Whos is left in term loan and non mca unsecured loan space?
By michaelh in forum Deal BinReplies: 9Last Post: 08-02-2016, 05:31 PM -
Employer 401K as collateral for business loan
By mca123 in forum All Other LendingReplies: 2Last Post: 09-15-2014, 01:47 PM
