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07-17-2018, 06:56 AM #1
- 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
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07-17-2018, 08:30 AM #2Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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07-17-2018, 08:54 AM #3
- 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.
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