First Western Federal Savings Bank

What First Western Federal Savings Bank does

First Western Federal Savings Bank is a federally chartered, FDIC-insured savings bank headquartered at 402 Main St. in Rapid City, South Dakota, founded in 1979 as a Savings and Loan Association. It operates as a specialized portfolio lender, originating and servicing non-recourse loans nationwide for self-directed IRA and Solo 401(k) investors who use retirement-account funds to acquire income-producing real estate. Loan sizes range from $40,000 to $1.25 million, with a maximum $1.2 million relationship cap per borrower, and loan decisions are typically rendered within 24–48 hours with closing in approximately 30 days.

Beyond the core IRA Non-Recourse Loan product, the bank lends on single-family detached, 5+ unit multifamily, commercial, and agricultural properties, including through home equity loans on rental property and rental property refinancing. A Conservation Reserve Program (CRP) payment-purchase program provides lump-sum liquidity to agricultural producers in lieu of waiting on multi-year CRP installments, and a vacation rental property loan product targets short-term-rental investors. Every loan stays in-house for the life of the obligation; the same loan officer runs the file from application through payoff, and underwriting authority is delegated to the origination team.

The institution is privately held, has no disclosed parent or institutional investor, no funding rounds, and operates with a small team of 1–10 employees. Customer acquisition is direct-to-consumer: a toll-free number (800-908-8845), the consumer-facing site myiralender.com, an extensive educational content library (blog, learning center, YouTube, partnered webinars), and direct outreach. Leadership transitioned in 2023 when Nick Conway assumed the presidency after six-plus years of preparation under predecessor Jeff Fullerton, who had led the bank for 39 years. The bank carries a BauerFinancial 5-Star Rating and self-positions as a top-rated national IRA non-recourse lender.

Name

First Western Federal Savings Bank

Legal name

First Western Federal Savings Bank

Website

https://myiralender.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

1–10 employees

Short description

First Western Federal Savings Bank is a federally chartered, FDIC-insured savings bank in Rapid City, South Dakota, operating as a portfolio lender that originates and services non-recourse loans nationwide for self-directed IRA and Solo 401(k) investors acquiring investment real estate.

Ownership category

akta.pro rank

Product category

Specialty Mortgage Lending

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro industry

PRIMARYFSABAKAK

Savings Banks (Public/State-Owned)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)

SECONDARYFSABACAH

Real Estate (Commercial Property, REITs)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Corporate Banking (Large Corporates)

SECONDARYFSABAKAM

Policy Banks (Government-Directed Lending Banks)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)

Keywords

• Non-recourse lending
• IRA real estate loans
• Self-directed retirement lending
• Portfolio mortgage lending
• Investment property financing

Headquarters

HQ city

Rapid City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Non-Recourse Loan Interest: Primary revenue stream from originating and servicing non-recourse loans to self-directed IRA and Solo 401(k) investors for investment property acquisition and refinancing. As a portfolio lender, all loans remain in-house generating ongoing interest income throughout the loan repayment period.
2. Home Equity Loans: Home equity loans for investment properties, allowing existing property owners to access accumulated equity for additional real estate investments.
3. Rental Property Refinancing: Refinancing services for existing rental property loans, whether currently held by First Western or other lenders.
4. CRP Payment Purchases: Conservation Reserve Program payment purchase program for agricultural producers who prefer lump-sum payments over installment schedules.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

First Western Federal Savings Bank is a federally chartered, FDIC-insured savings bank that originates and services non-recourse loans nationwide for self-directed IRA and Solo 401(k) investors acquiring investment real estate. Operating as a portfolio lender, it keeps every loan in-house for the life of the loan, with the same loan officer working the file from application through repayment. Beyond non-recourse IRA loans, the bank also finances investor real estate (single-family, multifamily, commercial, agricultural), vacation rental properties, home equity loans on investment property, rental refinancing, and purchases Conservation Reserve Program (CRP) payments from agricultural producers.

Product overview

First Western Federal Savings Bank operates as a federally chartered FDIC-insured portfolio lender offering a unified suite of non-recourse lending products centered on self-directed IRA investment real estate financing. The core product, IRA Non-Recourse Loans, works in conjunction with Home Equity Loans and Rental Property Refinancing to support the full lifecycle of investment property ownership. Specialized offerings include Vacation Rental Loans for short-term rental properties and CRP Payments for agricultural producers seeking lump-sum liquidation of conservation reserve payments. All loans remain in-house within their portfolio, with the same loan officer managing applications from start through repayment.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Loan decisions typically within 24-48 hours
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor.

• Next Generation TrustminorGTM or Marketing PartnerCo-presents educational webinars on non-recourse lending with First Western Federal. Next Generation Trust is a self-directed IRA custodian that collaborates on educational content to reach potential borrowers.
• Equity TrustminorGTM or Marketing PartnerFeatured as educational partner in First Western's learning center resource directory. Equity Trust is a self-directed IRA custodian that provides IRA 101 webinar content featured on the lender's site.
• Quest IRAminorGTM or Marketing PartnerFeatured as educational partner. Quest IRA provides educational content on UBIT and 990-T tax returns for IRA-owned properties featured in the learning center.
• KKOS LawyersminorGTM or Marketing PartnerFeatured as educational partner. KKOS Lawyers (Mat Sorensen) provides content on buying real estate with IRAs and non-recourse loans, including co-presented webinars.
• Sense FinancialminorGTM or Marketing PartnerFeatured as educational partner in learning center. Sense Financial provides content on leveraging IRA investments with non-recourse loans.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Rocket Mortgage: Largest U.S. mortgage lender. While Rocket Mortgage does not serve the non-recourse IRA niche due to IRS restrictions, it competes for the broader investor real estate financing demand and represents the scale contrast in the residential investment property lending space.
• Flagstar Bank: Large federally chartered savings bank that competes in residential and investor mortgage lending. While not specialized in non-recourse IRA loans, it represents a direct institutional peer in the federally chartered savings bank category.
• Pacific Premier Bank: California-based commercial bank with a strong self-directed IRA and investor real estate lending business. Comparable as a federally regulated depository institution serving real estate investors, though it operates at a much larger scale.
• loanDepot: Large national mortgage lender that could potentially serve investor real estate clients. Does not offer non-recourse IRA loans but competes indirectly for the rental property refinance market.

Direct peers

• Equity Trust: One of the largest self-directed IRA custodians in the U.S. and a featured educational partner of First Western. While Equity Trust focuses on custody rather than direct lending, both companies serve the same self-directed IRA investor base and frequently co-market non-recourse loan solutions.
• Quest IRA: Self-directed IRA custodian that provides educational content through First Western's learning center. Both companies target the same investor niche and depend on the non-recourse lending ecosystem to support real estate IRA investing.
• New Direction IRA: Self-directed IRA custodian serving real estate investors using non-recourse loans. Operates in the same self-directed IRA ecosystem as First Western and frequently appears alongside the bank in educational content for IRA-owned property investors.

Emerging players

• AcreTrader: Online farmland investment platform that competes indirectly with First Western's agricultural land lending business. Targets the same investor base seeking to acquire land through retirement accounts and other vehicles.
• Sun West Mortgage Company: Mortgage company offering niche lending programs including self-directed IRA investor products. Comparable to First Western in targeting the non-recourse IRA real estate lending niche at a different scale.

Regional players

• Next Generation Trust: Self-directed IRA custodian that co-presents webinars with First Western Federal Savings Bank. Comparable in serving the same investor niche but operating more as a custody partner than a direct competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Western Federal Savings Bank