Quincy’s Response:
Unfortunately, the concept of borrowing from a 401(k) plan is quite different than borrowing from an IRA. It is a prohibited transaction for you to borrow from your IRA, and also you cannot put your IRA up as collateral for a loan without it being considered to be a distribution.
Occasionally an IRA will borrow money on a non-recourse basis, but in that case the money is used by the IRA, not the IRA owner. Sorry.