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Many heirs/beneficiaries find themselves in situation where they have inherited real estate with their siblings. They typically will want to divide interest in the real estate as one or more siblings may want to keep the property while others would prefer to have cash in exchange for their interest in the property. This leaves the heirs trying to figure out how to buy out a sibling on shared property as the siblings may not have enough cash on hand to simply pay out the others.
Often times the property is held in an estate or irrevocable trust. Conventional lenders are not able to lend against a property that is currently owned by an estate or irrevocable trust. The heirs will need to obtain financing from a probate loan lender or irrevocable trust loan lender that is able to lend directly to the estate or irrevocable trust. The loan proceeds from the estate or trust loan provide cash that can used to buy out the other siblings. Once the buy out is complete the property title can be transferred from the estate or trust and into the name of the individual(s) who will own the property going forward.
Once the property title is in the name of an individual, a conventional lender will be able to refinance the short-term estate or trust loan into a long-term traditional type of mortgage. The conventional refinance will automatically pay off the estate or trust loan that is recorded against the real estate.
North Coast Financial is an experienced probate/estate/trust loan lender able to provide financing throughout the state of California.
North Coast Financial, Inc.
2424 Vista Way #202
Oceanside, CA 92054
760-722-2991
jeff@northcoastfinancialinc.com
Often times the property is held in an estate or irrevocable trust. Conventional lenders are not able to lend against a property that is currently owned by an estate or irrevocable trust. The heirs will need to obtain financing from a probate loan lender or irrevocable trust loan lender that is able to lend directly to the estate or irrevocable trust. The loan proceeds from the estate or trust loan provide cash that can used to buy out the other siblings. Once the buy out is complete the property title can be transferred from the estate or trust and into the name of the individual(s) who will own the property going forward.
Once the property title is in the name of an individual, a conventional lender will be able to refinance the short-term estate or trust loan into a long-term traditional type of mortgage. The conventional refinance will automatically pay off the estate or trust loan that is recorded against the real estate.
North Coast Financial is an experienced probate/estate/trust loan lender able to provide financing throughout the state of California.
North Coast Financial, Inc.
2424 Vista Way #202
Oceanside, CA 92054
760-722-2991
jeff@northcoastfinancialinc.com
