Probate Loans &
A probate loan is something you may want to consider if you have recently inherited real estate. Dealing with the loss of a loved one is hard enough. If you are financially dependent on them, it can be even harder. Sometimes probate can drag on for years and can be a complicated process. If you are inheriting real estate, we can provide a short-term form of financing that capitalizes on your real estate value. Wilshire Quinn provides probate loans up to $20M on real estate in California and nationwide. Please contact us to speak with a professional about probate loans and inheritance loans.
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What is a probate loan?
A probate loan or sometimes called an estate loan allows you to borrow against real estate you are inheriting but do not have possession of yet. Probate loans are asset based, meaning we base our loan amounts on the value of real estate, such as an investment property, multifamily building, or commercial building, rather than strictly on your credit score and debt to income levels. You may receive funds in a week or two with your estate considered collateral for the loan. Generally probate loans are short term between 6 and 18 months.
Why might I consider a probate loan?
A probate loan can help in certain situations. Probate can be a lengthy process, sometimes lasting 6 months to 3 years. The assets from an estate cannot be distributed to the heirs until after the probate process is completed. A probate loan may allow the heir to borrow against the real estate they have inherited. Here are some benefits of getting a probate loan.
- A probate loan is based on the equity in the property – personal credit and income are not a major factor.
- Pay creditors, attorney costs and settle the estate rather than coming out of pocket
- Keep the tax benefit
- Buy out other heirs
– Probate Loan –
Settle Estate Obligations
– Probate loan –
Buyout Other Heirs
– Probate Loan –
Preserve Tax Value
Settling Estate Obligations With A Probate Loan
Probate is often a long process sometimes taking up to 3 years. During the probate process heirs may incur expenses like funeral costs, lawyer fees, settling outstanding debts, mortgage payments, taxes, and repairs to the property. A probate loan may allow the heir of the property to borrow against the equity of the property and pay these expenses without coming out of pocket. This could be a huge stress relief for people while dealing with an already stressful situation.
Buying Out Other Heirs With A Probate Loan
When there are multiple heirs inheriting real estate, it’s common for one party to want to maintain ownership while others want to sell their interests. If the heir who wants to keep the property does not have enough cash to buyout the other parties, then a probate loan may be a good solution. Through a probate loan, the heir can borrow based on the equity in the property to payoff the other parties. Hard money lenders like Wilshire Quinn offer fast funding for these types of loans.
Preserving Tax Value Of Property
When real estate is inherited, a common strategy by professional fiduciaries is to prevent a tax reassessment of the home. Many homes in the 1960’s and 1970’s were purchased for much less than current values, and the property taxes are based on the original purchase price. During probate, if the transfer of ownership triggers a property tax reassessment to today’s market value, the increase could be substantially more.
Getting a probate loan to buyout other heirs during probate, rather than after the distribution, may help avoid a tax reassessment. Please consult with your tax professional.
Need a Probate Loan?
Wilshire Quinn is experienced in working with professional fiduciaries and attorneys for probate financing. We lend on the equity of the inherited real estate rather than your personal credit score and income. We are a direct private money lender allowing us to fund probate loans in a matter of days.
|Probate Loans, Estate Loans & Inheritance Loans
|$500,000 to $20,000,000
|Typically 5-10 business days from application
|Loan To Value
|Up to 60%
|9-12% fixed, interest-only
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