PROBATE & ESTATE LOANS
Probate Loan Solutions throughout Nationwide for Heirs & Beneficiaries
Nationwide PROBATE LOANS & ESTATE LOANS
Top Hard Money Loans offers Nationwide probate loans, estate loans, trust loans and inheritance loans to heirs and beneficiaries in need of short-term financing for refinancing inherited property (real estate only). Based throughout Nationwide, Top Hard Money Loans is a probate loan lender with over 40 years of lending experience providing fast approval and funding, competitive probate loan rates and excellent customer service. Contact Top Hard Money Loans now and have your probate estate loan funded fast.
Loans against probate allow beneficiaries and probate administrators to settle debts of the estate, buy out beneficiaries, prevent a property tax reassessment and ultimately close the probate. Top Hard Money Loans provides estate and probate loan solutions in Nationwide in areas such as California, Texas, Arizona, Florida, Georgia, Ohio, New Mexico, Miami, Indiana and other States throughout USA.
WHAT IS A PROBATE LOAN?
Probate loans, also known as estate loans, are short-term loans against real estate assets within an estate. The probate or estate loan is made directly to the estate. The loan proceeds can then go towards their intended purpose. Probate lending must be approved by the probate administrator. All beneficiaries of the estate must provide their consent to have the probate loan secured by estate-owned real estate.
WHY CONSIDER A PROBATE LOAN?
The estate may be going through a lengthy probate process which can take up to 3 years in some situations. Probate estate loans for beneficiaries can provide the needed funds until probate closes.
1. SETTLE OBLIGATIONS OF THE ESTATE
During the probate process, the heirs may need a probate advance to obtain funds to take care of numerous financial obligations related to the estate such as paying for funeral costs, legal expenses, making mortgage payments, paying property taxes, settling debts or claims on the estate, making repairs to properties or buying out or paying off other heirs. An estate loan allows the heir to quickly borrow against real estate within the estate and receive funds to satisfy various immediate obligations of the estate. Loans against probate real estate assets can provide heirs and beneficiaries with some much needed breathing room during a difficult time.
2. BUY OUT OTHER HEIRS & BENEFICIARIES
An estate loan to buy out siblings or other beneficiaries is the fast and easy way to divide interest in an estate that contains real estate. The beneficiary who wants to maintain ownership of the real estate can take out an estate loan with the loan proceeds going towards buying out the other beneficiaries. All siblings and beneficiaries of the estate must approve of the loan being placed against the real estate. They must also come to an agreement on the value of the real estate. This is commonly accomplished by obtaining an appraisal.
3. PRESERVE THE PROPERTY’S EXISTING PROPERTY TAX
Nationwide Proposition 58 allows for an exclusion of property tax reassessments on transfers of real estate from parent to child. The Prop 58 form must be filed with the county where the real estate is located. Probate lending allows a beneficiary to take out a loan against the estate’s real estate. The loan proceeds go directly to the estate and then are used to buy out the other beneficiaries who wish to sell their interest in the real estate. This 3rd-party loan and process allows for a direct parent to child transfer and avoids a sibling to sibling transfer. Consult an attorney when considering this type of transaction.