Ph No: 818-266-8848, 818-422-9253
Our standard answer is “1” to “2” weeks, provided we are provided the requested and necessary information and documentation in a timely manner. If a Probate Court hearing is necessary then the time frame could be longer, based on the hearing schedule of the Probate Court.
There are no set minimum Credit or Income requirements relating to our company’s Probate lending policy. Federal and State laws do require the “Ability to Pay” for any real estate loan funded by us or any other company. We always do our best to accommodate Credit & Income situations with a workable solution that leads to the Probate Loan being funded.
It’s our company’s policy to always meet with either with the Executor or Administrator of the Probate Estate to sign the loan documents. Typically, this is done at the Escrow Company, but we’re always available to accommodate other arrangements is necessary.
We need “Parameters” of what is being requested relative to the value of the real estate, such as loan amount, lien position and Subject Property location. Furthermore, we require that the Executor or Administrator be issued their Letters of Testamentary prior to our loan being funded.
Probate Loans are exactly the same as our company’s Private Equity/Hard Money Loan programs where our Interest rates range from 7% to 12%, based on Credit & Income, LTV (Loan to Value), Subject Property location and property condition.
Our company funds Probate Loans secured by real estate, so the Probate Estate must own real estate. Further the owned real estate needs to have the necessary equity for the Probate Loan amount requested. In addition, the Executor or Administrator must have received their Letters of Testamentary, with either Full or Limited Authority. Under Full Authority no court hearing por court order is necessary, only a few court forms are necessary to obtain Title Insurance.
Yes………we always need to speak with our Borrower/Client from start to finish, making sure they’re fully aware of the terms of the loan being requested and the effects the loan will have on the assets of the Probate Estate.
Our company can arrange a Probate loan secured by the real estate assists of the Probate Estate. The Net Proceeds can be used to pay Probate Estate costs, such as legal fees and general Estate expenses, or as funds requested by a Beneficiary of the Estate prior to the completion of the court procedure.