PROPOSITION 58 PARENT TO CHILD TRANSFER SAFE LENDER
If you are in need of a loan to an irrevocable trust for the purpose of a California Proposition 58 parent to child exclusion from property tax reassessment you may find that finding a lender to provide them is not so easy. In fact there are very few lenders willing to lend directly to an irrevocable trust. Almost all conventional lenders will make you first remove the property from the trust which is likely to jeopardize your exclusion for reassessment request. Additionally they will make the beneficiary receiving the property personally guarantee the loan which is likely to be viewed as a sibling to sibling buyout by the County Assessors office as opposed to a parent to child transfer and the exclusion from reassessment request will likely be denied.
Thankfully there are a few lenders that do offer this type of loan. Commercial Loan Corporation in Newport Beach, California is a lender that specializes in them. They will lend directly to a Irrevocable Trust requiring no personal guarantee. They work directly with clients, Trust & Estate Attorneys and California Property Tax Consultants to help transfer a low Proposition 13 property tax base from a parent to a child.
If you are in need of a trust distribution loan, loan to an irrevocable trust or a loan for a property in probate they are the ones to call. They will provide you with a free cost benefit analysis and will let you know how much you may be able to save by taking advantage of a California Proposition 58 parent to child exclusion from property tax reassessment. If you are not currently working with an attorney they can even referrer you to one who specializes in assisting clients with Prop 58 Property Tax Transfers.
Commercial loan corporation
877-464-1066 or www.cloanc.com