Location: Woodland Hills, CA Funded: $613,000 Private Loan Type: Trust Loan
Non-owner occupied investment property held in an irrevocable trust
Date of death for the settlor was prior to February 16, 2021 (prior to Prop 19 going into effect), so this fell under Prop 58 rules
Two beneficiaries, which also happened to be co-trustees, were tasked with administering their late parents’ trust. One of which wanted to keep the family’s duplex while the other wanted their share of the estate in cash. Unfortunately, the trust’s only remaining asset was the duplex. This is where their attorney referred them to us to provide a loan directly to the trust to facilitate the non pro-rata equalization and distribution of trust assets per the wishes outlined in trust.
Property Type – Duplex
Lien Position – First Mortgage
Loan-to-Value – 54%
Loan Term – 12 months
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HCS Equity is a private money lender based in Carmel, California, specialized in loans for trust & estate property.
Ben2024-02-02T12:28:32+00:00February 2nd, 2024|Comments Off on Beneficiary Buyout Under Proposition 58
HCS Equity provided a loan directly to the trust, allowing one beneficiary to keep the family property and the other to receive money for their share.
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