North Coast Financial offers inheritance loans (also known as estate loans, probate loans or trust loans) to heirs of estates who currently need funds and have real property in an estate which can be borrowed against. Proceeds from inheritance loans are often used for paying for legal expenses, funeral expenses, repairing properties, settling debts of the estate or paying off other heirs of the estate.
Heirs may also wish to take out an estate loan for purposes not related to the estate. The probate process can take anywhere from months to years and heirs may have an immediate need for their inheritance money.
A very common use for an inheritance loan is when one heir wants to maintain ownership of a property in the estate while the other heirs want to receive cash in exchange for their interest in the property. An inheritance loan allows for an heir to keep ownership of the property and take on a loan while also paying off other heirs with an interest in the property. The heir who maintains ownership of the property can later refinance into a lower cost long term loan from a conventional lender such as a bank or a credit union. Conventional lenders will not lend to an individual who isn’t on the title. Once the inheritance loan is complete the heir will be on title and they will be able to refinance.
For more information on inheritance loans contact North Coast Financial.
North Coast Financial, Inc. are hard money lenders located in San Diego, California with over 30 years experience providing bridge loans, fix and flip loans, rehab loans, purchase loans, land loans, cash out refinance loans, construction loans and other various hard money loans.
North Coast Financial is able to lend on multiple types of properties including residential, multi-family, commercial, industrial and land.
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