Orange County Bar Association Trust & Estate 2018 Holiday Social

Orange County Bar Association Trust & Estate 2018 Holiday Social

Please Join Commercial Loan Corporation at the Orange County Bar Association Trust & Estate 2018 Holiday Social

Orange County 2018 Holiday Social

Please join Commercial Loan Corporation at the 2018 Orange County Bar Trust & Estate Holiday Social. The event is being held on December 6th, 2018 at the Ocean Institute in Dana Point. Both Mike Riggs and Tanis Alonso will be attending the event from the Commercial Loan Corporation Trust & Estate Lending Department.  They can answer any questions that you may have on our loans to trusts and estates. We are experts on 3rd party financing to trusts and estates to help our clients preserve a parents property tax base on an inherited home.

Third Party Trusts & Estate Loans To Keep A Parents Property Tax Base On An Inherited Home.

If you will not be able to attend the Trust & Estate Holiday Social, but would like more information on our trust loans, estate loans or a loan to a home in probate; please call us at 877-464-1066. We can give you a free estimate on how much you might be able to save by preserving the property tax base on an inherited home. We assist both clients and attorneys with matters regarding California Proposition 58. For additional information on our trust loan programs or to apply for a trust or estate loan online, please visit this trust and estate loan page on our website.

You can register for the Orange County 2018 Holiday Social Here:
Register online at www.ocbar.org

Lending To A Home In A Trust – USC Trust And Estate Conference

USC Trust And Estate Conference

USC Trust And Estate Conference

Lending To A Home In A Trust In California

Please visit our table at the USC Gould School of Law 44th Annual Trust & Estate Conference on 11/16/2018. Mike Riggs & Tanis Alonso will be available to answer all of your questions on lending to a property held in a trust and how to preserve a property tax base on an inherited property in California. We will be hosting a table at the event from 7:AM to 3:PM and look forward to seeing your there. Exhibit hours are from 7:00 a.m. to 3:00 p.m. in the California Ballroom Foyer. The Ballroom Foyer is located on the 2nd floor. Exhibit tables are located in close proximity to the general sessions.

Loans To Trusts & Estate Properties

If you will not be able to attend the event, but have questions on loans to trusts and properties in a probate estate, please call us at 877-464-1066. We can assist you in understanding how you or a client can benefit from California Proposition 58 by transferring a parents low property tax rate to a child inheriting a home. Commercial Loan Corporation specializes in providing loans to property held in a trusts, including irrevocable trusts so that this can be accomplished. Our trust loans are Prop 58 compliant and allow for an equal distribution of the trust to be made using third party funds.

Click here for a link to use USC Gould School of Law Trust & Estate Flyer for details on how to attending and visit our booth on Loans to Trusts in California.

Loans To Trusts – Trust and Estate Conference.pdf

Trust & Estate Loan Benefit Calculator

Trust & Estate Loan Benefit Calculator

When you are considering keeping an inherited home from a parent and need to borrow money to buyout siblings or beneficiaries, it is important to make sure that it makes financial sense to do so. To assist you in doing so, we created the Commercial Loan Corporation Trust & Estate Loan Benefit Calculator.

Our trust and estate loan benefit calculator will help you quickly and easily determine if it makes sense to apply for a Proposition 58 exclusion from reassessment and take out a trust or estate loan. The loan benefit calculator compares your property tax savings to your estimated loan expenses and determines approximately how long it will take to recover those costs.  If you plan on keeping the home longer than it will take to recoup the fees, then the loan is of benefit; if not then it would make more sense to not conduct the loan.

So watch this short video on our Trust & Estate loan benefit calculator and then try the calculator yourself at https://cloanc.com/nprd-calculator/

For any additional assistance or to begin the Trust or Estate loan process, please call us at 877-464-1066.

Loans to Trusts

Loan to a Trust

Loan to a Trust

Loans to Trusts

At Commercial Loan Corporation, we specialize in providing financing to Trusts. Our loan provides the cash needed for an irrevocable trust or estate to make an even distribution when one of the beneficiaries is inheriting a home as their share of the distribution. The California Board of Equalization requires that an even distribution be made to take advantage of Proposition 58’s Parent to Child Transfer and avoid a reassessment of property taxes. Exclusion for reassessment of property taxes allows a child to keep their parents’ low property tax payment. Our loan helps clients save on average over $6,000 per year in property taxes. In just a few short minutes we can help a client determine how much they could save by taking advantage of California’s Proposition 58’s Exclusion for Reassessment of Property Taxes.

Call Today For A Free Consultation: 877-464-1066

 

Printable Ad for Loans to Trusts: Loans to Trusts

California Trust & Estate Attorneys

California Trust And Estate Attorneys

California Trust And Estate Attorneys

When setting up a trust or dealing with trust and estate matters, finding a qualified Trust & Estate Attorney is highly advised! You can save money attempting to handle some items yourself, but be warned that making mistakes can sometimes end up being very costly.

This is especially true if you are inheriting a home from a parent and it is your goal, or a siblings goal to use Proposition 58 to keep a parents low property tax base. In many cases a trust or estate contains a variety of assets including cash and material items in addition to real estate. When there are multiple beneficiaries involved, and one of the beneficiaries wants to keep the home, the distribution can be complicated. If not handled correctly, you may lose your ability to receive an Exclusion From Property Reassessment. This can cause the homes value to be reassessed when transferred and in turn the property taxes may skyrocket.

Commercial Loan Corporation provides financing to Trusts and Estates to help you receive an exclusion from property reassessment. By doing so, we save our clients on average over $6,000 a year in property taxes. We are constantly working with qualified Attorneys and Property Tax Consultants in California to help their clients with Proposition 58 property transfers. If you are in need of financing to assist a trust or estate, or are looking for a Trust & Estate Attorney in your area to assist you, please call us at 877-464-1066. We would be happy to refer you to a California Trust & Estate Attorney that we have worked with in the past and who is knowledgeable on Proposition 58 and the parent to child property tax transfer process.

Trust and Estate Terminology

Trust and Estate Terms

Trust and Estate Terms

Terms for Trusts & Estates

Dealing with Trusts and Estates can be a complicated matter. It can go from complex to incomprehensible if you do not understand the terminology. To help you better understand, we have compiled a list of some of the most common terms used in trust and estate matters to assist you. If you need any additional clarification, we are here to assist you.  Please call us at 877-464-1066 for any needs you may have.

Common Terms For Trusts And Estates

Appointer  – The appointer is the person who can appoint a new trustee or remove an existing one.

Appointment – The act of appointing, giving an asset from the trust to a beneficiary; or the name of the document which gives effect to the appointment. The trustee’s right to do this, where it exists, is called a power of appointment. Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary.

Beneficiary – A beneficiary is anyone who receives benefits from any assets held by the trust.

Bridge Loan – A bridge loan is short term financing that is typically paid back or refinanced. Often times the term on a bridge loan can range from 3 to 12 months.

Estate Planning – The process of arranging ones property and affairs to insure their disbursement in the most effective way possible.

Power of Attorney – A power of attorney is a legal instrument that empowers another person as agent to deal with one’s property and affairs.

Executor – The one nominated in a Will and or appointed by Probate Court to manage and distribute a decedent’s estate in accordance with the terms of the Will.

Fiduciary – A fiduciary is a person to whom property or power is entrusted for the benefit of another.

Proposition 13 – California Proposition 13 is a constitutional amendment enacted in 1978. The Proposition 13 Amendment limits the tax rate increase that can be charged annually on real estate in California. The proposition restricts the annual increases of assessed value of real property to an inflation factor, not to exceed 2% per year. California Proposition 13 also prohibits reassessment of a new real estate property tax base year value except for in cases of either change in ownership, or completion of new construction.

Proposition 58 – California Proposition 58 allows for the exclusion for reassessment of property taxes on transfers between parents and children. If the sale or transfer of real property is between a parent and their child, under limited circumstances, the property will not be reassessed if certain conditions are met and the proper application is filed in a appropriate amount of time. Proposition 58 allows the new property owner to avoid property tax increases when acquiring property from their parents. The new owner’s taxes are instead calculated on the established Proposition 13 factored base year value, instead of the current market value when the property is acquired from the parent.

Protector – A protector may be appointed in an express, inter vivos trust, as a person who has some control over the trustee usually including a power to dismiss the trustee and appoint another.

Settlor – This is the person or persons who creates the trust. They may also be known as a Grantor.

Trust – A trust is an arrangement in which ownership of assets is transferred to a Trustee, who thereafter has a fiduciary duty to distribute the trusts assets to the beneficiaries of the Trust.

Trust Deed – A trust deed is a legal document that defines the trust such as the trustee, beneficiaries, settlor and appointer, and the terms and conditions of the agreement.

Trust Distributions – A trust distribution is any income or asset that is given out to the beneficiaries of the trust.

Trustee – A person, corporation who administers a trust. A trustee is considered a fiduciary and owes the highest duty under the law to protect trust assets from unreasonable loss for the trust’s beneficiaries.

If you require a third party bridge loan to take advantage of the benefits of proposition 58, please call us at 877-464-1066 so that we may assist you.

Information and terms for trusts and estates found at: trustandestate.loans

Commercial Loan Corporation Welcomes Tanis Alonso

Tanis Alonso - Account Executive At Commercial Loan Corporation

Tanis Alonso – Account Executive At Commercial Loan Corporation

Commercial Loan Corporation welcomes Tanis Alonso, Account Executive for our Trust & Estate Bridge Loan Department.

Commercial Loan Corporation is very excited to welcome Tanis Alonso as the latest addition to our team! Tanis is an Account Executive in our Trust & Estate Bridge Loan Department. Her primary role is to assist clients, attorneys, trust administrators, paralegals and fiduciaries in obtaining short term bridge loan financing for beneficiaries and heirs that want to take advantage of Proposition 58’s exclusion from property tax reassessment to preserve a parents low Proposition 13 tax base on inherited property.

Tanis Alonso:

“My commitment to my clients is that i will always put your needs first! You can expect 100% transparency from me and i will always look out for your best interest.

Prior to joining the Commercial Loan Corporation team, I attended California State University, Fullerton for Business Management.  I obtained my Real Estate license in 2005, but continued down the path of Restaurant Management advancing into a Customer Service Specialist and Developmental Training Manager. I have a passion for taking care of others, am very detail oriented and have a do whatever it takes mentality.

Outside of work, I like to spend my free time with my family and volunteering with various organizations. My favorite thing to do is take my dog Beau to the dog park so he can play with all his friends.

I am beyond excited to start a new journey with Commercial Loan Corporation and to be working alongside a group of individuals with the upmost integrity and expertise.”

Contact Information For Tanis Alonso:

Tanis Alonso, Account Executive for the Trust & Estate Bridge Loan Department can be reached at 714-442-8995 or by email at talonso@cloanc.com. If you are interested in more information on our Private Money Bridge Loans for Trusts & Estates, please call Tanis or complete the short form located here. For immediate assistance from any member of the Bridge Loan department, please call us at 877-464-1066.

For additional information on our bridge loans that assist clients who are inheriting real estate from a parent and want to keep the existing low property tax payment, please click here.

What Clients Are Saying About Commercial Loan Corporation

Commercial Loan Corporation Reviews

In a world where to increase profits many lenders opt to use overly complicated phone systems to replace live customer support; we believe that customer service holds a greater value. At Commercial Loan Corporation we are determined to provide you with the best customer service experience possible.

Regardless of if you are an attorney representing a client on a trust loan or a borrower looking for third party financing to make an equal distribution of a parents estate; our professional staff is here to assist you. We are happy to take as much time as is needed for you to understand the loan process and will keep you informed along the way. In addition to setting the highest standards in customer service, we also fund the majority of our trust and estate loans with our own capital. This is important because it allows us to underwrite the loan to our own guidelines, quickly grant an approval you can rely on and also complete your financing more quickly; often times in as little as 7 days.

We don’t stop there. Unlike most of our competitors in the Trust & Estate loan marketplace, we do not charge any form of loan prepayment penalty or set any minimum days of interest collected requirements. That may not sound like a big deal, but depending on your loan amount and interest rate, it could potentially save you tens or thousands of dollars in pre-payment penalties or interest fees! We even go a step further and if you pay down your trust or estate loan, we will recalculate your payment based on the new lower outstanding mortgage balance.

Perhaps the best indication of customer service is communicated through the words of some of our past clients. Here are just a handful of testimonials from past Commercial Loan Corporation customers and business partners; more are located here:

“I am a California licensed Professional Fiduciary and needed a hard money loan for one of my clients. My client had been turned down for a Second TD by two conventional lenders before I received a cute ad mailer from Commercial Loan Corporation. From my first phone call to Commercial Loan Corporation (when the owner actually answered the phone!), to my last call with Autumn after the loan had been funded, I enjoyed every moment of this loan process. (How many lenders can you honestly say that about?) I look forward to our next loan together and would not hesitate to recommend Commercial Loan Corporation to anyone needing short term funds. You will be treated professionally and with kindness every step of the way.”
    – Clarice H. – Grover Beach, CA

“CLC was: Professional, Efficient, Thorough, Organized and Extremely Prompt in getting my Loan approved, signed, closed, recorded and Funded.  They were ready to Fund within 5 business days!  I highly recommend CLC.  It was a complete pleasure to work with Mike Riggs and Autumn Skerritt! I’m very glad my attorney recommended CLC. I’m sure you will be extremely pleased, as well.”
    – Sonia T. – Costa Mesa, CA

“Exceeded expectations. Best service I have experienced with ANY lender!  Went above and beyond at every opportunity. Took great care of a client that we referred to them. Response times to any communications from the client or from our office were prompt and complete. Loan processing times were FAST.”
    – Menke Law Firm, APC, – Long Beach, CA

If you are in need of a professional and reliable, California Trust and Estate loan provider allow us to assist you.  Please call us at 877-464-1066.

Commercial Loan Corporation Will Make You Look Like A Hero!

Commercial Loan Corporation Will Make You Look Like A Hero

Commercial Loan Corporation Will Make You Look Like A Hero

At Commercial Loan Corporation, we believe that one of our jobs is to make our business partners look good! When you save your clients thousands of dollars in property taxes each year, simply by recommending a Commercial Loan Corporation Trust or Estate Loan, you are going to look like a Superhero!

Commercial Loan Corporation specializes in making 3rd party loans to trusts and estates. These trust and estate loans allow acquiring beneficiaries and heirs to qualify for an EXCLUSION FOR REASSESSMENT OF PROPERTY TAXES granted by California Proposition 58. When a trust or estate does not have sufficient liquid assets to make an even distribution, you can show your clients how a 3rd party loan will allow them to retain their parents low Proposition 13 property tax base. The process is typically both faster and less expensive than having a client sell their home. In fact, we can often times fund a third party trust or estate loan in as little as 7-10 days. We specialize in these transactions, we are here to serve you and we charge absolutely no prepayment penalties.

Do you currently have any clients that may be able to benefit from one of our loans or have any questions I may be able to answer? If so, please call us or pass on our information to your client. We can be reached at 877-464-1066!

They can also apply for a Trust or Estate loan here.

Let us make you look like a hero!

The Commercial Loan Corporation Loan Process

Commercial Loan Corporation - California Private Money Lender

Commercial Loan Corporation – California Private Money Lender. Joseph Minton, Autumn Skerritt & Kerry Smith

Here Is How The Process Works For A California Trust or Estate Private Money Loan From Commercial Loan Corporation

By: Autumn Skerritt

Hi, I am Autumn from Commercial Loan Corporation. As the loan processor, I typically get introduced to the Trustee or Borrower after our Account Executive has informed them of the loan details and provided them with a clear understanding of the mortgage fees. After making an introduction call to the client, I put a “Needs List” together. A needs list is a list of conditions that I will need the client to provide before we can close the trust loan, estate loan, probate loan or mortgage. At Commercial Loan Corporation we try to make this process as painless as possible for our Trustees and Clients. My goal is for the “needs list” to have less items on it than there are syllables in the word tri-ni-tro-phen-yl-meth-yl-ni-tra-mine. The best part is, doing a trust or estate loan with Commercial Loan Corporation is easier than pronouncing the word.

To give you an idea of what type of conditions we need on a typical trust or estate third party mortgage, here is a great example of a typical “Needs List” that I send out to our clients:

  1. Copy of the Appraisal done for the Trust or Estate
    – If you do not have one, we can order one for you
  2. Copy of the Trust and all Amendments (if applicable)
  3. Copy of the Trust Tax ID Number (if applicable)
  4. Copy of your ID
  5. Proof of Repayment Funds or a Pre-Approval letter for future financing. We can also assist you with this if needed.
  6. Copy of Insurance Declaration Page (we can get this before funding if you don’t have it handy)
  7. Copy of Death Certificates so title can file an affidavit of death (we will need the originals for closing)
  8. Bank Account information for the Trust (if applicable)

I always review the needs list with the client so that I may answer any questions they might have. On occasion, I also use my ESP to answer some questions they have before they even ask them. Here is an example of some commonly asked questions.

  1. When conducting a third party private money trust loan, most clients have been instructed by their counsel that created the Trust to get the home appraised at the time of death. We can often times use that appraisal for our trust loan. Doing so saves the client hundreds of dollars and can speed up the trust loan process. Once I receive that appraisal, I submit it to our review department to confirm the value still holds true and that the home is in habitable condition. That appraisal review process typically takes 24-48 hours to complete. “What if we never got an appraisal done at the time of death?” GREAT question! I am happy you asked that…. we have can offer a few simple options for you.  We can order an appraisal for you! Appraisals are usually completed in 2-5 business days; depending on the area where the home is located. A full residential appraisal typically costs between $350-$550, depending on the area, approximate size and value of the home.
  2. A Copy of the Trust and all Amendments. This condition is only applicable when we are providing a mortgage to a trust. If a client does not have this information available, it is typically easy to solve by calling their Trust attorney and requesting them to email a copy over to me. Often times trust documents ranges from 5 to over 100 pages in size. I know it’s a pain if you are one of the lucky ones that have a very thick trust and no access to a scanner. To help we can always send you an overnight FedEx envelope so you can provide us with the trust documents that way. Once I receive the trust information, I review it with title and escrow. We confirm how many trustees there are and that they have the ability to sign on behalf of the trust.  This review process typically takes about 24 hours.
  3. The Trust Tax ID Number is the condition that I typically get calls from clients on the most.The most common question is “where I can find our trust tax ID #”. The Trust Tax ID Number is not typically in the Trust paper work. It is issued by the IRS. I usually request an old tax form from the client which shows that tax ID number. Some clients have accountants associated with the trust and can also them for the Trust Tax ID Number. The Trust Tax ID Number is needed because at the end of each year we send out a 1098 to each and everyone of our clients so they have it for tax season.
  4. The reason why we ask for a current ID is to confirm that the Trustee name matches our clients. We also use it to confirm the mailing address on the ID.
  5. Because our loans are typically “short term” loans we want to make sure that the client has a plan or the ability to pay off the mortgage. We request review either the most recent bank statement showing that the funds are available for repayment, or an approval letter from a license mortgage banker showing you qualify for permanent. We can also provide you with permanent financing if needed and assist you with getting approved.
  6. The reason we require a Copy of the Insurance Declaration Page is because while our loan is out, we need to make sure that it is covered by insurance in case of damage or disaster. If a client has a hard time getting this policy, no problem. I can always move this to a funding conditions and help the client obtain a policy from the insurance agency.  If the home is not currently covered by hazard insurance, we have a handful of insurance agents we can recommend that will take excellent care of the client.
  7. We ask for a Copy of Death Certificates on every file because 8 out of 10 clients have not filed an Affidavit of Death on title. An Affidavit of Death is used to notify businesses, courts, and other places of someone’s death. This legal document is a sworn statement that legally states someone has passed away. The affidavit of death is typically used in conjunction with a certified death)  In order to lend to the trust after passing, this must be filed before the new deed gets filed. This is a added service we do for all of our clients at no extra charge. We want to make sure that its done the right way, so years after our transaction you will not run into problems.
  8. We ask for the Bank Account information for the Trust (if applicable) because we need to know where to wire the loan proceeds. Because the Trust is borrowing the money, the funds must go to the trust. We typically cannot send the money to an individual when lending to a trust. To be extra cautious we do call the Trustee at the time of closing and ask them to verbally give us the account and routing number.  We do that to help prevent fraud. We do our very best to protect our clients. Some of the issues I have ran into with past clients on this, is the bank account has been dissolved at the time of death and the trust is no longer associated to a bank account. In that case we ask the borrowers to call their current banker and ask them to open up a new account in the Trusts name. If the clients have trouble with that, we can contact the attorney to help find a solution, that works best for that client (so far, we haven’t had to do that yet).

That was a mouthful!  The most important thing to keep in mind is that I am here to serve you. I am also just a phone call away and you can reach me at 877-464-1066 if there is anything that you need. So here is a quick recap of the Commercial Loan Corporation loan process:

  1. I send out needs list to the borrower
  2. Get everything back on the needs list from the client
  3. I open title and escrow (that comes back within 48 hours typically)
  4. I then submit the appraisal for review to confirm value of home (that comes back within 24 hours)
  5. I do a final review of all the conditions along with title and appraisal review
  6. Once everything is verified, I call the borrower and attorney and give them great news that we are ready to wrap up the trust loan. I then confirm the loan amount, net amount and all fees and terms with both client and attorney.
  7. Once everyone agrees on terms and fees, I draw loan docs and releases them for review to the client and attorney (turn time to draw loan docs in about 3 hours)
  8. Once the Client and attorney give Commercial Loan Corporation the thumbs up on the loan docs, escrow will send a notary out to the client and sit with them while they sign the loan document package. The signing typically takes 30 minutes.
  9. After the documents are verified, the loan is funded!
  10. WAIT!!!! One more thing…. We always ask our clients to let us know how their experience was with Commercial Loan Corporation. Here are some testimonials from past Commercial Loan Corporation clients.

If you are in need for a third party loan to a trust or estate, please call us at 877-464-1066 so that we can assist you! We successfully help clients receive an exclusion from property tax reassessment every month and we can help you too!