Commercial Loan Corporation works with Attorneys and their clients to provide 3rd party funding to trusts to assist in the non pro rata distributions of those trusts. Our clients are hoping to keep the proposition 13 tax rate paid by their parents (or grandparents) and we provide the trust loan to assist them.
“Proposition 58, effective November 6, 1986, is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property between parents and children. Proposition 58 is codified by section 63.1 of the Revenue and Taxation Code.”
Commercial Loan Corporation is the company to call if you are trying to keep your parent’s Proposition 13 tax rate and your attorney is recommending a 3rd party loan to your parents’ trust. We are a direct lender and can close your loan with our own funds. You can expect:
- An easy application process
- Flexible underwriting guidelines (No credit score minimums)
- Loans closed in 7 to 10 calendar days