Commercial Loan Corporation is currently looking to hire Junior Account Executives (No Experience Required) and Account Executives. We are looking for people that:
Enjoy helping people
Make friends easily
Work well in a team atmosphere
Want to work for a company that rewards employees for hard work
As an Account Executive you will be working with Attorneys, Fiduciaries, Estate Planners, Trust Administrators, Wealth Managers as well as directly with borrowers to help them secure financing for a trust or estate. Our specialized loans provide cash liquidity to a trust or estate. This enables a beneficiary to keep real estate and preserve a parents low property tax base while allowing other beneficiaries receive cash or cash and other assets. We are one of just a few California lenders that will lend directly to an irrevocable trust. Our loans are designed to allow a child to keep a parents low California Proposition 13 property tax base on an inherited home.
We are looking for Account Executives and Junior Account Executives who are reliable, honest, motivated, and are great communicators. No previous experience is required, but mortgage experience, experience in a California Assessors Office, a California BRE License, NLMS License or experience working with legal professionals are all a plus. The Trust & Estate Account Executive and Junior Account Executive positions include a salary, medical benefits, commission and a share of every loan that is funded by the company. You will be expected to make outbound calls each day, take incoming calls and nurture business relationships with legal professionals. These are full time positions. Please send your resume and contact information to firstname.lastname@example.org.
Information on the California parent to child property tax transfer
Parent to Child Property Tax Transfer on California Real Estate
Did you know that in some situations California property owners can transfer a property tax base to another person? It is possible, but there are some limitations. California Proposition 58 allows parents and children to pass property to one another and avoid property tax reassessment in some cases.
Why is a parent to child property tax transfer important for Californians?
Simply put, it allows you to keep your parents low Prop 13 tax base on an inherited home. This can make the cost of keeping the home more reasonable. Here is an example of how it works. Say a parent purchased a home in 1982 for $125,000. The parent passes away in 2018 and the property is then worth $800,000. Because California Proposition 13 limits the amount that property taxes can increase to just 2% per year; the parents annual property tax payment may be only $2,000 per year when they pass. If that home were to have its property taxes reassessed, the taxes would jump to around $8,000 per year.
California Proposition 58 allows the child to avoid property tax reassessment on the home inherited from the parent. That means a savings of around $6,000 per year in property taxes for the person inheriting the home. This makes the home more affordable for the child and may allow them to keep the home as opposed to having to sell it. If you have specific question on if you may be eligible for a California Prop 58 exclusion from property tax reassessment, please call us at 877-464-1066.
Can a child inheriting a home avoid property tax reassessment if the home is held in a trust?
Yes, California Proposition 58 does allow a parent to transfer a property held in a trust to a child and avoid property reassessment. That being said, doing so can be complicated when multiple trust beneficiaries are involved. An equal distribution is required in most situations. If there are not sufficient funds in the trust to equalize the distribution, the trust will need to borrow the funds needed. In that situation, the County Assessors office will require that an equal distribution was made with funds provided by a third party loan to the trust in order to grant a Proposition 58 exclusion for reassessment.
Typically at the time of passing, a Family Trust, Living Trust or Revocable Trust becomes an Irrevocable Trust. When the trust becomes irrevocable the ability to make changes to the trust is restricted. The trustee or trust administrator may have few options when it comes to receiving a third party loan on a home held in the irrevocable trust. Most California lenders are not willing to lend on a home or provide a mortgage to an Irrevocable Trust. Even fewer have the experience and proper loan documents to provide a Proposition 58 compliant loan.
Proposition 58 compliant loans to trusts.
Commercial Loan Corporation is one of California’s leading providers of loans to Irrevocable trusts. Unlike other lenders, this is what we specialize in. While the majority of lenders are unable to lend to an Irrevocable Trust, this is our focus. Every month with assist clients qualify for their California Proposition 58 exclusion from reassessment with our Prop 58 compliant loans to trusts. If you, a client or a family member are interested in obtaining a mortgage to an irrevocable trust, please call us at 877-464-1066 and we would be happy to assist you.
When it comes time to distribute the assets of an irrevocable trust, a trust loan may be needed if an equal distribution is required or desired. A trust loan provides the trust with liquidity; supplying cash so that assets do not need to be sold off or converted to cash. The trust loan is a mortgage placed against a piece of real estate held in the trust. Unlike a traditional mortgage, a trust mortgage loan is typically a short term loan. Once the assets of the trust are distributed, the beneficiary who inherited the real estate with the trust mortgage placed on it would refinance the trust mortgage with a conventional mortgage or payoff the mortgage.
Why Is An Equal Distribution Important?
When it comes to a trust distribution, an equal distribution can be important for a variety of reasons. Often times there is language in the trust that requires an equal distribution of the assets in the trust be made to beneficiaries. If the trust only contained cash, it would be easy to accomplish this. Unfortunately, most trusts that contain real estate do not have cash or other assets sufficient to create an equal distribution. In this situation, either the real estate must be sold or a mortgage must be taken out on the real estate to infuse the trust with cash. A trust loan is almost always the least expensive of the two options. Sometimes, more importantly, it also allows a beneficiary to keep a family home in the family.
Another important reason for the equal distribution of a trust is to meet the requirements of California Proposition 58. Prop 58 allows a child who is inheriting a home from a parent to avoid property tax reassessment on that home. This passes the low proposition 13 protected tax base from a parent to a child. Often times when the home is held in a trust, an equal distribution is required if a Proposition 58 exclusion from reassessment is to be granted by the County Tax Assessors office. In fact, the majority of trust loans that we provide are specifically for this reason. Our clients save on average over six thousand dollars per year in property tax savings by avoiding reassessment.
Do All Lenders Loan To Irrevocable Trusts?
No, in fact very few lenders are willing to lend to a trust, let alone an irrevocable trust. Typically when a home is held in a trust, a conventional lender will require that the property first be removed from the trust before they will lend on it. When a trust is revocable, this may not be an issue since the home can be added back into to trust once the mortgage process has been completed. Once the trust becomes irrevocable, often times the ability to do so is no longer possible and a lender who can lend to Irrevocable Trusts will be required.
When the requirements of Proposition 58 need to be considered, the situation can become even more complicated. Proposition 58 requires that the acquiring beneficiary of the real estate makes no personal guarantee on the trust loan or trust mortgage. Doing so would be perceived as a sibling to sibling transfer of real estate as opposed to a parent to child transfer and would likely jeopardize the exclusion from property reassessment. Commercial Loan Corporation is one of the only lenders in California that provides Irrevocable Trust Loans with no personal guarantee requirements. We work directly with Trust Administrators, Trustees, Beneficiaries, Attorneys and Property Tax Consultants. If you require a Trust & Estate Attorney or Property Tax Consultant to assist you with Proposition 58, we can refer you to an expert to assist you.
Is A Trust Loan Less Expensive Than Selling A Home?
Yes, in almost all cases a trust loan is far less expensive than selling a home. Additionally a trust loan takes less time to complete than it takes to sell a home. We can complete a trust loan in as little as 10 business days. That means beneficiaries can get more money and get their funds more quickly. When you consider the ability to take advantage of the Proposition 58’s exclusion from reassessment, the savings grow even further.
We specialize in loans to Irrevocable Trusts. If you or a client are in need of a trust loan or have questions about loans to an irrevocable trust, please call us at 877-464-1066. We will provide you with a free benefit analysis and answer any question you may have.
If you are attending the USC Trust & Estate Conference on 11/22/2019, please stop by our booth an speak with Tanis Alonso, our Senior Account Executive. She will be on hand to answer any questions you may have on Trust Loans and their role in the Proposition 58 exclusion from property reassessment.
This years USC Trust & Estate Conference has over 500 registrants. The conference is tailored for trust, estate planning, probate and elder law professionals. Attorneys, paralegals, trust officers, accountants, financial institution executives, private professional fiduciaries, wealth management professionals, fiduciary officers, underwriters and insurance advisers will all be on hand.
The Featured Sessions Include:
Annual Update: Recent Developments in Probate and Trust and their Practical Applications
Probate Code §2580, et seq. Whose Judgment Is It Anyway?
To Decant or Not Decant…That is the Question
Mystery in a Mumu: What Makes Your Judge Tick?
Tips and Tricks for Taming Basis
Assessing Capacity on a Sliding Scale: A Look Into Retrospective and Contemporaneous Evaluations
Attorneys and Other Advisors as Counselors: What They Don’t Teach You in Law School
If you are currently working with a client that might benefit from a trust loan, probate loan, estate loan or has questions about lending to an irrevocable trust; please stop by our booth and Tanis can answer any questions you have. You may also call us at 877-464-1066.
Commercial Loan Corporation is a licensed California lender specializing in making loans to trusts and estates. Unlike most lenders who provide a broad range of loans, we focus specifically on trusts, irrevocable trusts and estates. In fact every month we help clients by providing trust loans so that an equal distribution of assets can be made. Our trust loans help beneficiaries meet the requirements of California Proposition 58 and help them to avoid property tax reassessment on an inherited home.On average we save our clients over $6,000 per year in property taxes by helping them avoid property tax reassessment.When receiving a trust loan from Commercial Loan Corporation, you can count on:
An simplified application process
Quick Approvals and Fast Funding
Our Loans Fund In As Little As 7-Days
Same Day Loan Approvals
The Highest Level of Customer Service
If you, a family member, client or friend may be able to benefit from a trust loan, please call us at 877-464-1066. We provide clients with a no cost estimate on how much might be saved by taking advantage of California Proposition 58’s exclusion from property tax reassessment.
Loans to Irrevocable Trusts
Most banks and lenders are not willing to lend on a property that is held in an Irrevocable Trust. Instead they require that the property be removed from the trust before placing a mortgage upon it. This can make it difficult if not impossible for a beneficiary to qualify for Proposition 58. If you are trying to preserve a parents low Proposition 13 property tax base on an inherited property that is held in a trust, call us at 877-464-1066 and we can help you simplify what can be a complicated process.
Commercial Loan Corporation is excited to welcome Jay Rhein to our Trust and Estate Loan team! Jay’s primary role at Commercial Loan Corporation is to assist clients, Attorneys and Trust Administrators in obtaining mortgages for trusts and estates. Our Trust & Estate Loans help beneficiaries and heirs take advantage of California Proposition 58’s exclusion for property tax reassessment and retain a parents low Proposition 13 tax base on an inherited home. This is accomplished by providing a trust or estate with the cash needed for an equal distribution of assets; one of the California Board of Equalization requirements for Proposition 58.
A few words from Jay Rhein
“I began my career in the real estate business when I was a young lad attending UCLA. I worked in the construction industry (pounding nails) during the summer to pay my way through college.
After I graduated with a degree in economics, my bride and I started our wine distribution business. We represented small family owned wineries. Working hard, we were able to get our wineries into all the major supermarket chains including Safeway, Vons, Albertsons and Ralphs.
For the past six years I have had the privilege of serving as a mortgage banker helping homeowners and business owners achieve their dreams and goals. My proudest moment was when I had the honor of stopping Bank of America from foreclosing the next day on a 104-year-old borrower. I was able to secure a reverse mortgage which will provide enough funds so she can stay in her home for another one hundred and four years.
My goal is to place my customers in the best possible financial position for their future while providing the top customer experience in the industry. Commercial Loan Corporation with its family values gives me the freedom to do this. In fact, the founder insists on it.”
In the State of California, real estate is typically reassessed at market value when it is sold or transferred. As a result, property taxes may increase dramatically due to the new higher assessment value. Prop 58 or Proposition 58 is a California Proposition that with limitations, grants the ability to avoid property reassessment on real estate inherited from a parent in California. With the passage of Proposition 58 in 1986, if the sale or transfer of real estate is between a parent and their child, under some circumstances, the property will not be reassessed if all Board of Equalization conditions are met and the application for exclusion is filed in a appropriate amount of time.
Proposition 58 allows the child who is inheriting the home to avoid property tax reassessment when acquiring property from their parents. The child’s taxes are instead calculated on the parents established Proposition 13 factored base year value, instead of the current market value when the property is acquired.
In some cases in order to qualify for California Proposition 58, when the home is being inherited via a trust or an estate and multiple child beneficiaries are involved, an equal distribution of assets must be made. That is where Commercial Loan Corporation comes in. Commercial Loan Corporation provides third party mortgages to trusts and estates with no personal guarantee required from the acquiring beneficiary or heir. Our trust loan or probate loan provides cash to the beneficiaries who are not inheriting the home and allows the child who is inheriting the home to keep the property and meet one of the key Proposition 58 qualification requirements. On average we help our clients save over six thousand dollars a year in property taxes in addition to eliminating the need to sell the home. This speeds up the distribution process and saves on costly realtor fees.
If you or a client needs a distribution loan to take advantage of California Proposition 58, please call 877-464-1066. We can provide you with a free cost benefit analysis and let you know how much you may be able to save by taking advantage of your Prop 58 property tax benefits.
Apply Online for a Proposition 58 loan: Click Here
Non Pro Rata Distribution Loans For Trusts and Estates – Call Commercial Loan Corporation at 877-464-1066
Non Pro Rata Distribution Loans For Trusts and Estates
Commercial Loan Corporation is one of California’s leading providers of loans to trusts and estates. Our specialized mortgage infuses a trust or estate with cash so that a non pro rata distribution can be made. A non pro rata distribution occurs when each heir or beneficiary receives an equal proportion of the entire estate or trust distribution but not of each asset. When a trust or estate does not hold sufficient cash assets, our loan provides the trust or estate with the cash needed to equalize the distribution or payout of the estate. This allows one of the beneficiaries or heirs to keep an inherited home and take advantage of the Proposition 58 tax benefit; which allows the California Proposition 13 protected low tax base from their parent to be transferred to the child who is inheriting the home.
On average our Non Pro Rata Trust Distribution and Probate Estate Distribution Loans save clients over $6,200 per year in property taxes. Our process is quick and easy. In fact we can often times complete a non pro rata loan in as little as 7 business days. Our loan is made directly to the trust.
If you, a family member or a client that you represent requires a California Proposition 58 Non Pro Rate Distribution Loan, please call us at 877-464-1066. Even if you are attempting to distribute and irrevocable trust, we have loan programs that can assist you. We can answer any questions you have on our non pro rate distribution loans and provide you with a free cost benefit analysis to see if one of our trust and estate loans makes sense for you.
We are adding a new member to the Commercial Loan Corporation team!
We are currently interviewing for a Trust & Estate Loan Account Executive. As an Account Executive you will be working with Attorneys, Fiduciaries, Estate Planners, Trust Administrators, Wealth Managers, Loan Officers and directly with borrowers to help them secure financing for a trust or estate. Our specialized trust and estate loans allow clients to provide cash liquidity to a trust or estate, enabling a beneficiary to keep real estate while other beneficiaries receive cash or cash and other assets; without having to sell the home. We are one of just a few California lenders who lend directly to a trust. Our unique loans are designed to allow a child to transfer a parents property tax base on an inherited home by taking advantage of Proposition 58 and avoiding property tax reassessment.
At Commercial Loan Corporation we strive to exceed the expectations of our clients. If you are hard working and have excellent customer service skills you might be a perfect fit for our team. We are looking for a Account Executive who is reliable, honest, motivated, and is a great communicator. If that describes you, please send your resume and contact information to email@example.com. Mortgage experience, a California BRE License, NLMS License or experience working with legal professionals are all a plus.
The Trust & Estate Account Executive position includes a salary, medical benefits, commission and profit sharing. You will be expected to make 100+ outbound calls each day, take incoming calls and nurture business relationships with legal professionals. This is a full time position.
Commercial Loan Corporation is a California Lender specializing in Loans to Irrevocable Trusts. We lend the cash you need to distribute a trust and receive your proposition 58 exclusion from property tax reassessment on an inherited home.
Loans to Irrevocable Trusts in California
When it comes time to distribute an irrevocable trust and funds are needed to make an equal distribution, you will find that most lenders are unwilling to lend on real estate that is held in a trust. This becomes extremely problematic if you plan on filing for a California Proposition 58 exclusion from property tax reassessment on real estate being inherited from a parent.
One of the requirements to qualify for an exclusion from property reassessment is for the trust to make an equal distribution of the trust assets to all child beneficiaries. Often times that is not possible to do if one of the trust assets is an expensive piece of California real estate. In the situation where a home is creating an unequal trust distribution, a mortgage or third party loan must be taken out to infuse the trust with enough cash so that the equal distribution can be made. That way one child receives the encumbered property while others receive cash and or other assets, equalizing the distribution of the trust. The state does not allow for the acquiring beneficiary to use their own funds to equalize the distribution. Doing so would create a sibling to sibling buyout and make the beneficiary ineligible for an exclusion from reassessment. That is why a third party loan is required. The problem is that most California lenders will require that the property be removed from the trust in order to lend on the home. Unfortunately, once that is done, you have jeopardized your ability to qualify for the Prop 58 property tax reassessment exclusion since the assets of the trust were distributed unevenly at that point.
The solution is to have a mortgage placed on the home while the property is still held in the irrevocable trust. That is where Commercial Loan Corporation comes in. We are a leading California lender of mortgages for homes held in an irrevocable trust. What makes us unique is that we lend to the trust as opposed to a beneficiary; allowing the beneficiary to qualify for the California Proposition 58 exclusion from property tax reassessment on a home inherited from a parent.
If you, a client, or someone that you know is in need of a loan to a trust, please have them call us at 877-464-1066. We specialize in the process and can answer any questions that they may have. We can also provide them with a free loan benefit proposal. The proposal compares the cost of the trust loan to the benefits received from a Prop 58 parent to child property transfer, ensuring that the trust loan is beneficial. We can also determine how much additional funds you would receive by maximizing your trust distribution. On average we help clients distribute an additional $42,000 to beneficiaries my maximizing their trust distribution.