An irrevocable trust is a type of trust typically created to help protect assets. The creator of the trust designates assets of their choosing to transfer over to a beneficiary or beneficiaries. Once established, irrevocable trusts are very difficult to change or dissolve. The creator forfeits ownership and authority over the trust and its assets. A trustee, is responsible for managing and overseeing an irrevocable trust. Due to the complexity of asset ownership in an irrevocable trust, very few lenders will lend directly to one, but that is what CLOANC specializes in.

Thanks to California Proposition 19, you can retain a parents low property tax base on an inherited home. When the parents held the property in a trust and multiple child beneficiaries are involved, you are likely to need a 3rd party loan to meet the California Board of Equalization Proposition 19 equal distribution requirements. That is where CLOANC comes in. We provide more 3rd party loans to irrevocable trusts than any other lender in California. On average our clients save over $6,300 per year in property tax savings. Call us at (877) 464-1066 for a free benefit analysis and learn how much you may be able to save.

Most banks and lenders are not willing to lend on a property 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 19 since the California Board of Equalization requires an equal distribution be made with no funds or personal guaranty from the acquiring beneficiary.

The good news is that CLOANC is the leading provider of trust loans and loans to irrevocable trusts in California. We work with the trustee or beneficiary and their legal representation to make sure that all of the goals of the members of the trust are met. A trust loan can be funded in as little as 7 days after we have received the required information from the trustee or Attorney. Importantly, we never charge any prepayment penalties or have any minimum interest requirements associated with our loans. This allows the acquiring beneficiary to refinance or payoff our mortgage as soon as desired with no penalty.  If you require the assistance of a trust and estate attorney in your area, we can put you in contact with one who has experience dealing with California Proposition 19. For very complicated property tax situations, we can also provide you with the contact information of a California Property Tax Consultant who has over 20 years of experience working in a County Tax Assessors Office.