First Probate Loans introduced a new loan product a few years ago to provide liquidity to upgrade, fix, enhance and/or clean up homes, to allow the family to obtain the best sale value.
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These loans can be first trust deeds or in junior position (2nd, 3rd, or even 4th position) and be used for all loan purposes to benefit an estate. The terms of the loan can be tailored to the specific estate’s needs. For example, if the estate can make payments, a simple amortizing or partially amortizing loan may be the best value. Or, should the trust or estate be unable to make payments a straight note may be the best option. A straight note has no payments; and, all principal and interest payments are due at the maturity date of the promissory note. Loan terms are usually 12-24 months; interest rates vary depending on location, lien position, loan to value, and the ability to make payments.