How can Westar Lending Group assist the clients of probate attorneys?
We can arrange a probate loan secured by the real estate assets of the probate estate. The net proceeds can be used to pay probate estate costs, such as legal fees and general estate expenses, or as funds requested by a beneficiary of the estate prior to the completion of the court procedure. Probate Attorneys Frequently Asked Questions
What are the requirements to obtain a probate loan?
We fund probate loans secured by real estate meaning that the estate must own real estate. Further, the owned real estate needs to have the necessary equity for the probate loan amount requested. In addition, the executor or administrator must have received their Letters of Testamentary, with either Full or Limited Authority. Under Full Authority, no court hearing or court order is necessary. Only a few court forms are necessary to obtain title insurance.
What are the interest rates and loan terms for a probate loan?
Our interest rates range from 7% to 12%, based on credit and income, LTV (loan to value), subject property location, and property condition.
What information does a probate attorney need to provide for their client?
We will require “parameters” of what is being requested relative to the value of the real estate, such as loan amount, lien position and subject property location. Furthermore, we require that the executor or administrator be issued their Letters of Testamentary prior to our loan being funded.
Does Westar Lending Group need to speak with a probate attorney’s client?
Yes. We always need to speak with our borrower/client from start to finish to make sure they are fully aware of the terms of the loan being requested and the effects the loan will have on the assets of the probate estate.
What is the procedure for the probate client signing the probate loan documents?
It’s our policy to always meet with either with the executor or administrator of the probate estate to sign the loan documents. Typically, this is done at the escrow company but we’re always available to make other arrangements, if necessary.
What are the credit and income requirements to obtain a probate loan?
There are no set minimum credit or income requirements relating to our probate lending policy. Federal and state laws do require the “ability to pay” for any real estate loan funded by us or any other company. We always do our best to accommodate credit and income situations with a workable solution that leads to the probate loan being funded.
What is the timeframe to obtain a probate loan?
Typically 1-2 weeks, if we are provided the requested and necessary information and documentation in a timely manner. If a probate court hearing is necessary then the timeframe could be longer, based on the hearing schedule of the probate court. Probate Attorneys Frequently Asked Questions