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.
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.