Trust and Estate Solutions
first PROBATE Loans
    

Hi, I'm Jonathan Brooks, the principal of First Probate. First Probate provides short term loans to fiduciaries - executors, administrators, trustees, conservators and guardians - who borrow on behalf of trusts and estates.  First Probate specializes in resolving challenging and difficult title problems associated with trusts and estates.    I have provided these services to the probate community for more than 20 years.

 

First Probate is happy to provide you with a complimentary property profile, recorded lien and last vesting deed, upon request (Send us an email).  

  

If you have any comments, simply hit REPLY and let me know.  If you have some information that you would like to communicate to the probate community, forward it to me for consideration. Lastly, if I haven't convinced you that my newsletter is worthwhile, just press "SafeUnsubscribe" below.

 

Here's hoping we continue to stay in touch and that we may be of service to you!

 

Very truly yours,

Jonathan Brooks  

 

 

Beware of Lenders Bearing Gifts
I spoke with a fiduciary last week who told me a sad tale. He needed a loan for a client, knew of our company, but chose instead to get the loan from a different lender based on slightly less expensive pricing. The "gift" presented by the lender turned out to have a bomb inside of it. The loan was not as promised.

Fortunately, the fiduciary decided not to use this lender because of his inability to provide straight answers to his questions and his inexperience.  Every couple of years we come across new competitors who compete on price; this has been the case during my entire 20+ years' experience.  Be wary of the inexperienced Lender/Broker/Arranger attempting to enter the fiduciary loan business in California.  These brokers are seeking new markets because many "flip and fix" borrowers are disappearing from the broker base as these borrowers now can get funding from institutional lenders (backed by Wall Street and Silicon Valley).


These Lender/Broker/Arrangers are hunting for new markets, but do not have the experience, software or legal background to make loans to fiduciaries.

   
The "gifts" they bear promised lower pricing, come at a cost of time delay, incorrect documentation, and lack of knowledge that could adversely affect you and your client. A small additional cost can be worthwhile to deal with a reputable Lender/Broker, like me, with 20+ years of experience dedicated to serving the fiduciary client and trust & estate community. 

Please check for the following items when dealing with any lender attempting to arrange a loan to a fiduciary:
  1. Is the Lender/Broker/Arranger licensed, by both the State of California and the Nationwide Mortgage Licensing Registry and System (you wouldn't use or recommend an unlicensed attorney or professional fiduciary)?
  2. How many loans to fiduciaries have been made? 
  3. What experience exists in making specific fiduciary loans (ie, court ordered loans or property tax reassessment strategy loans)?
  4. Ask for references (fiduciaries, attorneys and judges).
Beware of the inexperienced Lender/Broker/Arranger offering lower rates or fees; the penalty for an incorrectly transacted loan could be steep; and, the cost may be too great to fix or correct.
 
Quick Resource Guide for Fiduciaries and their Attorneys including Practical Tips for
Non Pro-Rata Distributions to Avoid the Property Tax Reassessment Event
In my business of arranging loans to trusts and estates, I work directly with fiduciaries and their attorneys. This resource guide will assist you to quickly find what you're looking for:
  • To find out what is necessary to obtain a probate loan,  go here
  • To find out what is necessary to obtain a trust loan, go here
  • To learn more about funding Non Pro-Rata Distributions to Avoid the Property Tax Reassessment Event, go here 
  • To learn more about Paying Off Reverse Mortgages, go here
  • To learn more about Loans to Upgrade Trust and Estate Real Property Prior to Sale, go here
STRAIGHT NOTE LOAN PRODUCT
(no monthly payments
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. Visit our website for more information

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.
  PLEASE CALL (310) 487-6944 TO DISCUSS
YOUR CLIENTS' SPECIFIC ESTATE NEEDS
I am proud to again participate as a Bronze Sponsor of the PFAC 2018 Annual Conference in Riverside, California May 30-June 2, 2018 . To obtain more information about the 2018 PFAC Conference news via email, click here. 
 
Have Questions?
We're happy to help answer any questions you have.

JONATHAN BROOKS
firstprobate@gmail.com
(310) 487-6944
www.firstprobateloans.com