My question involves estate proceedings in the state of: California.
Hello! My husband and I are trying to purchase a new property. It is titled as a Multifamily property, but it has two life estates attached to it. In each of these life estates are elderly tenants who will live there until they pass on. Whoever purchases the property will not retain this part of the property until they pass. I have a copy of the Trust that explains this as well. We have been approved with two lenders, but they will not finance this type of property. One of them found a hard money option, but it was not affordable for us. It seems I am about to exhaust all my efforts in looking for a lender and thought I'd check here... Any one have experience in this area?
**I know I misspelled "their", but I can't edit the title of the thread, ugh!
Hello! My husband and I are trying to purchase a new property. It is titled as a Multifamily property, but it has two life estates attached to it. In each of these life estates are elderly tenants who will live there until they pass on. Whoever purchases the property will not retain this part of the property until they pass. I have a copy of the Trust that explains this as well. We have been approved with two lenders, but they will not finance this type of property. One of them found a hard money option, but it was not affordable for us. It seems I am about to exhaust all my efforts in looking for a lender and thought I'd check here... Any one have experience in this area?
**I know I misspelled "their", but I can't edit the title of the thread, ugh!
Trusts: Are Their Banks That Will Loan on a Mulitfamily Property That Has 2 Life Estates
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