[WSBAPT] Getting loan in purchasing partial interest in property

[Jennifer Sohn]

Do you know any banks that have done that? The banks that we have contacted
require all owners of the property to sign the promissory note.

Thanks,

Jennifer

On Fri, Mar 18, 2016 at 8:15 AM, Mike Winslow <mike at winslegal.com> wrote:

> There should be a bank that will do the loan only to the son, as borrower,
> but will require pledge of the entire property as collateral. Son will be
> on prom note, but client will not. That way the client will remain “debt
> free”, as their name will not be on the promissory note. But their interest
> (the 1/3 TIC) will be at risk under the Deed of Trust. Not an uncommon
> approach.
>
>
>
> The idea of a sale by client to son, noted in your second post just
> creates additional and unnecessary excise tax and income tax reporting.
> Overly complicates things and does nothing more than the above approach.
>
>
>
> Michael A. Winslow
>
> 1204 Cleveland Ave.
>
> Mount Vernon, WA 98273
>
> Ph. 360-336-3321
>
> Em. Mike at winslegal.com
>
>
>
> This message is from an attorney, so it’s confidential. If you are not the
> intended recipient, it’s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com [mailto:
> wsbapt-bounces at lists.wsbarppt.com] *On Behalf Of *Jennifer Sohn
> *Sent:* Thursday, March 17, 2016 9:34 PM
> *To:* WSBA Probate & Trust Listserv
> *Subject:* [WSBAPT] Getting loan in purchasing partial interest in
> property
>
>
>
> Hello, my client owns a commercial property with 2 others. There is no
> mortgage on the property. 2 of the owners will be bought out by my client's
> son, and the son needs to get a loan to purchase this partial interest. The
> desire is for my client to continue to be debt-free on her 1/3 interest,
> and for her son to be the sole person responsible for his loan.
>
>
>
> The problem is, there is no bank who will make a loan to the son with only
> 2/3 of the property as collateral.
>
>
>
> Has anyone dealt with this situation? How does a tenant-in-common normally
> get a loan (does he always need the other tenants-in-common to put up their
> interest in the property as collateral when he needs a loan?)
>
>
>
> Thanks!
>
>
>
>
>
>
>
>
>
>
>
>
>
>
> --
>
> Best regards,
>
>
>
> Jennifer Y. Sohn
>
> Attorney at Law
>
> (Licensed in CA and WA)
>
> Sohn Law PLLC
>
> 10900 NE 4th Street, Suite 1850
>
> Bellevue, WA 98004
>
> Tel: 206.617.7874 / 425.633.2678
>
> Fax: 425.732.9748
>
> Email: jennifer at sohn-law.com
>
> http://www.sohn-law.com
>
>
>
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-- 

Best regards,



Jennifer Y. Sohn

Attorney at Law

(Licensed in CA and WA)

Sohn Law PLLC

10900 NE 4th Street, Suite 1850

Bellevue, WA 98004

Tel: 206.617.7874 / 425.633.2678

Fax: 425.732.9748

Email: jennifer at sohn-law.com

http://www.sohn-law.com



Confidential. This electronic mail transmission and any accompanying
documents contain information belonging to the sender which may be
confidential and legally privileged. This information is intended only for
the use of the individual or entity to whom this electronic mail
transmission was sent as indicated above. If you are not the intended
recipient, any disclosure, copying, distribution, or action taken in
reliance on the contents of the information contained in this transmission
is strictly prohibited. If you have received this transmission in error,
please delete the message. Thank you.



Circular 230 Disclaimer. Any U.S. federal tax advice contained in this
communication (including any attachments) is not intended or written to be
used, and may not be used, for the purpose of (i) avoiding penalties under
the internal revenue code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed herein.
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