[WSBAPT] Are "Probate Lenders" a Valid Option to Recommend to Cash Poor Estates?

[Matt Yates]

I have a probate proceeding that includes in the estate and, really, is most of the estate, land that was rezoned while decedent still lived on it.  Thanks to the new zoning, the land can now be used for commercial purposes and heirs have no attachment to it and want to sell it and cash out.  That said, there really is nothing else in the estate of value and commercial broker indicates that a sale may take about a year to enable due diligence by developer including getting approval for likely uses.  Heirs and PR are inclined to wait for larger cash out rather than selling as is to speculator.  That has led to a discussion of probate lenders as well as cash out refinance options by deeding to heirs.  I am familiar with the latter but have never used a 'probate lender.' Anyone have any experience with such a lender that you are inclined to share?  If so, and if it was a good experience, any referrals?
Matt

Matthew D. Yates
Attorney at Law
Yates Marshall, PLLC
10000 NE 7th Avenue, Suite 200
Vancouver, WA 98685
Phone: (360) 449-6100
Fax: (360) 449-6111
matt at yatesmarshall.com<mailto:matt at yatesmarshall.com>
www.yatesmarshall.com<http://www.yatesmarshall.com>

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