Can a Family Trust obtain a mortgage in order to purchase an apartment complex?
Asked on 1/18/11, 9:03 am
2 Answers from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Well, there is no blanket prohibition on trusts becoming borrowers under notes secured by deeds of trust on various kinds of property. The answer to your question will be dependent upon the language of the trust instrument and the lender's evaluation of the risks.
Answered on 1/23/11, 9:51 am
Anthony Roach
Law Office of Anthony A. Roach
It the trust grants the trustee the power to borrow money and encumber property, then it's not a problem.
Answered on 1/23/11, 12:37 pm
