Del Mar Trust Loan

North Coast Financial provided a $900,000 trust loan in Del Mar, California (San Diego County). The loan was needed for a trust beneficiary buyout to equalize a trust distribution and allow the beneficiary to obtain Prop 58 and prevent a property tax reassessment when the property transfers from the parent (trust) to child. The loan amount was secured by a single family residence owned by the trust. The loan to value was approximately 60%.