California's Proposition 13, as described in public accounts of the 1978 measure, generally keeps a property's assessed value in place until a change in ownership or new construction, which is one reason an owner may refinance a California building rather than sell it. That is a tax motive your CPA has to confirm for your parcel. It is not advice from this office, and it does not make the California property Arizona collateral. If you want both deeds in one credit, the lender who holds the note has to be able to take the California property, and California counsel has to be comfortable with how the loan is offered. We arrange from Scottsdale. We do not claim a California Department of Real Estate license, a California finance lender license, or a California street address.
The Arizona trust deed is the anchor we can package: address, rent roll, and the existing note. The all-Arizona blanket, with no California asset, is Arizona portfolio refinance. The license gate is multi-state portfolio. A California buyer of a single Scottsdale hotel, which is an acquisition rather than a two-state refinance, is California investors, Scottsdale hotels.
A blanket across the state line is a document set
Ask, in writing, which state's deed of trust is the lead, how a partial release works if you sell the California asset later, and whether a default on one state is a default on the other. Those answers come from the lender's counsel. We will not summarize them as a benefit. Send both addresses, both notes, and which property you are trying not to sell.
If the California lender conversation is the whole point and the Arizona property is incidental, say that. We may be the wrong desk. We are built to arrange Arizona-secured debt and to introduce a multi-state holder when one exists.
No combined closing is on the list
No tombstone pairs an Arizona asset with a California asset. We will not add a sale price from a Scottsdale hotel report to imply a blanket refinance.
Opportunity-zone and 1031 questions stay with the intermediary and the CPA, including any California filing they tell you about.
Structures for an Arizona and California pool
| Source | When it fits |
|---|---|
| Multi-state hub | Out-of-state collateral only through a lender who can take it. |
| Arizona only | Use this when every property is in Arizona. |
| One Arizona asset | A single refinance, not a pool. |
| Life company | Sometimes willing to discuss more than one state. Not a promise. |