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Updated about 5 years ago,

User Stats

37
Posts
18
Votes
Emily Di
  • Specialist
  • San Diego
18
Votes |
37
Posts

Finance of America Lender is requiring to be "Additional Insured"

Emily Di
  • Specialist
  • San Diego
Posted

In California. I am in process on a refi of a 4-plex rental property via Finance of America Commerical. We've already completed appraisal. FoA is requiring they be listed as "additional insured," which my insurance policy does not allow. I have now been getting quotes for commercial policies but the cost increase is considerable.... from $1600 - 4000 / more per year. It makes the overall loan cost unattractive and I'm sure many lenders could beat it, even at higher interest rates. Has anyone else run into this? If so, what was the outcome? 

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