Posted by Bud Branstetter on February 26, 2001 at 22:15:21:
Bob,
I’m so used to paying cash that I don’t normally do a rehab that has a regular mortgage on it. Took it over subject to with a Pactrust. It will need several months vacancy to do the repairs. I’ve done builders risk but wonder what the lender will say with a land trust as the insured and a builders risk besides.
Builders risk Insurance with a mortgage - Posted by Bud Branstetter
Posted by Bud Branstetter on February 26, 2001 at 01:53:45:
Has anyone put a builders risk policy on a rehab that has a mortgage and had the lender take it instead of their policy?
Re: Builders risk Insurance with a mortgage - Posted by Bob-TX
Posted by Bob-TX on February 26, 2001 at 12:25:27:
Bud
I use builders risk coverage for all rehabs and have had no problems with hard money lenders in the DFW area. They just cut a binder showing the lender as loss payee and everybody is happy. If you need referral to good insurer let me know.
Bob White
Re: Builders risk Insurance with a mortgage - Posted by Sherry W
Posted by Sherry W on February 26, 2001 at 11:48:15:
We have Builder’s risk(Zurich). Our problem is the lender will not let us put it in our LLC’s name it has to be our names. So Zurich let us on the fist 2 deals.
But they will not(Zurich) let us put anymore in our names. They want it in the LLC’s name.
Sherry W
Re: Builders risk Insurance with a mortgage - Posted by Jack-FL
Posted by Jack-FL on February 26, 2001 at 05:53:08:
Yes. We just had the Builder’s risk agent send a binder/policy to the mort co as first loss payee.