Updated over 6 years ago on . Most recent reply
Property insurance woes are killing my deal.
I have a commercial mixed use 5 unit building being refinanced, but the property insurance requirements are killing the deal. There is something about an 80% co-insurance that is forcing a replacement cost coverage of $1.2M instead of an otherwise $200K loan amount coverage. The difference in cost is $12,000 in premium compared to the otherwise $3,500. Does this make any sense to anyone?