Updated almost 6 years ago on . Most recent reply
Finance of America Lender is requiring to be "Additional Insured"
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?