Are there lenders who will accept an ACV policy?

[Phil Damjanovic]

Hi everyone,

I purchased a duplex recently, all cash, $60k. I'd like to refinance so as to get most of my capital out. I'm hitting a bit of a speed bump though:

1. I had trouble getting a RCV policy for this property (in Houston). So, I purchased an ACV policy with a $111k limit from Texas FAIR Plan.
2. The lender I'm working with is telling me they require a RCV policy.
3. I went back to my insurance agent to shop around again. Got only 2 quotes. The better one was for $1900/yr and requires a statement from an inspector stating that the electrical is updated and up to current code. It isn't, so now I'm going to get an estimate from an electrician of what that updating would cost.
4. In the meantime, I'd like to know if anyone knows of any lenders who will accept ACV policies?
5. Or maybe there are other financing alternatives/ideas I should be looking at?

thanks
Phil