What kind of insurance is required to get a hard money loan?
There is no doubt that getting a loan from a private lender is a much easier process than getting a loan from a bank. However, in the list of necessary documents, you will find an “insurance” paragraph. So, what kind of insurance do you need to get a hard money loan from a private lender?
Simply, you will need two types of insurance – title insurance and hazard insurance.
What is title insurance?
In the first place, this type of insurance is needed for you to avoid the conflict that may arise in the future on the property’s title you are going to buy. This insurance is also required by a private lender.
What is hazard insurance?
The second type is hazard insurance. In most cases, people invest all of their life savings into the house. Subsequently, they need to be ensured it’s insured. So, you will have to provide a basic hazard insurance policy to get a loan. Mind, it is not the same as a homeowner’s insurance policy.
LBC Capital is a top Californian private money lender where you can get a hard money loan fast, securely, and without any stress. To apply for a loan, just submit the form on our website, and we will call you to approve the loan!
Our main benefit is having our own fund, so you don’t have to wait for a long time till your loan is approved (it takes only up to 24 h). Another great benefit is if you need an enormous loan amount, we are ready to give it to you. We offer loans from $ 50,000 up to $ 25 million. With over 15 years of experience and more than 7500+ closed deals, we can guarantee the reliability and security of the deal.
If you are looking for a private lender, we are available in California, Washington, DC., Florida, Texas, and North Carolina. In addition, Nevada and Arizona are coming soon.
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