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#2242262 - 09/10/20 05:03 PM Business purpose -collateral residential property
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
If collateral for business purpose loan is residential property is maximum amount of flood insurance $250,000 or $500,000?
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Flood Compliance
#2242263 - 09/10/20 05:06 PM Re: Business purpose -collateral residential property OnTheEdge
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,215
Galveston, TX
Flood insurance is determined by the nature of the property and not the purpose of the loan.
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#2242270 - 09/10/20 05:50 PM Re: Business purpose -collateral residential property rlcarey
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Thanks Randy. That's what I was thinking, but someone questioned me, which made me question myself.
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