Business purpose -collateral residential property

Posted By: OnTheEdge

Business purpose -collateral residential property - 09/10/20 05:03 PM

If collateral for business purpose loan is residential property is maximum amount of flood insurance $250,000 or $500,000?
Posted By: rlcarey

Re: Business purpose -collateral residential property - 09/10/20 05:06 PM

Flood insurance is determined by the nature of the property and not the purpose of the loan.
Posted By: OnTheEdge

Re: Business purpose -collateral residential property - 09/10/20 05:50 PM

Thanks Randy. That's what I was thinking, but someone questioned me, which made me question myself.