Steve Benjamin Probizloans
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  1. #1

    Steve Benjamin Probizloans

    Congratulations to Steve,
    You always go beyond the call of duty!

    Not only did you do the Mortgage for my client the right way,
    you also saved her $4700.00 on insurance for the property annually.

    Im Impressed.

  2. #2
    Senior Member Reputation points: 71496 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,201

    One of the problems you run into when doing a mortgage, hard money loan on property is that you need to have insurance to protect the lender.

    Problem you run into is that most clients insurance companies don't have a clue on how to do this. And the documents go back and forth as they don't understand how to separate the lender from the servicer. After two recent very difficult experiences dealing with the insurance neophytes, I finally collared an insurance agency who gets it to me within an hour or two (even weekends) and it's all done correctly. And believe it or not, they BEAT the clients insurance company rate by at least 20% or more.

    Here's an example on what needs to be on a lender's insurance declaration page.

    Insurance - MORTGAGEE: Lender. SERVICER: ITS SUCCESSORS AND/OR ASSIGNS


    Replacement Cost or Loan Amount, Special Form, Broad Form, or DP3 – all perils, Co-insurance is not permitted, Deductible Amount – not to exceed the lesser of $10,000 or 5% of dwelling coverage, Loss of rents (12 months), Wind/hail coverage if required for the State the property is in, Term – 1 year, 438 BFU or Cancellation Clause (Mortgagee Endorsement – notification of cancellation or non-renewal), Annual Premium AND Balance Due (indicate if paid in full).

    You need two documents to go to title/escrow for the HUD - the insurance declaration page and the bill for the coverage.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  3. #3
    Senior Member Reputation points: 71496 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,201

    Here you go...tell them I sent you....

    Takura Hunt
    Insurance Agent
    Quick Agency, LLC
    (O) 1.844.TQA(872).2023 (D) 404.353.3468
    www.thequickagency.com

    We can currently write coverage in the following states:

    Idaho
    Nevada
    California
    Arizona
    Texas
    Louisiana
    Mississippi
    Tennessee
    Florida
    Georgia
    South Carolina
    North Carolina
    Kentucky
    Illinois
    Indiana
    Michigan
    Ohio
    Pennsylvania
    New Jersey
    New York
    Connecticut
    Delaware
    Maryland
    Alabama
    Alaska
    Maine
    Virginia
    Washington
    Washington DC
    Hawaii
    Rhode Island
    Last edited by Olderguy; 05-12-2024 at 07:55 PM.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

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