Private Lenders' Podcast
We Answer the Groups Top Questions - Mastermind Q&A - #266
Apr 22, 2025
Explore the essential insurance policies private lenders need, from basic coverage to protecting against property insurance lapses. Discover strategies for building personal lender accounts while co-lending and learn about automated deposits and smart investments. Dive into the complexities of long-term debt and whether offering longer financing options makes sense for lenders. Packed with practical tips and insights, this discussion is a treasure trove for anyone in the hard money lending game.
18:51
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Quick takeaways
- Private lenders must assess various insurance options to effectively manage risk and protect their business interests.
- Building personal lender accounts through strategic investments and minimal withdrawals is vital for long-term financial growth in private lending.
Deep dives
Insurance Necessities for Private Lenders
Private lenders should consider a variety of insurance policies to protect their business interests. Basic insurance types include office liability and workers' compensation, which are essential for compliance and risk management. As borrowers' property insurance can lapse, lenders can pay to renew these policies on behalf of their clients to mitigate potential loss from uninsured events. Utilizing services like mortgagehazard.com simplifies the management of forced place policies, allowing lenders to easily add or remove properties as needed.
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