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Aundrea Barnett

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Beware of Insurance Scams from Private Money Lenders

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By Derek Lacy, George Allen Verified, Aundrea Barnett
| BiggerPockets Verified
There’s a fairly new scam in private money loans that is being pushed by fake private money lenders. Any non-bank loan from a private money source is considered a private money loan, including bridge loans, hard money loans, and all types of alternative financing. If anyone offers you a loan, but first asks that you purchase some sort of insurance such as life insurance, loan insurance, etc., this is a scam. The only type of insurance required for a loan is hazard insurance for the property itself.
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