Changing Bldg Usage after Purchase

We are purchasing a bldg that is currently a 1-family and are planning to convert it to a 3-family. Does anyone know how this conversion will affect our loan? Will the bank need to be advised of the change? Are there any penalities or other negative ramifications if we don’t tell the bank and they find out down the road when we refinance or sell?
Thanks for your help.

By ksquared | 02/28/2008 12:00 PM