Splitting a mortgage

We own a building with a friend and are in the process of starting a No Action Application condo conversion. Has any one had any experience with asking the bank to split the current mortgage into two? We currently have a mortgage with Chase under our 3 names. I can’t imagine that it will be easy (or even possible), but I am hoping that it is an option since the units individually are worth a substantial amount more. We are concerned that it will be difficult to find a mortgage for a 2 condo building. Thank you

bdz

in Mortgage 11 years and 7 months ago

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mortgagepro | 11 years and 7 months ago

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I hope the spam above can be deleted! bdz, indeed, this is a tough scenario in respect to financing. The Condo you are proposing would be considered a ‘non-warrantable condo’ which means it does not meet conventional underwriting guidelines. I would think , ideally, you would be looking to do this where both units would be refinanced simultaneously in order to easily payoff the existing Chase Mortgage. The only option that comes to my mind is presenting this to one of my true Portfolio lenders. One who is not adverse to funky structuring under the right circumstances. I have seen them entertain some ‘out of the box’ scenarios when the Loan To Value (LTV) is low and borrower’s credit and debt-to-income (DTI) ratios is outstanding. But each is obviously evaluated on a case by case basis. Feel free to contact me if you would like for me to make an inquiry for you. -Adam Roberts South Shore Mortgage NMLS#1310 P: 631-956-0111 x218 adamr@fast2fund.com

shahnandersen

in Mortgage 11 years and 7 months ago

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Where is the link to report Spam?

donamila | 11 years and 7 months ago

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