Unique property I am trying to subdivide and borrow money against

[Richard Forton]

Hey BP Family.

I am in a unique situation and need some financial advice or tips! Little background on me. I have bought and sold everything from SFH to 10 unit buildings. At my peak a few years ago I had 34 units at once. Currently I own 8 units over 3 properties. So here is my issue and question:

Almost two years ago I bought the place where I live now. Was able to steal the property for $490,000 and spent about $70,000 in renovations to the main house. The property came with two homes on one parcel. The other house is actually a split level duplex. I have been working with an engineer for a few months to subdivide the property but the process is being very slow. With a loan balance of $380,000. My lender is 100% confident that my main house where I live can easily carry the note with a 75% LTV based on the fact that houses in my area like mine are selling for over $550,000-$600,000. Meaning I can have the duplex free and clear to borrow against. The duplexes in the area are selling for $225,000-$280,000. Thinking mine would appraise for $250,000. I am trying to get some long term debt, 15+ years against this property.

Are there any other options instead of waiting for the long drawn out subdivision?? I have tried to get a HELOC or some kind of loan/refinance on the entire property but the banks don't divide the two buildings for the appraisal since the property is currently listed as residential. The amount I can get for the HELOC does not interest me, its like $40,000. I wouldn't have any interest for anything less than $140,000 so the numbers are not even close. Any ideas or should I just keep waiting?