Condo conversion on multi-family that is joint mortgage financed?

[Peedy R.]

Hello!

This is a follow up to the thread I posted here: https://www.biggerpockets.com/forums/311/topics/59...

It appears that multiple buyers can get a joint residential mortgage together, so that is solved.

My question now is around condo conversions. From what I've read, after a condo conversion the parties on the deed will now each own X% of each unit rather than each own a unit themselves.

How can the units be individually owned, and what happens to the mortgage? Can the individual parties re-fi and get their own loans for their new individual unit?

This is in Southern California, Los Angeles County.

Your sage advice is greatly appreciated!