Technically 3 duplexes, trying to purchase with commercial loan and rezoning...

[Jay Y.]

Hi all,

Not sure if this is the correct forum but I'd though I would start here. I have an accepted offer for 3 duplexes which are all sitting next to each other, same complex. I later found out from the county maps that each duplex has it's own plot of land. This bit of information seems to make it more difficult to take out a commercial loan, not because of the buildings but because it's on 3 different plots of land and I don't qualify for 3 conventional loans.

It's a good deal so I may consider purchasing with cash, anyone able to chime in with their 2 cents?

My question now is if I do end up paying cash, does anyone know how difficult it would be to rezone the 3 plots to turn it into 1 single plot of land? If that can be done, I believe that should make it much easier for me to cash out/refi with a commercial lender.... Any advice or tips are greatly appreciated!

Thanks so much!!

[Doug French]

Just a thought. But, if you re-plat into one lot you are significantly limiting your buyer pool when you go to sale.