Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago,

User Stats

16
Posts
11
Votes
Jeremy Hunter
11
Votes |
16
Posts

Lender signoff on lot split

Jeremy Hunter
Posted

Hi all.  Has anyone every done a lot split on a property with a conventional Fannie/Freddie mortgage on it and gotten the lender to sign off on it? I've done this with a commercial loan and it wasn't hard. But I don't think it's going to happen with a conventional loan packaged up in some security somewhere. I'd love to be proven wrong a it would save me a ton of money!

I have acreage with 2 homes on it and looking to add an ADU as a guest house and Air B&B. I can't build a 3rd dwelling on the property with the zoning, but I have enough land to split and then have two lots, with their own house, and I can build an ADU on each of them. This property is my primary residence and locked into a 30 year mortgage at 3.75%. Having just transitioned to a full time investor about 2 years ago and of course writing off everything I possibly can to minimize my tax burden, I won't qualify to refi on a conventional loan at this time. Goal is to NOT lose the 30 year fixed note I have in place at a great rate. I have the cash to build the ADU so no need to finance that part.

Again... based on my 20 year real estate experience I don't think there is a way to split the lot and get the current lender to sign off on it (which is required by the county for the split.) But I would LOVE to be proven wrong! Thank you

Loading replies...