Lender signoff on lot split

[Jeremy Hunter]

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

[Daniel Hennek]

Here's the applicable guideline section for Fannie Mae. It's possible but you have to meet the 60% LTV threshold. Click the following link then scroll down to the section "Evaluating A Request For The Partial Release Of Real Property". I'm pretty sure that Freddie is very similar but didn't check their servicing guide.

https://servicing-guide.fannie...