Advice for Financing 3 Properties After Subdivision - Philadelphia Philly PA

[Lucas Pfaff]

I recently subdivided a property and need to acquire new financing...this is sort of a complex scenario (at least it seems like it to me), so any advice would be appreciated. I'm basically looking for confirmation that my plan makes sense and if not, some advice on how to proceed.

Basic Details:

I own a parcel with three buildings on it. A 3/1 duplex, a 1BD carriage house, and a vacant warehouse. All three buildings are recorded on a single deed. Due to the industrial zoning of the property our current financing is a commercial loan. 

Current Situation:

As of today we have executed three separate deeds and have separated the parcel into three distinct lots. Additionally, we have received zoning variances that allow for residential use of the duplex and carriage house. The warehouse has been approved for the construction of 6 residential uses.

Next Steps:

We are looking to acquire construction financing for the warehouse, but will not have the information necessary (full plans, bids, financials) to apply for financing for another ~60 days. 

Issues:

I'm not entirely sure how our existing bank will view the creation of three deeds. This is a change to title and I believe they will require some adjustment to the existing commercial mortgage. Based on the terms of the existing lien and our experience with this bank, we are not looking to work with them going forward either way. My current plan is to immediately start looking to acquire conventional residential financing (30yr fxd) on the two rented buildings (duplex and carriage house) and then get financing for the warehouse construction in ~60 days. I believe I will need three separate mortgages now that we have three separate deeds.

Does this make sense? Is there something I'm not considering? Is there a better way to finance this project?

Please let me know if you've been through a similar process and any thoughts you may have.

Thanks.