Refi a Duplex into 2 condo's

[Jason Pavloff]

I'm looking for a lender who can take my duplex and allow me to refi the loan into two loans for a condo regime. I had a Real Estate lawyer create a condo regime already for it. 

Option A.)  Take the 313K currently outstanding and turn this into two loans. one for each side, Condo A - Loan for 156K  and Condo B - Loan for 156K.

Option B.) Take the loan and change it so that the whole balance will be on Condo A for 313K.  Condo -B is clear and free. 

Condo A = worth 390K   

Condo B = Worth 390K  

Let me know if you can help, but before you reply- please double check with your underwriters. Please don't wast my time with trying to be a YES man/woman. 

[Chris Mason]

Originally posted by @Jason Pavloff:

With 2 million dollar homes on up in the bay area that's understandable compared to mine. But in Austin the average home sales in Austin proper are 325K so its just like doing one, kind of, just twice the paper work. 

Nah, not really a reference to the size of the loan. It's a newly established condo project if I read OP correctly. 3x the paperwork compared to a well established condo. If it's a non-warrantable condo, 5x the work. And by law (2007 was a long time ago) the lender isn't allowed to profit any extra on it relative to plain Jane FTHB.