203k loan or HELOC ????

[Will Bert]

Hi I hope this is the right place to post this question.

I own a 2 family mother daughter type of property. In the front property there are 2 apartments, and in the back yard the second building has 2 units. 

The property in the back needs complete reconstruction. No one has lived or occupied the property since 1960's. There is no c of o because it was built prior to 1920 but the city has it listed as 2 buildings on 1 lot. 

Now i went to a commercial bank and they basically said I will need an architect to draw the plans and get the ok from the city to qualify to get the 203k. But if i pay for an architect to do that I can just use the HELOC to do the project.

anyone ever deal with this or have some tips?