All Forum Posts by: Randy Havens

Johann, I totally agree. Thanks for helping out :). I'm definitely going to keep it as is. Thanks!!!

Hey Philip,

You are totally right. If I convert all four apartments it makes a lot of sense, but if I'm forced to payback my loan immediately I won't be able to do it. Thank you so much :)

Hey Ahmed!

Thanks for the amazing response!! These are all the things I have looked into so far. I thought increasing the units were the easiest, but as you say, maybe the enlarging the unit may be the better option. My expeditor/architect firm confirmed the feasibility regarding to zoning, but I thought if you were doing only one floor, you just had to have that vacant. First floor doesn't need a fire escape yet, but yes if I do the upper floors, definitely.

I was worried, since my heloc loan would only give me a loan if it were a residential building (less than 4 apartments). Anyway, thank you so much for your advice! My building is in Bedstuy. Thank you sir!

Hi there!

I finally got a HELOC loan for my 4 unit residential building in Brooklyn, NY. I would like to split each apartment into two. Starting one at a time. However I have a residential mortgage, and the HELOC is for a residential as well. Once I split one apartment, I believe the building will be no longer residential, and become commercial. Would this trigger my mortgage and HELOC lenders to terminate my loans? The only way is to do this and refinance with a commercial lender? Please advise!!

Thank you,

Randy