To Those Who Have Completed A Condo Conversion From Apartments...
I have a number of questions regarding condo conversions. If it matters, this is one big building that is currently one parcel with 4 apartments. I want to turn it into 4 parcels (4 condos). My biggest question is regarding the loan you have against the property. This loan is for a specific parcel. I am working with the city to have the conversion done, but how does this affect the loan. Can the existing financing stay in place or will I need to refinance with a loan specifically for this purpose. A similar question regarding selling: lets say the above conversion takes place and the existing financing is still in place. I now want to sell a condo. How is this handled by the existing mortgage?
I have been in residential real estate for a while, but have never had to do this. Any help would be greatly appreciated.
Thanks
Jeff
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