Splitting double lot, building new rental

[Warren Kuhn]

Situation: Ive got a rental that sits on a double lot but only occupies one half of the lot of land. House has a 2.25% rate on it.

Question: Can I work it with my current lender to split the lot without giving up my current interest rate?

I do have a fair amount of equity in the home and would love to utilize the other half of the lot as its sits in a very desirable rental area, but do not want to do so if it means refinancing from 2.25% to the current rates available. 

[Chris Seveney]

Quote from @Warren Kuhn:

Situation: Ive got a rental that sits on a double lot but only occupies one half of the lot of land. House has a 2.25% rate on it.

Question: Can I work it with my current lender to split the lot without giving up my current interest rate?

I do have a fair amount of equity in the home and would love to utilize the other half of the lot as its sits in a very desirable rental area, but do not want to do so if it means refinancing from 2.25% to the current rates available. 

1. have you confirmed if you split the lot, the house would still maintain current setbacks to allow for the second buildable lot.

2. The bank should not have an issue splitting the lot for now, as they still have a lien against it, the challenge will be when you go to sell it or develop it you will need to refinance or pay it off. The bank will still have the lien on it, if its a small bank you may be able to work with them to remove that parcel, but if its a big bank you will never get anyone on the phone to handle that transaction.