Refi 4-plex - Metering Question

[Vanessa Allsup]

Hi everyone!  We are planning to cash-out refinance to a Conventional Loan on a 4-plex in a few months and I'm getting mixed answers about the metering requirements.  We have already separated the Electrical meters from 2 into 4 (one per unit).  

There are currently 2 water meters.  Do we have to separate them as well?  We plan to include water, sewer and trash in the rent, so we will not need to measure utilization for each unit.  The only reason to go through the hassle and expense (which is roughly $6,200) is if it is required for the refinance.  One lender said sub-metering will work and another lender said there is no need to separate them.  Can any lenders out there please confirm?
 

Thanks so much!