Looking for a Flexible Lender for Subdivision & New Construction

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Hello,

I am Nadiya and here's my story.

My husband and I are exploring our options for acquiring our next property. We are looking for a flexible lender who would consider refinancing one of our houses, cash out and use the money towards the next purchase. We purchased a single family house in Ellicott City, MD 2 years ago, gutted and rehabbed it. We split the house into two units, occupying one and renting the other one out. The house sits on a 41k+ sf plot that can be divided into two (R20 zoning). We already spoke with the county about this and got some initial quotes from several engineering companies. As I mentioned before, the house has not been paid off, but we should have quite a bit equity in it, my guess is $100-150K. 


Here's what we would like to do. 

1. Refinance to cash out AND get a permission from the lender for subdivision; 
2. Obtain a new construction loan to build House #2 on the second plot. This ideally would be our new primary residence, and both units in House #1 will get rented out.

As I was trying to educate myself on Google, I could not find any meaningful information whether you can proceed with subdivision while you're still making mortgage payments or not. Has anyone done this before?

I would also appreciate getting contact phone numbers of lenders that would work with us.

Thanks a lot!

Lets discuss this further, we can explore some options.

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