Change of Use Permit for CMX-1 property

[Marquise Lee]

I'm under contract on a cmx-1 building with 3 units. The top 2 units are residential and the first floor is in shell condition. The first floor is permitted for commercial/office use however I'd like to change it to a owner occupied residential unit. I believe with CMX-1 this would be a by right use, however I'm being told I'll need to get a change of use permit AND it may still get rejected.   I'm also being told the permit process may take 3-5 months.  Does this sound right?

I'm worried the lender won't approve the loan until the use permit is in place, and I'm certain the seller won't agree to wait 3-5 months.