All Forum Posts by: Nelson Amalbert

Hey thanks for your response. The house is currently in my name and is fully rented, I would occupy the 3rd unit for a period of time but I don't have to, I could rent it out as well. I'm not sure how LTV works with renovations. If it's the loan amount divided by the projected value after the conversion than its 11% haha. If it's the loan amount divided by the projected increase in value it's about 60% but that's all just spit balling at this point.

I currently own a 2 family that I want to convert to a 3 family. I’m working with an architect now who believes it can be done and approved by the city. My question is, because this conversion would add value to the house, will lenders be pretty likely to fund the project? Personally i am already looking at consolidating some personal debt. (15k) but my credit is still good (700’s) will my debt to income ratio be a major factor here or will the equity put in the house suffice for approval? 

I am actually starting this same process right now. I just met with an Architect who will be helping me. He had that same idea that we might need sprinklers but he did say that it’s possible that there are exceptions regarding each code pending certain details so that is part of what they will figure out for you.