Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for user57168350

I purchased an 8 unit complex in Memphis that was a bank forclosure. completely rehabbed and fully

Sorry that got cut off.  fully rented. It is actually 8 individual condos but purchased and financed as apartment building.  Purchase price $650 k and Loan around $560k.  I would like to refinance into long term financing (30+ year fixed).  Who can I contact to either refi as an apartment building as it currently is or perhaps as 8 non-owner-occupied condos which it is zoned?  Thanks.

  • September 19 2013 - Memphis
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for user57168350
Darn.  Ok,  I need to find a commercial loan broker.  Thanks.
  • September 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You'll still need to go with a commercial loan, even with the individual PIN's. It may seem to make sense that you could refinance each unit separately as non-owner occupied, but it raises a problem with condo development review guidelines for a conventional loan, not to mention a host of other road blocks. This is the guideline that you won't be able to get around: "No single entity can own more than 10% of total units in the project (or more than 1 unit in projects with ≤ 10 units). Original Developer can own more than 10% of units but they must be listed for sale (cannot be retained or rented)."
  • September 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user57168350
but it has been divided into individual PIN's as the prior owner prior to forclosure was expecting to sell to individual owner, fee simple as a condo conversion
  • September 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Eight individual units, but you own all elements of the property. This is an apartment (commercial apartment building), unless it has been divided into individual PIN's and Sold to the individual unit owners, fee simple. Appears that it has not been, so you need to go for a commercial loan or look into doing a condo conversion.
  • September 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.