QUESTION>
I recently purchased a home at 90% cltv. I have a first and a heloc. The intent was to flip the Single family house, but I now would like to convert the home into two condo’s. How do i approach the bank with such a deal. I have enough money cash for the flip 120k as a SFR traditional flip, but need about another 150-200k for the condo convertion, adding the second unit. Obviously A good business plan is needed, but would the bank re-fi my existinmg loan, or just give me a construction loan? Any help would be appreciated. thanks.