I have a client who wants to purchase a 27 unit apartment building and convert in to 18 simplexes and 9 duplexes.┬а Need $2.35 million total including rehab costs.┬а Borrower has 20% of purchase price for equity investment and will personally guarantee the credit extension.┬а Need to close ASAP.
If i have a borrower who states that he is buying a property to owner occupy, BUT I happen to know otherwise through a mutual acquaintance. Am i at any legal obligation to notify the projected lender?
