Effective for Mortgage Loans Committed on or after March 29, 2021, the legal non-conforming use requirements were clarified.
If the Property's use and characteristics are a legal non-conforming use under applicable zoning and land use laws and regulations:
- Analyze the impact on the Mortgage Loan if the Borrower is not allowed to rebuild the Property as is under current law.
- The Improvements must be able to be reconstructed per current zoning requirements to a level that would support a minimum 1.00 amortizing DSCR in case of
- partial condemnation, or
- full or partial casualty.
Please contact Zachary Gordon at (202) 752-1498, or [email protected], with any questions.