Is subdividing creating cash/equity?

[Michael McConnell]

Just bought my first home and am wanting to develop the property into 2 fourplexes eventually. My lot is large enough and the zoning supports this project but I am short on the downpayment for the construction loan.

I am wondering if I subdivide my property to create another lot, am I essentially creating the cash value of that lot? Can I then use that for the downpayment/collateral for the construction of the structure? 

Logically I am creating an asset with a value so I should be able to trade on that value. Am I on the right track or way off?

Thanks!