Leasehold Conforming Mortgage

[David F.]

Are there any lenders that can provide a leasehold mortgage that is also a conforming mortgage for a project in San Diego county? In my discussions with my banker she said I needed to find someone who doesn't underwrite to Fannie Mae and therefore has their own set of rules that allow them to provide conventional financing. These are duplexes I plan to build out but want to maintain ownership of and I'm looking to avoid going through the long and expensive process of subdividing in San Diego County. Can I place the vacant land in a LLC (that is solely owned by me) that then leases the land back to to me for "x" years, with the arrangement that it simply becomes mine at the end of the lease term? Under that scenario, I want to get a loan as a conforming leasehold mortgage for the first home once its construction is complete and proceed getting conforming leasehold mortgages for duplexes 2-5 to follow. Thanks in advance.