Multifamily build financing options

[Mitchell Miracle]

I purchased my first triplex last March thanks to the Bigger Pockets community. It has done well. I am now ready to take the plunge. I cannot find any decent multifamily properties in the market that I am interested in. I have put together plans to build my own. I have the land under contract (confirmed zoning and density). I am planning two triplex's with 2/2 and one triplex with 3/2. Total cost of the project should be $910,000. After putting 25% down I should be able to show a COC return of 9.87% and cash flow (after reserves) about $2000 per month. My debt service on the project is around 1.43 with an 8% cap rate. These numbers are based on construction costs not on appraised value. My questions are these. The best financing I can find is fixed rate 4.5% with a 5 year ballon with payments amoritized on a 20 year amoritization. They will also require 25% down on the LTV or actual construction costs (whichever is lower). Is there somewhere I can go to get better terms? Is there a better strategy that I should be using to get this done? I will be leaving about $230,000 in cash in the deal doing it this way. Should I sit tight and wait for existing multifamily properties to come on the market? I can currently build at a lower price point then to buy existing units in poor condition. Any advice will be greatly appreciated.