Borrowing against the land?

[Tanvir Ullah]

Hey guys, Thanks for stopping by my question. I am curious to know if I can use my land to borrow money. I have a land which is worth $1.9 million. I want to develop a five story condominium in Brooklyn, New York. Can I take out $4 million against my land and develop the site? If possible, what do you think might be the interest rate? To give you some info about the project, it would be in lower Brooklyn in a very good neighborhood (lucky to get a land there). The project would be done in 8-12 months for sure. Any help would be very much appreciated