Help on construction loan structure needed

[Olga Daisel]

I need help to get best case on my financial situation. I have a piece of land I want to use to build a house and sell it. I have approved plans and ready to start. The cost of land is closer to 1mil now and there is no lien on it. The problem is I need money to build a house, and I prefer not to pay interest monthly but rather a balloon payment in the end of life of the mortgage. I need to draw about 700k. Any suggestions if such a structure exists? To summarize:

- construction loan

- interest is payed at the end

[Ed O.]

Sell the land. 

Pocket 1,000,000. 

If you're out of cash, why take on the risk of building? It's a great way to make $500,000 instead of $1,000,000.