Attractive ROI for private lender on neighborhood development?

[Neil Goradia]

Hi all - we are currently submitting plans to the city to start our 2nd neighborhood development. Our first one was in 2015 and is now complete, showing investors a track record of success. At the time, we had no track record and had to give away a lot of equity in the project in order to secure a private lender. Now that we know what we're doing, we'd like to ask for private money at a fixed rate of return and little to no equity. My question is, what is an attractive ROI for a private lender to lend up to $3MM on a 1 year term, collateralized on the land and improvements?