Use cash to build one duplex or hard money to build multiple

[Elliott Leste]

Hi, I am a spec home builder that wants to get into duplex rentals. I currently own a piece land right outside of the city limits where I can build many duplex on it.  My problem is I will be still taking a loan for another spec home at the same time I will be build a duplex on this property. I will have about 200k cash to build this duplex which I believe I can get it build no problem, 2/1 each side, under 2000sqft.  Do you think is better to use cash to build one duplex then cash out at my local bank or use hard money to build multiple duplexes then refinance it at my local bank? Let me know what do you think. Thanks