Construction loan to perm mortgage cash out question

[Steven Anderson]

I and a small group of investors (in a traditional LLC or series LLC) plan to construct a duplex at $.90/sq ft. Post-construction we expect FMV to be $1.20/sq ft. We will capitalize the LLC with the requisite 20% equity for the construction loan. Based on our estimates above we expect to have 75% LTV when we close on the permanent long term financing. My question is, will we be able to cash out and distribute the original cash contributed (as equity for the construction loan) and redeploy on janother construction project? If so, will a six month seasoning period apply? What alternate sources of funds/financing would you suggest for the construction financing in order to allow the immediate cash out when closing out the construction loan to permanent financing?