Construction to Perm question

[Brandon Nappi]

Would someone please help me out on how these deals are structured.   Thank you!

We own 100% of the land - $150,000

Construction Costs - $350,000

Let's just assume the market value after completion is $500,000

So, the construction portion of the loan is $350,000 and I will pay monthly interest payments until the project is complete.  Correct?  

After construction is complete, can I use my land as a downpayment?  What would our mortgage payments be based off of?

Is the "perm" loan now $500,000 (improvements + land) with a downpayment of $150,000?

Sorry, really confused....

Thanks in advance for any help!