Tearing down my 2-flat to build 5 townhouses

[Gonzalo Escobar]

I own a 2-flat outright on a very large lot that I am planning on tearing down to build 5 townhouses, which will be sold after construction. The construction amount will be around 1.7 Mil. There are also some soft costs that will be incurred probably around 200k .

I brought on 2 equity partners that are bringing 600k total in cash and then am planning on putting in 100k myself.  So so far 700k

Can anyone give me an idea of what type of construction financing costs I need to expect. It seems like a very expensive product that has a considerable amount of transaction costs associated with it. 

Is there a certain LTV that if I get below that I could get a much lower cost product or would it be worthwhile to try to self finance?

I think I should be able to raise money from other equity investors.