Develop to rent refi into conventional

[Eric Bilderback]

I have a couple partners one of which owns land.  Can we build a fourplex on it then get conventional financing?  I think we will have some equity build in after the build and I want to use it for at least part of the down payment is that possible?  So if we have say 525k in the place including the land can we then have the place appraised at say 575k and use that 50k as part of the down payment?

Thanks for the info,