Private lending for new construction project

[Jason Ruggiero]

I'm new to the BP Community and hope this is my first of many posts in communicating with you all.

I recently earned approval for a 6-unit development in East Boston. The site currently hosts a small single family home on an over 5,000 sq. ft. lot. The plan is to demo the single family, and erect the 6 Family, with a total of 7100 sq. ft. of living space, plus two parking spaces on site. 

I'm building-permit-ready, however, not sure if I want to go with a tradition bank for the lending.

I know it's harder than the mindset I'm in right now, but shouldn't I just borrow what I need to demo/build (roughly $1.5m) from someone who has capital lying around, and pay that back (of course with interest/juice/premium, whatever you may call it) upon completion of the project?

Any thoughts out there? Pros and cons to the ladder? 

Thanks BP!