Lot Loan financing questions

[Chris Varsek]

So we found a beautiful 2.3 acre lot with water view that would be perfect for our eventual ranch w/ walkout basement that we want to build (it's $130 total). We have the 25% down payment, but not enough to cash purchase the rest. We probably won't be ready to build for 5-7 years. The issue is that the only local bank we've found that does construction/land loans offers a 3yr ARM on land, b/c they want to incent the borrower to build. Is there a loan vehicle out there that we could leverage for a lot loan with a longer time period - like a 10year arm for lot loans? I've had no luck finding something. With out timetable, the 3 year ARM doesn't make any sense at this point (the high payments would put a damper on our current plans). Thoughts?