How do you short plat with a mortgage?

[Joe Sno]

I bought a tear down house (VA loan) but the property has a million dollar view. The city has finally agreed (been working on this for years) to vacate some square footage to the side of me and am getting close to finalizing that (should be within the next month).

This will make my lot large enough to divide into two, one which I want to keep for myself, and sell off the other one.  The house sits on both lots so would have to be torn down (it isn't worth saving anyways).

So how does one get financed before subdividing? Do I get a land loan from a new lender where they know I'll be short platting? I don't have any money to put in after paying for the vacation but LTV should be around 55%.

I'd also like to buy my first rental with my VA to live in while my house gets built. I suppose my debt to income ratio will have to be good enough for both the rental and the house being built (even though I'd be renting it out as soon as my construction loan went to permanent)?

Any insight is appreciated.