Name that structure

[Michal Rooney]

How could I structure this? would it be a job for JV subject to or lease option?

I have a property assessed at 2.8 million I want to develop.Please note: This is commercial land.

I offer 1.6. I agree to purchase at this price only if seller will lend 1.2 million in private money after closing.

I pay seller (read title) 1.6 million.
We close

He loans me 1.2 million @ 8% to be paid in 5 years (I want this secured by the property what do I use for this - deed of trust?)

This will be used to develop phase 1 of development with a margin of safety.

If this is not the way to structure this what would be?

I will pay the seller more than their asking price to motivate doing things creatively. The seller wants the property back because it would be cashflowing vs. undeveloped. I will be using a realestate savvy lawyer to run this by I want to know the structure so I don’t waste time / sanity.