Land to Secure Loan/LOC

[John Casmon]

A friend of mine is at the design stage of building a luxury home as his personal residence. He owns a budding business and needs to inject capital to accelerate growth. He's looking to either sell shares of his business or get a loan or line of credit secured by the land for his home. Does anyone know of a lender who would provide a loan or LOC based on the value of the land? He has one payment remaining on the land, otherwise it will be owned free and clear. The land is valued at $500k, the loan he seeks is $300k.