Seeking Lender Advise / Unique Property with 6 Lots

[Sylvia Lamas]

My first investment - purchase of 33,000 Lot in California.  My parcel map is complete and approved for 6 parcels with 3 single level duplexes. (Half plex)  Each home will have it’s own parcel number/own owner. The site plan is currently under review and so far no design issues.

I own the entire lot right now and will be selling each of the 6 lots to the new home buyers so they can obtain their own construction loan.  However in the interim to save money on some fees I will continue to own land for a little longer than planned.

1st question - will lenders provide construction loans to someone who does not out right own the parcel?    I am hoping it is possible to allow construction to occur.  Maybe subordinate the purchase of lot to construction lender?

2nd question - My contractor will be buying two of the lots, building the homes then owning as an investment.  I am keeping 2 parcels and building on 2 as an investment.  Anyone think it will be advantageous  to fund the entire project then sell finished homes?  The two other 2 lots  will be sold to other parties.