Developable Land with single family home on the lot

[Stephanie Yi]

Hi Professionals,

I need help here.

We bought two adjacent parcels (around 1 acre) which could get the entitlement for 30 townhomes.

Currently, each parcel has one house on it ( total separate lot). Both of the houses are rentable.

We paid more than what the sfh would appraisal for since we paid extra for land. We closed with hard money at this moment for 30% LTV and 9%.

The entitlement process going to take around 1-2 years. We want to get down to 5-6% with 30% LTV during holding period. Do you think it is possible? Or any of you know the lender could help us?

Thank you so much for help!

Stephanie