exploring Private Money Vs Hard money on a new build for a piece of land near Yosemit

[Jason Gray]

I've got a property under contract

Purchase price $78K out the door (I have cash to close)
Intent: build on the property which already has a functioning well, septic, and needs PGE installed
Total buildout on the property utilities: $128K including the original land purchase price.

House comps recent solds $555,000 up the road for 1400 sf house.

I've got plenty of room to build out a nice place with all the finishes.

The question I'm up against is what private money is going for these days for a build with this much room for upside.

I have a hard money lender at 10%, who will amortize at 30 years, with 5 year balloon so a potential loan of $200k is in the works.

What I'm planning: buy and hold the property, brush and clean it up with intent to hold until cost of funds drops a little in 4-6 months. I an afford to sit on this property as its in the Yosemite AirBnb hot spot and don't need to do anything right away as its in a killer location.

Any input on whether you know of rates likely to drop? What is private money going for these days with a LTV in the 55-65% range?

Recent solds are pushing $328/sf up to $413/sf for houses nearby that are built in the 1980's... This would be a ground up new build.

Thoughts/input?

Thanks. 

Project File is at link below. w overview of plot, creek and proposed house designs for the build. I think the A frame idea works great for this setting, but some have said the A frame style steeper peaked roof works better.

https://www.instagram.com/redtail_cabins_adu/