I personally would never borrow money from a bank or private investor if there was any chance of losing it. 

Anyone anyone buying these is a commercially minded buyer and has a clear requirement for cashflow.Sidenote, while banks and realtors consider residential 1-4 units, the county only sees residential as 1-3 units.

Every bank I have worked with on the lending side always requires builders risk policies.

DM with questions, our bank originates these loans.  

Ali,If you want to learn some of the tips and loopholes on the finance or banking side feel free to reach out or send me an email. 

We used a HELOC from First Bank and they were great to work with in getting us a HELOC at a great rate. 

My bank will not do HELOC on properties i do not occupy, but will do it if the water or other utilities are in my name.

Banks even today are 7 to 8 I only use banks.

There is always a chance that rates will drop, but I would imagine $25K would buy down the annual rate so significantly that you would never see a lower rate offered by a bank so you wouldn't even think about refinancing.

It would be great if there was a way to find out which banks offered the Vendee loan so we could target them a little better.