Question:How big can a new investor realistically go if they expect to borrow 60-65% on anything above $10M? 

Lenders typically require a resume for the GC involved in the borrower's project to assess their qualifications.When it comes to a GC getting funding for their own projects, while some lenders will take your experience as a GC or builder into consideration, most primarily look at your track record as a borrower on title when determining approval and pricing.That said, if a lender deems your experience sufficient, they may allow you to act as the primary GC on your own project instead of requiring you to hire a more experienced GC. 

I am not sure what your financial situation is or if you have a 401K as an option to borrow but this has worked for us. 

Once you complete their application process, they will determine you don't fall under their top tier borrower qualifications and propose terms that are far less favorable.

Many traditional lenders struggle with self-employed borrowers, especially when tax returns show losses on paper.

Ask around locally for typical terms since these are the costs your borrower will have to pay.Rest assured, if your borrower is active, then he or she fully understands the local rates.

Their DSCR loans are actually much closer to bank terms and rates, some are even more borrower friendly than banks.

You could probably go as high as borrowing up to 80% of the after repair value (ARV.) 0.8*165,000=$132,000.

So think of it as the total cost of borrowing money. 

For the right borrower it can have amazing results, here is an example of a simulator and loan scenario we recently closed for a borrower.