My father is giving me a commercial lot worth $280K contingent on the environmental inspection report.

New residential construction is higher, and has a smaller footprint.  

Hello John, I think SilverCrest makes small footprint homes.

boy those are good terms.. do you have to live in state to get them or in their footprint.?

It is not all about just finding the real estate agent it is about building that relationship with them to understand your true footprint and affordability.

Currently I am 21 attending the University of Delaware with a degree in Environmental studies and sustainability, with an economics background.

@Aarons Bae in these types of situations you should look for an Ohio portfolio/commercial lender that has a footprint near you in LA  (banking presence like a local branch) and as long as LTV is 75% altho some may do 20%, and dcr is 1.2 or greater you should be in business.Most of the lenders will lend to a LLC and require a personal guarentee.PM as I have one or two referrals that shoild get you headed in right direction.

I would avoid expanding the footprint of the house for reasons like this. 

Also you may want to consider at least an environmental 1 to see what treatures you might find burried in the ground.

3.5 is high for sure, but lenders DO conduct extensive due diligence, including environmental, obtaining an appraisal and review, review of survey, title, they usually order flood certs, sometimes hire an abstracting company to review and approve budgets, draw schedules, etc. and leases if you're looking for construction to perm, and so on... requiring a sum up front is far from unusual, especially for a construction loan.