German,I can see how it might not make sense but my 18+ years in the Banking business has shown me (3) cycles of this very same market.

My rural property was bank owner, but since the PO was married when he signed the deed in lieu they needed to go back and get his ex-wife to sign off. 

Most builders require you to provide a Pre-approval letter or Loan commitment from the bank.

Some U.S. banks may be reluctant to offer mortgages to non-residents, so you might need to look into Canadian banks with U.S. branches or specialized lenders who cater to foreign investors.Legal Structure: Setting up the right legal structure (like an LLC or a corporation) is crucial for liability protection and tax purposes.

I have seen the tenant's bank statement and they opened a case with amex. 

@Frank Jakubiec conduct some research and build relationships with local small banks who offer construction financing.

Your local community banks and credit unions will likely have HELOCs.  

In some cases we were also required to provide our bank statements as proof (which we did).  

I’ve been told by many local banks and credit unions that they will not do the deal.

Community banks can give you a good idea of expenses, along with property management companies.Property management is another market driven, and also number of units.