Either way, run your proposed solution through an attorney. 

Did you ever find a solution for a 3rd position heloc?

It can increase your capacity to pull off certain deals.

Combine that with America’s housing shortage, and the solution becomes clear:We need to build more homes that align with what buyers can afford.

I feel this gives me the flexibility to find the right solution for my client and not just sell what my bank offers.

Our first accepted offer was a 320 unit deal that we contracted, put up non-refundable (yeah, I know) earnest money, and thought we had our financing and money in place to do the deal.  2 weeks before closing a major (several million) partner pulled out leaving us short of the funds needed to close. 

and some guidance from the FTC is here: https://www.ftc.gov/tips-advic...Simple solution - DON'T.

There's a few different ways to focus on a lower rate such as with house hacking and making the investment your primary residence, requesting a significant closing credit from the sellers for standard rate buy-downs (which I've had great success with recently), or utilizing lenders who offer short term rate lowering solutions such as 2-1 rate buy downs (again, ideally paid for by the sellers).

The way I see it is I am 2 years into the amortization of a 10 year land loan anyway… so it might be a viable solution. 

There are hundreds of hard money lenders out there, ultimately I'd work with someone who has time to focus on ensuring you get a tailored mortgage instead of a cookie cutter solution.