So, you would want to have a plan ideally BEFORE you buy the property if pulling cash out is part of the long term plan. 

These terms were provided by the seller's daughter who managed the properties and were not disclosed to us during the transaction.The legal expertise we've received up until this point has not been helpful.

Almost got a place in Tuscany back in Feb but couldn’t quite come to an agreement on deal terms. 

Yes, it's a 10-year declining dependent up on your term length and amortization period:  What You Should Know About SBA Prepayment Penalties | Pursuit (pursuitlending.com)

The other option is to form an LLC prior and both go on the loan in terms of dual borrowers so that the land is used from one owner and the assets or cost to build is coming out of the other partners funds.If you do not own a primary home you can build a home with as little as 3.5% down but cannot use an investor for that option. 

New to this platform, long term listener of BiggerPockets podcast.

I do not have any of the terms or conditions.

I was looking to have it convert to a long-term mortgage and eventually cash out refinance to build a second duplex once enough equity built up 

Sorry for the novel, but I find myself having these conversations over and over and I hope some people can benefit from some different perspective on lending

Confirm that the provider has experience with the particular investments in which you intend to invest your retirement funds as you very likely will have questions in terms of the mechanics (e.g. how do you invest in real estate, etc.).4.