You could build that in phases and finish the first 4 and then get your lender to do a construction loan on phase 2. 

Economic Timing.According to data compiled by Marcus & Millichap[2], the Portland area has experienced three very important trends since 2010:The average price per unit for apartments has nearly doubledThe rate of employment growth rose from 2010 to 2015 but has since declined steadily, projected to be up 1% for 2020 (estimated before COVID-19)Roughly 30,000 apartments have been built since 2010, with another 5,600 units slated for construction in 2020Most RHA members have enjoyed a solid decade of price growth, rent growth and steady occupancy.

Right now commercial rates are more like 6% with a point. the only loans from banks I see tied to prime are vertical construction loans or horizontal construction loans.I had the same issue with I had maxed out my rental loans with lenders like Country wide and Wells fargo that reported to fico..

Property details: 3 bed 2 bath both sides with attached garages, aluminum siding, copper plumbing, 1972 construction, separately metered, all electric water heater, range, dryer, public water and public sewer on a slab foundation in a great school district right next to brand new construction everywhere.

@Yezenia HernandezI started with pre-construction short-term rentals in the Riviera Maya, since it's Mexico's and one of the world's main tourist destinations and so the profitability has been very high there.

Since you will be the guarantor for the construction loan, the lender will expect you to have ownership interest in the real estate. 

And new community is under construction and selling already literally in my backyard.

Otherwise, the work went OK, but the construction time ran significantly over. 

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building. 

We're doing a ground-up construction project in a booming spot on the Pacific Coast of Mexico.