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..

I came back to Ohio and started working for a construction company, and have been there since. (2017) Currently I manage an asphalt plant for them in Columbus.I haven't done a ton of real estate investing, but have a strong understanding of construction, and project management. 

Does anyone have experience working with "Nailed It" construction company?

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

new construction homes everywhere. many people waiting on the fence. once the rates drop its going to get crazy again.

@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.

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.

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

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

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