That, also, means I could have some considerable capital gains in a liquidation year.

If you need the liquidity, you could take a HELOC or refinance.

The LTV, rate and term is going to be based on the type of tenants in the retail space (if they have auto retail etc.) rent roll, the P&L's on the property, the debt service ratio, your credit and credit score, your experience, your liquid assets for down payment, reserves and closing cost and your networth to name a few things.

The first repayment is the cash flow of the subject property, the second is the liquidation value of the collateral and the third is the possible recourse to the guarantors of the note.Important to know when developing an LLC or investment entity to secure lending is that lenders have different approaches to underwriting.

Bank will want to see net worth and/or liquid assests equal to the amount of the loan plus reserves in case the project goes over budget. 

The property is worth 380k and I am getting 100k down from buyer. 10% return is nice on the 280k but I'd like to have a way to liquidate that note for another purchase if needed.What would this note be worth?

The more things you're involved in, the more you have to spread your focus and the less that you can potentially grow.For us, we're focusing like a laser beam on severely delinquent, 1st position NPNs, whose most likely outcome is liquidation.

The 5k EMD is "liquidated damages" meaning they won't try and sue you to force you to close. 

Maintain as much liquid as possible.

Sold the unit to create liquid cash for another deal we are working on.