I am lookin to purchase a plot of developed land that has 63 lots for 5 mil.
I am able to pay 1mil and would want the rest financed.

Then I plan on working with a builder to sell these lots with an intent to build for each lot.

The builder that I will be working with will require a 20% up front presumably of the house's sales price, and we would like to use end financing for the rest.

How do I go about even starting this procedure? Who would be my best bet for the finance on this land?

Is this scenerio even an option?

Thanks
Kellee

80% loan-to-value on developed land is more than the regulators {read Uncle Sam and the States} allow regulated lenders {read Banks & S&Ls} to lend.

For this type of lending, you will be required to give more equity or get mezzanine financing.

Where do I find mezzanine financing? Where do I research this?

The same way you found this site. Just remember, they will try to sell you something, and I do not. Therefore, take any feedback with a grain of salt and talk to several.

You might also want to try Indymac and USA-Lender. They both do development financing and are not constrined by the same standards as banks. They may be willing to do 80% of the bulk rate value of the lots assuming that a market survey shows a high enough absorption rate for resdiential lots in this price range and size.