First Property Financing Question

[John Mitchell]

Hi All,

My partner and I have reserved a 4plex property that is currently being built. We negotiated price directly with the builder and we have all of our lot information and how the property will look when finished.  The builder sometime in the next month or 2 will require an additional payment of 10% of the purchase price, which will be deducted from the original price. 

Question: Is it possible to hold that 10% in an escrow account and when the project is completed, pay the full original price of the loan, not the deducted price, and get the 10% in escrow back. Essentially, I am trying not to pay the loan downpayment and the 10% payment to builder. I only want to pay the loan downpayment of the original price.

If this is possible, what are ways for me to complete this.

Thank-you for the help!!