Financing for house + mobile home?

[Ryan K.]

I'm trying to close on a complex property right now (Monday is deadline for pre-qual!).  There is a 100+ year old farmhouse, a mobile home, and 3 garage/shop outbuildings.  The mobile is paying $750/mo now and I think I can increase, maybe up to $1000, so it seems like an advantage to keep it.

Local lenders have offered portfolio products but want 20-35% down, I'd greatly prefer 5%.

A local mortgage broker has proposed a 5% down, but I'm skeptical he can close (based on another local mortgage broker's failure on a previous deal).

Will any traditional Fannie/Freddie (best rates, right?) loan product work?

Ideally, 5% down and I'm fine with 5, 7 ARM, because plans for this property will likely be different in the next few years.

OK, other part of the story: this parcel is approved for the highest density in town and along the river, across from the town's proposed $10M riverfront waterpark.  Highest and best use is development of ~50 apartment units.  As completed, $1M+ annual revenue, $750k EBITDA, $9-12M market value.  My idea is to close on it, as is, then get to work planning the next step.  Gotta admit, I have no experience with development and construction.  I do have investors willing to back the plan, but it will take time to figure out how to go from farmhouse to cash-flowing apartments.  With the Monday deadline, don't know if I have time to go for a construction loan.  So how do I close on this?