Need input for financing - built-to-rent multifamily (highest leverage possible)

[John Smith]

Maybe someone can share a finance stack they used for high-leverage (a lot of debt, as little down payment as possible) real estate development project? 
I am planning to build 6-20 unit studio apartment block for medium to long term rentals. (unit count depending on the debt ammount I can get)

My current plan is to take 2 loans:
1) Short term loan that covers land and soft costs (I put down 10%) 
2) Construction + holding costs loan that I refi after stabilization to amortization period that makes sense. (To get construction loan I need the land and business plan including budgets, engineering done ect)

My question is if this stack makes sense and what other ways of high-leverage financing do you reccomend?

[Stuart Udis]

@John Smith Land acquisition and entitlements is generally reserved for the lowest leveraged loans so the notion you are seeking financing at 90% is misaligned with the market realities.

More concerning, the unit count could fluctuate between 6-20 units depending on the size of the loan you can secure. This tells me you're way over your head with this project. According to the base zoning or achievable zoning relief there is a sweet spot unit count that should always be pursued. This sweet spot unit count balances efficiencies, spreads fixed costs such as land acquisition and some soft costs most notably many civil engineering costs associated with the project. Other factors to be balanced include building and unit layouts. Building the number of apartments units, you can afford to finance is one of the most half-baked approaches I've personally seen.

Additionally, vertical construction costs are high and MEP's, and other costs associated with kitchens and baths are some of the line items that have experienced the most severe price increases. Therefore, it's very difficult to comprehend building a structure consisting entirely of studio apartment units when the building is made up of a concentration of some of the costliest line items.

I believe you need to bring in a development partner who has experience with land development in your market and use the opportunity to learn.