you need a bridge loan and then a property development loan, not a mortgage. What you want to engage in is property development and these are substantially hig

you need a bridge loan and then a property development loan, not a mortgage. What you want to engage in is property development and these are substantially higher in interest rates (and typically refinanced once everything is built). Traditional mortgages are secured by the asset value and the repayments are secured by the potential cashflow from the property. If there's no building then it's just the land value.