Construction Financing - Land Refi in So California

Need advice / suggestions on my situation. Have a land – 5 lots in Los Angeles. Encumbrances $860K – appraised value $1.4M (I know it’s over 50% LTV). I’m looking for construction financing for all 5 at once (as spec) or one at the time (as an owner builder). As built value - $750K and construction cost $300K per dwelling. Had few lenders before 2007 for construction financing but in the last couple of months (while finalizing permits) mortgage climate changed and I have to look for new sources. It is ready to build with the plans, bids,subs, schedule, etc. Would need first draw to start the construction (no reserves). Thanks for any advice.

How soon does the existing land loan need to be paid off? Is it a balloon note?