Land development/horizontal construction loan in secondary market!?

Advice please: having enormous amount of trouble finding a land development loan to complete horizontal work on 20 acres for a multifamily site. Location is in secondary market nobody can get past that. 2-week old CBRE appraisal as-is $3.8m need $1.5m for 6mo to get site vertical ready. W/ a 42%LTV request and plenty of vertical takeout offers..... What am I missing? Note: we're not tying any vertical component to this request in order to achieve a full 60 unit phase one build which is most cost efficient. There are a few assets in REO that are finalizing sale which will put us in a very strong liquid position between now and 6 months when we're ready to obtain the vertical facility as well as the value spike on the land. Were simply trying to leverage the land for the majority of this request. Borrower profile A+, has an identical project 1/2 away mid construction w/ reserves built in so that one's on autopilot and perfect comp for valuations...

I'm running out of options, can anyone point me in the right direction as to who might take this on? We'll even offer ROFR on the vertical if pricings right. Help!