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Just bear in mind that the actual sub division costs won't be able to be funded as part of the construction, so you'll need to have enough equity in a LOC (or cash) to pay for those costs.

If your $700k borrowing limit includes all your available equity, do you have separate funds to pay for the subdivision? And is the $700k limit just for this purchase, rather than your total borrowing capacity? You'll want to be sure you have enough serviceability to allow you to borrow more...