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1. If you have enough equity in current property; can just fund it via that security; standard resi ( option to refinance out and have the loan against the new property later if you want) 2. Ref the business loan AFTER the home is completed not mid way to a normal resi - this option will cost...

Sounds like your frd might have a H/L "split" contract hence why the bank may not lend against the security or contract in this case. Most banks won't touch a split contact, but on a case by case depending on how the contract are set out and the conditions the smaller banks and non-conforming...