It depends on who you are using.
With my clients, we sit down and go through:
1) How much cash they have on hand
2) Their credit score
3) Develop a Personal Financial Statement
Now we take this package and we call on specific banks that offer construction loans at competitive interest rates and terms.
The closing costs will vary depending on:
1) How you present yourself - everything noted above, with a construction schedule, projected cash flows, plans for the property and how you can show you can handle the construction.
2) Who you know to call for the loan
3) How you negotiate the points/interest rate/terms
4) Last but not least..how you negotiate the deal on the property to get the lowest price/highest equity in the property the day you buy it.
I do this for clients...from $100K to $4 million projects.
Call me at (504)615-2333 if you need help.