Help Resolving Land Loan Issue

[Zachariah Smith]

I recently went to a land liquidation event outside of Ashville, NC in the mountains, ready to be bult on in an HOA. I went into contract on a 0.5 acre lot for $42,000 (15% off the original liquidation price of $50,000 due to a complication at the event) and I put a non-refundable 15% down ($6200) to go into contract. The taxes are approximately $1500/yr, the HOA is $1500/yr and the loan payment at 15 years was going to be approximately $250 - $300/yr, amounting to about $500 per month total. This seemed like a great opportunity, since I cash flow from a rental property the same amount, and was planning on either holding and flipping the lot or maybe building on it in the future.

Going through the loan process, the lender requires 75% LTV which means I will need to put in an additional ~$6500 to close, and because the rental property that I have just started renting in January, it doesn't appear on my tax returns which makes my debt to income 53% vs the required 43%. The lender suggested I find a cosigner with better debt to income ratio, easier said than done and on a personal level, I hate asking people for financial help. I called my normal bank to ask about land loans, and all they offer is a personal loan, the rates for which are too steep for this type of purchase.

I decided to post my issue here, seeing that this is the place where all the great real estate minds gather, in hopes someone might have some advice or a solution. 

Thanks!