started the interest rate at 8.5% and wrote in the contract that their interest rate will change anytime my bank loan's changes (every 5 years) and will always remain 2.5 interest points above...for what it's worth...i have another under contract that hopefully will close soon..i'd be interested in hearing about this wally wrap as well bryan...what was that?

Your personal loan has a 5 year balloon period.  

The DSCR loan would allow you to qualify based on the rent you are collecting and get up to 75% of the value (175 x 0.75 = 131.25k, minus 20k payoff and closing costs.You could get a line of credit or a bridge loan against it to borrow money, but it would be higher interest.

I began shopping for a large construction loan to build a new car wash on the land. 

Don’t overlook the 10% down second home occupancy loan for financing a property like this.  

@Nick AmDepreciation is a ZERO % interest loan.  

A bank will not give you the $ as you have to show ability to repay the loan. 

As far as your next property, if you are already considering moving you will get better loan options + interest rates if you decide to live in the next property and rent out your current house. 

It’s unfortunate as their loan officer was stellar.

They will continue to get 360 month loans for the 'cash flow'.