For instance, a 10% interest rate on a $200,000 loan would be a payment of $1,660 / month where as a 12% interest rate on a loan would be $2,000 / month.

I did all of my loans with small local banks in my area and was always happy with the rates and service.

Hard Money loans have been the downfall of many new investors. 

Did you try a local CU or bank for a construction to permanent loan?

Having your son involved in the loan, title, and insurance policy does have both benefits and drawbacks.

Lenders assume more risk with a higher loan-to-value, so to compensate they'll charge more in points, loan level price adjustments, etc. 

Any other questions or help with a loan, feel free to Dm or email me!

When I am looking for a new investment property and am strapped for cash, I typically look off-market and try and find something that can a seller is looking to sell that needs minimal repairs to be rent ready and the purchase price is 80% of the ARV this way I can use private money to buy in cash, do the repairs needed then refinance on a DSCR loan and pay off the private money loan. 

Questions are what type of loan are you targeting?

@George Blower  Are you sure on the part that you can't take another 401k loan until 12 months after the first loan is repaid?