Quote from @Timothy Hero: I've brokered over 325 DSCR loans.

I'd need the interest rate to be roughly 5% to breakeven on an interest-only loan, and was considering a balloon payment in 5-7 years.

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

Any good resources for learning about hard money loans?

This is why I use a loan broker...I want his experience with who can do what they say and who is a delay. 

Further context, I have zero debt, high 700s credit score, one other investment property here locally. 175k in cash available, looking to do DSCR loans or cash and then refinance.Peoria, Illinois- Great need for lower income housing, market appears to have many options.Lawton, Oklahoma- Looking only at extremely cheap properties, as it seems it’s not terribly hard to find renters.

Converting properties to multi-family is considered extensive rehab and those programs are a little more exclusive than the standard bridge loan programs. 

M my loan never closed.

One of the biggest mistakes I see investors making is they forget to address things like HVAC, siding, etc when they have access to a hard money loan.

If the interest rates go up to around 7% again do the numbers still work for the remainder of the loan?