The balance on my bridge loan is $120,000.

I just did this with a 4/3 new build out in Cape Coral and a construction to perm loan through the bank.

Here's a breakdown on loan options to consider:FHA Loan: @Brittany Minocchi is right in looking at FHA option.  

They are a reputable company. 

@Phillip Austin we've looked into these and it's our opinion they should only be used with Class A tenants, maybe Class B - deifinitely NOT Class C or D tenants.Several companies in this area will no longer allow S8 leases or tenants under 600 credit scores - because of the high number of claims & corresponding claim amounts.

@Cody Caswell there's several things to ask about here that might not be answerable in a forum:- Why do you need an FHA loan?

They are just going to use their 2nd VA loan to buy their next one while this one is tied up. 

Your personal loan has a 5 year balloon period.  

Quote from @Juan Ruben Cortez: I believe the funding fee is 0.5% of the remaining loan balance, plus maybe another $500 - $1,000 in lender fees. 

However, many lenders and insurance companies are tightening restrictions and premiums for these types of properties.