Private money lender promissory note affecting cash out refi

[Tyler Yoder]

Hi, working on my first deal and there is still much for me to learn and am looking for some advice. I am wondering how having a private money lender promissory note (for approximately 40% of the ARV) and the house being listed as security for that note, affect my getting a mortgage/cash out refi. Will the bank still "see" me as owning all the equity in the house or will they subtract the loaned amount before calculating the LTV. Or anything along those lines? Thanks for any help!