Cash-out Refinance Dilemma

[Andy S.]

Hi everyone, 

I was recently approved for a cash-out refinance on my 15 unit apartment complex. The appraisal for the property turned out surprisingly well and the property was valued much higher than what we anticipated. The terms are 5/30 balloon at a good interest rate. The bank approved us for an extra 100k more than what we originally asked for (at 65% LTV). The cash-out will be used to payoff hard-money loan and rehab cost on a 2nd property that we recently acquired and nothing left. The 2nd property will be held cash for now and we can always refinance later.

The dilemma that my wife and I have right now is should we take the extra 100K?

     Pros: extra cash in hand for a 3rd deal; low interest 

     cons: balloon in 5 years, higher mortgage

If this refinance was 10/30 then I would like it better. Any advice would be appreciated. 

Thanks,