Cash out re-fi for second deal

[Michael Lemieux]

We are looking to re-fi buy the end of the year to pay a balloon payment due on our house. We owe 35k (+/_) , the house is worth 135 +, initially we were told that we could get 75% ltv cash out to use some of it for the dp on what will become our new primary residence. We are pre approved for the new prop., but are running into an issue w/ the re-fi. Now the banker is teller us he can only do 50k on the re-fi, which leaves us with very little pocket money, OR, he knows a private investor that will loan us 60% ltv (maybe 80k) @ 10% interest only for 3 years.

I don't have all of the figures yet because, we're still working on loose ends w/ inspections and an appraisal.