Can Gift Money for a New Mortgage be Borrowed by the Gifter?

[Tony T.]

My wife will be the only one applying for a mortgage. But since she just sent $70,000 to the current mortgage, she lacks the down (seasoned) money for a new mortgage for a home we stumbled across.

I know gifting 70,000 to her is OK for a new mortgage (from husband and over 20% down), but can I pull that $70,000 off a Line of Credit I have on a commercial building which is not in her name?

Thanks in advance. -Tony