Do I miss something with Financing

[Raul Flores]

I am happy, the seller accepted my offer verbally, so I called the Loan company, so he said I can have loan, so let me explain:

Option 1:

I have one property I bought with Cash for $70K, added $25K rehab, I am putting it to rent. House value around $115K

He mention they can lend me on that house 75% of $95K, mean I can get around $71K

Option 2:

I am buying a house for $80k, so if I put the mortgage on the house I am buying then I will get $68K and I have to put $12k - I guess this is the normal mortgage process.

Do I miss something?, I thought I would be able to get $95k for my BRRR.

Did I explain wrongly to the mortgage guy? he keep thinkin that for my house I own free and clear I have to get only 75%

What do you think guys?