Delayed financing questions

[Steven Cameron]

We are confused about delayed financing. I was under the impression that for example

The property values at $150,000 @ 75 percent LTV would be $112,500 but due to the fact that we paid $95,000 delayed financing would only let us borrow the lesser of the 2. Which would only allow us to borrow $95,000.

But the broker has came back and her reply is. 

subject to LTV, which on investment 3 unit 75% is max LTV. Also, New loan amount is NOT more than the borrowers initial investment in purchasing the property. So your investment was 95,000 and the max we can loan on is 75% of that or $71,250. You can't refi and get 100% of what you just paid cash, unfortunately. Do you want to wait 6 months and get it appraised to see what you can get then?