Heloc or conventional mortgage

[Andy Young]

Hello,
We are buying 2 properties, $75000 and $80000. The closing costs (around 2000 for each property) and interest rates (not to the mention the paperwork) have us considering using our HELOC (that is on our primary residence) for not only the down payment (as we originally planning) but for the entire loan. Some pertinent info:

The HELOC (home equity line of credit) is at 3.99% interest rate. The loans we can get are 5% interest rate loans.

The HELOC is a variable rate and could go up when the fed raises interest rates.

After closing of both properties we would then refinance.

My questions are:
Can we refinance in the name of our company with a commercial loan at that point? And would this protect our primary residence?

Does it make sense to get the better rate refinancing on our primary residence? Or is too risky? What do you think?
Thanks a lot for any responses.