Second lien / HELOC question

[Ian Fisher]

Hi - have done a lot of real estate investing but find myself back to square one when it comes to financing primary residence. I have a first lien lined up at under 5% for 70-75% LTV. I could do up to 90% at 9.5%. In both cases non-QM / bank statement based, since as an investor my tax returns show negative AGI. >$2MM purchase price. Rationally it'd make sense for me to pay 12% or more all day long for the slice from 70/75% to 90%+ and my blended cost still comes in lower than 9.5%. Any ideas? Would need to be done as a refi, as my first lien lender has no issue with it but can't put it in place at closing (so we'd use cash and then refi back out soon after closing).