using equity as collateral for private or hard money loan

So I have a rental property that has about 150k in equity, rather then cash out refi can I use this as collateral to fund a purchase and rehab of a mixed use building to grow my retail business (10 years old with proven growth record) and portfolio at the same time? I just found a listing that matches my criteria for 1.5m, I don't think my remodel would cost more the 60k. Is this possible or am I missing something? Any thoughts would be hugely appreciated.