Even if we won't succeed in securing money for the main investment, we will pay $150,000 + 15% back from our own pocket. I mean, that paying back the initial investment of $150,000 + 15% doesn't depend on the next investment stage.
If you are able to come up with $150k to pay back the initial loan irrespective of future funding, why bother with the loan in the first place? If you proposal fails to obtain the $40 million you need, you will be out $150k, not $172,500. Why risk putting yourself in the hole for another $22,500?