I need advice on our company's CFO position?

I have a member of my team who has suggested that we hire someone as an interim CFO. The only problem is that we are low on cash and this person wants $100 an hour plus 5% of my company. We are preparing for our first round and I don't want to be contstrained by a timeclock when speaking with him. My question is, Should I wait and try to find a CFO who will work for just equity or should I hire this guy for his credentials and have him help us as our budget permits?