BRRRR Multifamily 12 units

[Christopher Dean]

I am an investor in Ky. I am considering buying a 12 unit apartment building. It needs 100k worth of improvement and raising of rents. My bank will lend for the improvements. I will have about 100k out of pocket for down payment.

I have been told that commercial like this will not have immediate opportunities to refinance and pull my equity out until I hold it for a year or two.

Looking for input on refinancing after improving property and NOI. Is this wait period fairly standard on commercial?

Thanks in advance for your input.