Construction financing on childcare project

[Rao Mu]

Hello bp crowd, I am in contract with a national child care franchise to do a build to suit for their franchisee. Project costs around 2.7 million and I am a newbie but I have good investment experience in multifamily. The question is 1) how much money I should bring to the table for construction loan to be approved? 2) what happens after the tenants starts leasing and construction loan becomes permanent loan? Will the bank let me refinance with cash out? I spoke with a banker and he tells me I have to come up with 30% down which is 810,000 and bank will construction finance the rest and once the tenant leases they will refinance only the remaining 70%. They are not going to let me take any cash out even if the property appraises at higher price. Is that true?