Church rehab and refinance?

[Corie Carpentier]

Hi

My church needs some updating done to it but "we can't afford it" is always the response, so it is brought up at the quarterly business meeting and nothing gets done. 

My investor mind is wondering why we can't do a home improvement type loan,  update and do what needs to be done,  then refinance with a higher appraisal value. 

It has been 30 years since any major updates have been done and you can tell. 

Does anyone have any experience or insight as to how this would work?