BRRRR using a conventional loan

[Abbas Jamal Eddine]

Hello BP! Instead of using private money lending to buy a property that needs to be rehabbed, can I use a local bank to get the initial loan then 12 months later, refinance with another bank? 

i.e let's say a property's ARV is 140k, selling for 60k and needs 20k of rehab. If I had the money to rehab, wouldn't it make more sense to use a conventional loan, fix it up with my own money and refinance later?