Getting into big project and then the market tanks

Dear fellow investors,

I am in the process of deciding whether to get into a big (at least big for me) deal within the next month or 2. This project will run in the 3 million range. The plan is a typical BRRRR, that is to buy an under performing property in a great area and bring it up to market standards,refinance and hold it for long term. The project is supposed to take between 18 and 24 months for the full turnaround. As part of my risk avoidance/Exit strategy analysis, I was taking into account the possibility of a market correction or a deeper financial trouble around the 18 or 24 month mark. I have never owned or dealt with real estate during the 2008 crash.

My question is: Will the lending institutions close their doors on all lending programs or most lending programs during such a time and make it difficult for me to re-position the property (even if the deal was looking great from a lending perspective)?

This is a question to those who had tried to refinance a mid-size property during the financial crisis as well as to the bankers and lenders out there who were still lending during those crazy times.

Hope to hear your thoughts.

DK