Commercial Mortgage question

[Paul M.]

I am looking at buying a mixed use commercial property, it has a restaurant on the ground floor and four flats above. It is in a great location and currently earning £43k per annum. £15k restaurant on a 15 year lease with rent reviews. The flats are earning £28k and are mixture of 2 and 3 bedroom flats and they are asking £500k. If I use short term auction finance at 90% LTV, buy it for £500k with £50k down for example. Would I then be able to go to a larger commercial mortgage provider and refinance at 700K and here is the question. Could I use £175k from the 700k to use as a deposit or will I have to raise 175K before the commercial mortgage provider would give me the 700k? Ideally if they gave me 700k, I could then use the 175k as deposit leaving me with a 525k mortgage which should be interest only over 10 years at about £1000 per month. Which means that would leave me with 25k profit as well as my original 50k back and £2500 cashflow per month. If not I would have to try and raise the 175k as another loan first?