Commercial Lending Net Worth Requirment

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I've been doing research on commercial loans and I'm trying to figure out if I'm going to hit a snag in the future. Hypothetical Situation: 1. Pay cash for an underperforming commercial multi family building (5 units or more) 2. Spend the next year getting the property stabilized and performing at market rents. 3. Refinance to pull money out. From what I've read commercial lenders require my net worth to be equal or greater than the loan amount. Is this calculation based on my net worth before or after the loan is in place. If my building is worth 200K and I own it cash my net worth is 200K. But if I pulled 150K out my net worth is only 50K. Are they factoring my net worth in this situation as 200K or 50K?