Refinance commercial loan ?

[Henri Meli]

I purchased a commercial building in December of last year and it was 75% occupied (25% vacant area). In the last 3 months, I have invested some money to make improvements to the property, especially the cosmetic look as well as some deferred maintenance.  These improvements are now paying off, as I just signed 2 new leases to fill 3/4 of the remaining vacant spots. 

I have a few potential tenants now looking at the remaining vacancy and I hope to have it leased by May-June timeframe at the latest. Most of the existing leases have between 3-5 years to run. One of the new ones was signed for 7 years at very competitive rate with yearly escalations.

Prior to purchasing the property, the PCA (Property Condition Assessment) had revealed some issues with the roof and some of the HVACs units (there are 24 total) were 15+ years old. So, I'm planning to address those issues in the second half of the year, if they don't break up before that.

I thought about approaching the lender and ask them to refinance the loan, given the new leases in place (or to be in place soon) and use some of the cash to perform the major improvements. The roof will cost between $40-50k and 3-4 HVAC units will most likely be close to $15k. The current loan terms are 4.5%, 5 year balloon, 20 years Amortization. I purchased it at about a 7 CAP on purchase of this commercial property.

My main question is if there is any type of rules in place that prevents me from cash-out refinancing 6 months into the commercial loan?  Can I refinance anytime I want? Would there be any advantages to talk to the same lender or to approach different lenders? Any input welcome ...