Refinancing a commercial property

[Joseph Duenas]

I'm looking at owner-financing a 30 unit multi-family for about $1.6M, with monthly payments, and a ballon payment in 3 years. 

Question: 

Will the bank refinance me after  year one or two with no down payment?  For example:

If I were able to bring the property value up to $2.5M, and the bank refinances me at 75% of the $2.5M value,  would they let me cash out $1.875M (75% of the $2.5M) and pay off the owner ($1.6M balance)? 

Thank you in advance of your responses. I don't want to get stuck with a building that can potentially default.