owner occupied mixed use commercial property refinance

[Logan Badenhop]

Hello, I came across a mixed use property in need of major rehab that I believe has a ton of potential. I already have a private money loan pre approved that would cover the purchase price and the est. rehab for the entire building. This is a retail space with an apartment unit above. The plan would be for my wife and I to live in the 2nd floor unit for 3-5 years (she's already on board) and rent out the retail space below.

The first floor retail space is 1600 sq. ft. and completely open with no partition walls and a basement that can be used for storage of a similar size. It also includes a bathroom and a kitchenette in the back (not part of the 1600 sq. ft.) as well as a 6 car parking lot that is included with the parcel next to the building. The possibilities are endless as it is zoned for most uses including retail/restaurant/bar etc. The second floor is a 1600 sq. ft. apartment with a separate entrance outside and separated utilities already. it currently is 2 bed/1 bath.

Each the units needs about 20k in renovations to be fully operational. The purchase price is 40k so all together I'd be in for around 80k total. The retail space comp. lease rates fall between 600-750/month and the apartment above would bring in 600-650. The ARV should come in around 120k when it's all said and done.

I should also include that this building is in the middle of a small downtown that in the past 2 years has dropped some serious money into revitalizing this specific district which has slowly brought new business to the area.

My questions here are with the cash out refinance. Does anyone have any experience when it comes to owner occupied (as a residence) commercial property and refinancing it. I know the NOI is the biggest factor here but how does a bank look at that when technically it is just me moving money from my personal account to the LLC account (which I am the sole owner of) and then back into my personal account eventually. Is that taken into effect? And what other issues am I going to have with the bank when it comes to refinancing. Obviously I want to cash out of the higher interest personal loan into a longer term commercial loan as soon as possible to increase monthly profit.

Any advice from anyone with experience here is welcomed. Im sure there are other factors I am not thinking about. Thanks