Question on All Cash Deals

[Junior Louis]

I saw this multi-family property that I would love to pursue but its bank owned and the lender is saying All cash only. I'd be house hacking this home. Realistically I can't fundraise the amount through family and friends. What recourse do I have if I want this deal? I was thinking getting a private loan or a hard money loan and then refinancing after renovations into a traditional mortgage. Will that strategy work?