No Money Down Multifamily Refinance & Equity (Questions)

[Mike Dusenka]

Let's say I find a deal and put 0 money in because I have a private money lender finance it. The property is currently valued and selling for $750,000. The seller is motivated, and I purchase for $600,000 and add $30,000 in repairs for a total of $630,000.

Is the equity I have in the property $120,000? 

I'm asking because I assume I need equity in the deal to refinance and will the bank consider that equity?