Multifamily Refinance Question!

[Mike Dusenka]

Let's say I find a deal and put 0 money in because I use a private money lender. 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. In total, the investor spends $630,000

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

I'm asking because I need equity in the deal to refinance?