refinance after at reno

[Chris Turek]

Hi all,

I have a mortgage on a property that we are renovating.  The property is on a lake and it has 3 units.  Unit 1 is rented,  unit 2 is vacant.  It is pretty run down and when the last tenant left we didn't re-rent because we are considering either renovating it or knocking it down.  The 3rd and main unit was completely knocked down and is being rebuilt, the kitchen is going in today.  I am trying to get a handle on when I can refi and what the appraiser will be looking to determine if the renovation is done.  The main unit will be used as a 2nd home for my family and won't be rented out.  I would like to refi to take my investment out of it.  We purchased for $625,000 2 years ago.  Once unit 3 is done I expect the property will be worth between 1.4m - 1.6m.  I have never refi'd after building ( I have never built before either).  I am not sure about things like the driveway, the lawn etc.  There's a ton of landscaping to be done.  Also, I'm sure we will have some delays on minor pieces like a vanity of fixtures for a bathroom, will that prevent a refi?  I'm using hard money at 13% so I want to be out of that as quickly as I can so I would like to get the refi done the 1st day possible.  Any advice or experiences you can shared would be greatly appreciated.

Thanks

Chris