Owner financed to Bank Refi in Massachusetts

[Ramon Alvarez]

I purchased a house back in January in Western Mass and I owner financed the property. Im possibly looking to refinance it into a regular loan. I've read a few forums and some say 6 months and some say a year but it depends on your bank. Im sure the home will appraise a lot higher than what we have into it but wonder if they would actually appraise for a little under market value so I can pay off the existing loan (old owner now lender) and keep some of the money for myself for maybe a few more repairs. Also I know I would have to meet the banks lending criteria so would it make more sense to refinance it in my name or under my LLC? Any suggestions would be greatly appreciated. Thanks.