Converting separate 4plex/2plex to a 6plex...How Does loan work?

[Bo A Vanecko]

I have no idea if this will be able to occur as of yet (we are researching with the city now) but if we purchased a 4 plex and a duplex and then are able to convert it to a "6plex", when we go to refi (using HML's to do purchase and rehab), how will the banks choose the value of the property for which the loan will be created? Would they do a basic NOI generation for anticipated "year 1" and then divide by current Cap Rate in the area to get a "value"? And then I am guessing they would do a 75% LTV, 6-8% rate?, 20 or 25 year Amortization (5 year arm) and run from there?

is this a pipe dream to think i would be able to buy in a "conventional" setting, and then convert refi out in commercial?

(even if it is a pipe dream :) a quick answer to my valuation / loan conditions still appreciated :)

Thanks in Advance.  John Vanecko