Refinancing with a Private Lender

[Dakoda Spencer]

Hey all, 

I have a very generic question about refinancing with a private lender. Let me give you a hypothetical situation so I can get my head wrapped around this.

I get financing through a private lender for a house. My plan is to turn the house into a duplex. The loan from the private lender totaled up to be 40K. The loan covered rehab and the down payment. The seller is willing to do seller financing for the house (which he is asking 20k for). Now lets say that the house's ARV (after repair value) is 100K. After I own the house for about 12 months, I know that I would want to refinance to cash out my private lender.

Here is what confuses me:

• Is the down payment + rehab costs all I need from the private lender since the seller is doing seller financing?
• Is there any particular time I have to hold the house before I can refinance, or can I refinance when I want?
• What does it take to refinance? I mean, how much equity, etc..
• Is there a way to guarantee that I can refinance the home when I want?
• Can I just refinance through any bank or is there a particular place/person I have to do it with?

Some questions might be dumb, but I don't want to be the dumb person who doesn't ask them.

Don't pick apart my numbers for this, it's just an example.

Thanks for your precious time!