How long do I need to prove cash flow before I refinance?

[Daniel Rogers]

Hey everyone,

I am looking at a deal in Northern Michigan, I'm in love... 

22 unit motel that I am going to convert into studio apartments. The problem with that is that it has no proven cash flow history. Also, it may be a variable that it is master metered, so utilities will be included.

My question is, how long do I need to rent out a property before a bank has enough financial data to refinance the property to pay back my private lenders? Since I cover the costs of utilities, and there are large variances between the costs during winter and summer months, will that play a role? I have heard anywhere between 90 days and a full calendar year. What do you think?

Thanks,

Dan