FINANCING A RENOVATED PROPERTY

[GANI ADEBOYE]

I bought a house in February cash for $32000,I have spent $12000 fixing the house to be used as my Business office, I will like to put a mortgage on it to recoup at least 80-90% of the appraised value......question...someone said that if it is less than 6 moths, the bank will only value it as Cost plus repair cost,instaed of Appraised value,is this true....also does anyone know of a bank that will do this type of loan,Chase minimum is $50000..also is this a Refinance,Home equity ,or what type of loan is this called