Does it make sense for me to refinance?

[James Ryan]

I am closing on my first property Wednesday. Purchase price is 92k I plan on putting 10k into it. Based on comps I'm estimating the ARV to be 140k. I have a 30 year 4.35% mortgage with 20% down. Closing costs and lawyers and other fees came to about 6k. So I'm all in for about 108k and if the bank refinances at 140k that should get me 105k back. What are some reasons why a bank wouldn't do a refinance and what if the interest rate increases would it still be worth getting the cash out and use it for another deal or would I be losing more money in the long run? If it is okay to refinance at a higher interest rate, what is the threshold for too much increase of the interest rate for it to not make sense?