Refinancing before settlement

Hi all,

Please give some enlightenment about property refinance as I am still trying to understand how it works. Assuming an investor signs a contract with the seller at a certain purchase price, allowed to have renovation done on the property, got it refinanced with the bank before settlement, and after that settled the property with higher valuation which mean more equity could be  withdrawn for investing in next property.

My question is if the scenario above is workable:

–  does the investor use vendor finance (in any form) to get initial finance to sign the contract with seller, renovates the property and then gets bank to refinance the property and settle with higher valuation and equity? or

– does the investor able to use bank finance (up to 90%) initially, sign the contract, renovate, and get the same bank back to refinance the property and then settlement with higher value of the property?

Thanks in advance.