Commercial Refinance ~ 6 months seasoning

Looking for a cash out refinance for a 12 unit bldg I purchased in June. Here are the particulars.

I have at least 80k in equity in property, as I owe $260,000. Since buying the property, I have evicted several “unruly” tenants and had good tenants move because of the unruly tenants. I’ve spent thousands fixing some of the previous owners “updates” which were less than spectacular and getting the vacant units ready to re-rent. At this time Im about half full. Because of the monies Im spending out to fix the place and get units rented, Im breaking even at best. Im slowly renting units, and I realize once I get the occupancy rate closer to 100%, the property will generate a nice positive cash flow.

I believe that with the improvements I have made and the overall condition of the property ~ ie new roof, new electric, new plumbing, etc ~ I think I can get the value up around $385,000 to $400,000, based on full occupancy. The NOI on the property would be around $40,000. When I purchased the property, the cap rate on the building was 10.5, however, I believe the appraisal was very conservative, as the comps that were used had caps below 10. I know appraisals are very subjective and can vary with appraisers. The question, with the property not yet full, but with the improvements that have been made and the fact that there are 11 rent ready units, including the occupied units, will lenders lend on a property based on “projected” income?? I know that with the potential equity I have in the property ~ based on full occupancy ~ I would like to borrow at least 80%, more if possible, use that to pay off personal debts, increasing my overall cash flow, both with this property and my personal debts and still have roughly 20% equity in the property. Is this possible?