Well, I am not privy to your circumstance but the short answer would be that you would need to refinance your property after completing the renovation – the bank would re-evaluate your newly renovated property and would lend you the amount for the principal providing you with an opportunity to extract or realise the equity. Also, keep in mind, this money is tax free since you have not ‘sold’ your house yet and as such the equity realised is not classified as capital gain. You would however, I believe, still have to pay the interest on the extracted equity.