If you borrown hard money to invest in properties, can you refi when banks start lending again?

can i refi a hard money loan??? i want to buy a couple properties with hard money and fix them up just enough to be able to rent out to section 8/others to take care of the mortgage. i live in San Diego and there are hundreds of properties perfect for this kind of opportunity where rent is high and price of houses/condos to buy are low. is it possible to refi a hard money loan with a bank once the banks start lending money again? cuz ive been trying and my real estate friend says its going to be reeeeeally difficult to see any of that bailout money for awhile. any advice would be appreciated.

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