For timing purposes, occasionally people will purchase a property with cash that they will be tearing down and rebuilding or remodeling. In most cases the situation dictates they close quickly and have no time to finance the purchase. In cases like this, a client can possibly pull some of that equity back out with proof of property purchase and down payment. There may be a few more documentation items you will need to provide, but yes, it is possible.
Whether or not you pull equity back out, there is no negative impact on the loan.