The model does accommodate a mid-hold refinance. Spencer added this feature in a recent release. That of course assumes we’re talking about the same model:
The model assumes a refinance event is a capital event to be included on the ‘Reversion Cash Flow’ line (row 45). In fact, in the latest template file, Spencer included a mid-hold capital event (e.g. mid-hold refinance event) in year two to demonstrate this feature.