Refinancing
I recently purchased a home for $85,000 in cash, put another $15,000 into it and now it has a ARV of $139,000 based on area comps. I would like to get a mortgage on this home and cash out the majority of my equity so I can continue to purchase more homes. My mortgage guy states that I can only get 75% of the original purchased price and not the ARV? I have owned this property over 6 months and would like to get $100,000 of equity out of it.
Is what I am being told by my mortgage correct? Are there any other suggestions as to how to accomplish this cash out?