What kind of Loan for cash out BRRRR

[Thomas Hamm]

Bought a house 3 months ago all cash and fixed it up and rented it out. The banks I have talked to have all said that I have to wait a total of 6 months before I can do a cashout refi. If I wanted to refi now they only can give me the purchase price of the house not more. So wanted to ask everyone that does multiple BRRR's a year, what kind of loan do you get. The quick finances are below.

$279k - purchase

$107k - reno

$640k - current value

$400k - amount of loan wanted

[Nate Fanara]

Originally posted by @Shawn Ackerman:

@Thomas Hamm That shouldn't be an issue as long as your DTI is at 40% or less. 70% LTV before 6 months is also referred to as delayed financing. Unfortunately most lenders have no clue about it.

Doesn't delayed financing only allow to REFI on the purchase price of the property, not the ARV of the home after rehab has been done? I think that is what the OP is looking for, but i could be wrong.