Refinancing after a cash purchase

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Hey All, 

About to make a cash purchase for $21K on a 2/1, and put about 100K into it. Comps in neighborhood for same size property range from 155-185. 

How does it work with refinancing (for BRRRR) on a cash purchase since there's no existing mortgage to refi?



@Jack Glazer I recently finished one of these on a property I own in Berwyn. The bank will give you 80% LTV for a single family, and a range of 70-75% LTV for 2 units or more. The bank will go off the appraisal, so as long as the property appraises you will be able to roll all/most of your money out into another deal.