Cash out refinance on new home

[Michael Chang]

Hi all,

I have what seems to be a unique situation that I'm having trouble getting answers for.

I'm planning on purchasing my first property in a couple months. To expedite the closing process, my parents will be helping me pay for the property in cash. They are most likely going to borrow from their stock portfolio to purchase the property and then sign it over to my name after closing. To get past the gift tax, I figured we could just draft up a loan agreement saying that they are loaning me the money to purchase the house from them. I then plan on getting a cash out mortgage to pay them back immediately. 

I spoke to one mortgage lender who said I would have to wait 6 months after closing in order to refinance. Is there a reason for this and a way around the 6 month waiting period?

Thank you all in advance for your help!