Cash out refinance question

[Vaibhav Verma]

Hello, I recently purchased a rental property and put it under my LLC. It's rented out and is cash flowing. Property also appraised at around $15-20k higher than the purchase price. It's been 5 months since the closing and I am looking to purchase another one using cashout refinance. Wondering what's my best bet as I had contacted a local bank which only willing to do it on the purchase price. That of course defeats the purpose and another big name national bank is willing to do it on the appraised price but there's at least a 12 months waiting condition. Open to any suggestions!! Thank you!

[Timothy Maloney]

@Vaibhav Verma You can cash out of a property at 70-75% LTV today with a HML. Expect rates above what your bank is offering but with 1/4 of the paperwork or wait time. Typical rates run : 0-2 points at closing, 6%-7.5% for 30 year fixed (lower for adjustable). Good luck - I hope this helps!