Lending to yourself prior to a refinance

[Drew Castleberry]

Here's the deal. I have a property I'm purchasing and I'm able to get it at a discount for roughly 78% LTV. I was originally going to use a HML and then refinance and roll the closing costs into the loan, so the total LTV would be at the 80% level that my lender utilizes.

However, if I pay cash, I will not be able to refinance with them, as it would be a cash out refinance and the LTV limit is only 75% so I wouldn't be able to do it.

Is it possibly to loan the money to myself through an LLC or my spouse as a private loan to be able to refinance at the 80% LTV? I've done a lot of research and so far the only thing I've been able to find is that I can't loan to myself directly. I'm trying to find a way to cut out the HML I'm utilizing.