Cash-Out Refinance / Construction Loan

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I recently bought a duplex that appraised at closing just above the purchase price. However, I’ve done some work to it, and compared to the comps I ran, it looks it could appraise for 10-15k more. My roofing contractor told me I need to replace my roof ASAP. I’m wanting to tie this into the loan because I don’t have quite enough reserves to comfortably put a new roof on. I went to the bank and they told me I would need a new appraisal to try to tack it on the loan with the new value. They said the appraisal is aboit $400 with no gauruntee they will come close to my estimates. My question is does anyone know a better way to go about doing a construction type loan based on the ARV with the new roof? Thanks for any help!

The unfortunate answer is "no." The banks hold the money, so they get to make the rules in this situation. It's a bummer, but there it is. However, you can certainly shop around for different banks or credit unions that might be willing to work with you.