Signed Lease Required to Refinance?

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Do most lenders require a signed lease agreement in place before allowing you to refinance out of a hard money loan?

My plan is to BRRRR a short-term rental which will not have a lease agreement.

Can the refinance be done based on 75% of appraised rental value instead of relying on a signed lease?

Most of the time, yes. If you are refinancing a portfolio and say 1 of 10 is vacant, they should be OK with that. But if it's just one, they will want it occupied.