Colorado Brrr Refinance issues

[Ted DeKowzan]

Hey bigger pockets community... Here to share my frustrations and hopefully find some direction. I recently purchased a rental property in North Denver. It was a rare Denver MLS listing that I was able to purchase under the appraised value. I bought the property just 2 weeks ago and paid cash. I jumped right on the project and remodeled the whole property in order to prepare for renters and add value. I'm wanting to refinance in order to recover my capital or at least a good portion of it. I'm getting the same answer from most local lenders that they will only loan on 80% of the purchase price at this time. Most lenders I've reached out to require 1 year of seasoning in order to do a cash out refinance. I would rather not wait a year and take advantage of the low interest rates available right now. I would also like to refinance base on the new appraised value rather than the purchase price. I'm certain I can recover more than 80% of the purchase price with the improvements that have been made. Can anyone in the BP community provide a lead to a bank that lends in the Denver area, that would be willing to lend on the new appraised value and without any seasoning requirements?

Thanks,

Ted D.

[Travis Sperr]

Assuming you can qualify for a conventional mortgage this should be a pretty easy refi with a direct lender. Happy to share the lender I work with if you send me an email. 

Local banks require seasoning for cash out above the cash in (I believe an FDIC requirement), Fannie does not.