What are the rules for CASH OUT REFINANCING

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I recently purchased a home with cash with a lender promising me he could turn around and refinance this same property the very next day. I questioned this from the start as something did seem right with the whole idea. His exact words were " well...I'm very good at what I do." So the promise of closing in 2 weeks eventually turned in to 3 months and then he says the rules changed and he can no longer do it for us. My question is, does this guy actually know what he is doing or has he been totally clueless from the start?