Refinance advice needed

[Jason Hodges]

So I need some help doing the BRRR strategy successfully... So I just bought two properties and put around $15,000 into each of them. My current lending bank basically just told me, not to my surprise, that there is not much room to refinance and take money out. I put 25% down of these properties and also borrowed 80% of the renovated costs. Here are the numbers on my two properties.

I of course believe the houses have appreciated in value.  The bank basically told me they are not sure if a refinance appraisal would work?

Thoughts on next steps?  Should I just pursue other banks and get an appraisal?

• Property 1 - Appraised for $119,000

• - Maximum loan amount at 75% is $89,250

• - Current loan amount is $89,250

• Property 2 - Appraised for $86,000

• - Maximum loan amount at 75% is $64,500

• - Current loan amount is $63,562