Help with Delay Financing

[AJ B.]

Hey BPers,

I had started looking into doing a cash-out refi when I heard about Delayed Financing. I can't seem to find any information on the websites for these banks. I called Suntrust and PenFed and they said they only lend 75-80% of the purchase price, not the appraised price. 

So I'm seeing if anyone knows of a bank that does delayed financing the 'right way' and are there any negatives with going that route.