Refi portion of BRRRR

[Lucia Rushton]

I am looking at an off-market property that would not qualify for conventional funding. If we buy it with HM, do the work necessary, get it rented and then refi, the bank and mortgage broker I've spoken to said they would only pay off the current debt and it must be seasoned for 1 year for the bank and 6 months for the mortgage broker before they would give us any additional funds, even if the HM is less than 80% of the appraised ARV once the work is complete.

Now I have just started @David Greene's book BRRRR so the answer might be in there; but I didn't think we'd have to wait to release the additional funds. Am I missing something?