BRRRR Refinancing Question

[Johnnie Bembry]

Good morning BP, 

Can I buy a property with a conventional loan from one bank then cash-out refinance with another bank? 

In my scenario, I found a bank (Navy Federal) that is willing do to a $40K mortgage but they only have a HELOC option and no cash-out refinance option. The ARV of the property is $70K-$75K so I'm trying to rehab it then cash-out refinance to get my money out and repeat. (The first bank also has a 6-12 month seasoning period, case by case basis, according to the loan officer.) This would be my first property so I want to make sure I'm able to refinance and repeat. Thanks in advance for your help!