Cash out refi less than 1 year after purchase

[Timothy Frazier]

Have two properties I bought and renovated for cash, one in August 2021 (leased it in September 2021), another in December 2021 (just leased it).

Total numbers as follows (combined for both properties):

Purchase price - $108k

Renovation - $67k

Total cost - $175k

Estimated current value - $220k

Rent: $2175/mo signed through May 2023

I’m looking to get as much as that $175k back as I can. Even with good cash flow I’m getting a lot of pushback from lenders right now bc I haven’t owned them for a year. I am getting some who will do 75-80% of the $175k project cost but nobody who will go off appraised value.

Anyone work with a lender who will do it off appraised value? Either I'll have to wait it out or just accept not getting as much back if I do it now. Would be glad to hear thoughts of people who do BRRR more regularly.