Delayed financing - all cash offer then refi immediately?

[Catherine Ding]

Hi BP!

Has anyone offered all cash then immediately refinanced to get the cash out? I am planning on doing all cash on an offer to make it more competitive and then getting a mortgage immediately after, but I was advised against doing this by a lender. He said that rates for cash out refi would be higher and you can only take out 80% of purchase price, not the ARV. I would be ok with only being able to take out up to 80% of purchase price, but I'm just worried about having to get a much higher interest rate. Anyone have any insights or experience with this? Thanks!