Question about Reappraisal & Refinancing

[Aaron Anderson]

I bought a home in July with the plan to BRRRR it. My wife and I are living in it until we get it rent ready and we were hoping to have it rented out within 6 months. The home was originally appraised for $175,000 and I bought it for $120,000. The way my lender is explaining it to me, his bank will only reappraise the property every 12 months. So, if I decided to get a HELOC for another down payment, the current "value" of the home is $120,000. However, once 12 months passes, they will reappraise from scratch and won't look at the past sale.

I guess my question is: Are there any banks with do 3 or 6 month reappraisals? Or are their banks that don't care at all?