Help with cash out refinancing

[Benjamin Dutil]

Hi BP community. I bought a 3-unit with cash borrowed from a friend at 4.5%. I wanted to implement the BRRR strategy right away. I bought the property at 60 cents on the dollar. I sought a cash out refi from my local Bank of America. They said I would have to wait 6 months until I apply for it. Is this common? Am I seeking funds from wrong place? Any and all information is greatly appreciated!