New Construction of 2 homes then Cash Out Refinance

[Edwin Saldivar]

Hello, i am looking at using a HML to fund my construction of 2 homes. I buy the lot cash, split the lots in 2, and build 2 single family homes. Once my construction is complete, can i do an immediate cash out refinance on both properties to pay back the HML and recover my initial down payment? If i cant do a cash out refinance right away, what are my other options for trying to get my initial investment back and how long might i need to wait? I was planning on living in 1 house if that makes any difference.