Refinance

[Luis Melendez]

hey guys I need help with the refinance of a three family I purchased back in April 2015. So I purchased a 3 family property in april 14 2015. I used a hard money lender to finance a portion of the property and they financed construction costs as well. The total i owe the lender is 103k. currently the property is fixed up and fully leased out and managed by a professional property managment company. What i would like to do is a cash out refinance. I estimate the building to be worth between 210k-220k. i was hoping to refinance for 150k and pull out around 40k after paying off lender and closing costs. I know the seasoning period is 6 months and i was looking to close by October 14th. The banks I've been in contact with tell me I have to wait 1 year to pull cash out. They said I can refinance after the 6 months but only to cover the hard money lender and closing costs. I have to wait for 1 year to pull out cash. I can't wait a year cause the hard money lender only gave me 6 months. Anyone had a similar experience and any advice would help a lot. Thanks