Refinancing a Recent Rental Property with a $45,000 ARV

[Michael Hayes]

Hello all.  Looking for some advice.  I have a prospective house that is currently occupied and cash flowing that I am thinking of purchasing with hard-money.  The thing is, I would want to immediately refinance it for a lower interest rate, and pull out any money that I've put into it (pay off loan, repairs).

The banks that I have called require that rental properties be seasoned, or owned for 6 months if I'm not mistaken, before they will do a refi. Some of the alternative lenders like LimaOne, require a minimum of $45,000 to refi based on 75% or 80% LTV.

The house that I'm interested in has an ARV of around $45,000, but I would not be in it for that much. Less than $30,000. Any suggestions? Any companies that will do an immediate refi of less than $45,000? Thanks for any information.