How long must I pay on private money before refinancing buy& hold

[Tim Shin]

Hi All,

I was hoping I could find out what the current rules are on this from any mortgage lenders or brokers: 

If I buy a house with lended private money when can I refinance into a lower interest loan and cash out the private money folks? Is it dependent on loan-to-value?

I think I read some posts and it might be 14 months? Or is it immediate?

Thanks!