Cash out refinance solutions

[Brandon Halley]

I am currently attempting to refinancing one of my flips that I have decided to make my primary residence. I originally bought it with private money for 80 and borrowed another 80 for the remodel for a total of 160 + interest. It just appraised at 275.  

Before the purchase I thought that refinancing may be on the horizon so I went into a bank and told them my situation in detail. Including the possibility that I may change title from my business to my name and live in it. They said that if my numbers were as expected there should be no prob. 6 months later. So 6 months later I went in again to say lets move forward and they said I needed to season for an additional 6 months after I changed title. Ouch! I thought we went over this clearly.

So, I start shopping around again. After explaining my situation, the first question to every potential lender was 'Do i need the 6 month seasoning?' I found a highly recommended local guy who said it was no problem. We locked in a rate, got an appraisal, and we are currently about a week from closing. He calls me yesterday and says, turns out we need to wait 6 months after you change title. WTF! But his solution is that we can still refi for the money I owe- just no cash out. Then, is recommending a HELOC for the rest. I dont like this option because the rate I locked is higher because it was supposed to be a cash-out, and I was planning on taking 80% LTV which he said added another 1/8. My plan was to use the cash for a down payment on a rental. So a HELOC I don't believe is not ideal. I am young and my strategy is something like.. borrow as much for as cheap and as long as you can.

So do I blow this guy off and keep shopping? Wait 6 months while paying higher interest and try again? Do the refi for what I owe no cash out and HELOC for the rest? Are there any lenders who actually know what they are talking about? Sick of hearing one thing and getting another.