Refinance 6-unit property

[Stephen B.]

I am currently under contract for 3-duplexes on one plot of land. My financing fell through and I am in a scramble to find financing before closing. The purchase price is $124k and I can put up to 40% down and local banks/credit unions are willing to provide a secured loan. My current plan is to use a HML to get through closing and then refinance out for better rates. My question is: are lenders restricted by conventional mortgage regulations when providing home equity loans on non-conforming properties. Thank you in advance.