Cash-out refi questions Milwaukee area

[Scott Holoubek]

Hey BP community- I'm looking to refi/pull cash out of a duplex that I've owned for 14 months. After doing major work, it's been fully rented for about 10 months. I don't currently have a mortgage and lenders I've talked to have said that I can really only expect to get 75% of the total money I've put in (purchase price + cost of renovations). Is this what others are finding? I was hoping I'd be able to get 75% of appraised value, which should be higher than money invested (based comps I've seen and the rents it's now generating.)

Thanks in advance for any info!