REFI: Acquisition Cost or Appraised Value (whichever is less)

[Jonathan Taylor Smith]

Watched Webinar prior evening about BRRRR strategy and @Brandon Turner mentioned being able to REFI out in as little as 6 months, or even less if via Commercial / "Portfolio Lender". Am I wrong that a "Portfolio Lender" is just one who holds their loans internally (so they can be "non-conforming") instead of selling them? If so, I've spoken with two here in Raleigh / Durham - North Carolina, and both indicated that if I wish to REFI in under 12 months, they will value the property based upon Acquisition Cost or Appraised Value (whichever is LESS).

REFI based upon Acquisition Cost doesn't work for my needs, since I'm buying distressed properties and putting substantial money into the rehab to make a rental. How / where can I find a lender who will REFI after only 6 months or less and value the property based upon its current condition Appraised Value?

So far I've just been waiting the 12 months, but would love to eliminate or shorten that wait.