HELOC based on new appraisal less than a year after purchase?

[Kyle Leygraaf]

Hello - I purchased a duplex late last summer and have invested significant equity in the project. I refinanced my initial mortgage in April (no cash out) due to the lower rates, and my new appraisal came in significantly higher than my purchase price (16%, or $66k). I am trying to get a HELOC to unlock some of that equity for more repairs. I heard from one lender than their HELOC would be capped at 85% LTV based on purchase price for the first 12 months after closing. In other words, they would not honor the "value" of a new appraisal until a year after closing.

Does anyone know of any banks, credit unions, etc. that will perform a reappraisal after less than a year for a HELOC? I heard a BP podcast from a few years ago where someone found a bank willing to do this. In a worst case scenario I could wait until a year passes, but it would be nice to continue to get some renovations done before then.