Refinancing a rental property

[Jennifer A.]

I purchased a property at a foreclosure sale for $150,000. I paid all cash for the property. That was in May. I'm now trying to cash out on the property. I have put about $8k into the property. The property is assessed at around $200,000.

The bank is telling me that they can only cash me out for 75% of the purchase price, not the actual assessed price. Obviously I'd like to cash out more than that to get the maximum amount of my money back to move on to other investments. Do I need to look for a different bank or is this typical? I read about so many of you buying and then refinancing and getting most of your money back that I can't help but think I'm at the wrong bank (where I've done 3 other loans but none have ever been a cash out).

Thank you!