How can I get to my equity

[Alison Felton]

Hi BP community!   I closed my first investment property, an off market private sale on the house next door, and have about 200k in equity.  My local bank lender tells me that I can't tap into the equity for 12 months, as the sale price is considered the value for that time frame.  I've never heard of this waiting period in the podcasts I've listened to so far.  What other options are there?  Is this normal? I didn't like my loan officers answer that there was nothing I could do.  TIA!  

[Stuart Udis]

Some lenders require a "seasoning" period.  Did you merely purchase the home well or did you undertake improvements that led to the $200,000 of equity?  Lenders will generally be more responsive to cash out refinances when you can demonstrate your actions were instrumental in the increased property value. Particularly, when the cash out refinance request comes after a short period of ownership.