Cash Out Refinance a cash purchase

[Gregory Ferrari]

I will be closing on a single family rental tomorrow (paying cash) that I plan on making a short term rental. I was planning on cash out refinancing the appraisal value, but even on a commercial loan I’ve been told I have to wait 12 months. 

Is there a lender in Maine that will refinance to the appraised value immediately or am I stuck with deferred financing for 6-12 months?

The commercial loan is 3.75% fixed for 5 years with a  20 year amortization. After 5 years it would be 4.25 fixed for an additional 5.

A conventional mortgage would be a lower APR and fixed for 30 years of course, however we are self employed so that being on our credit report is not ideal.

What would you do?