What's the deal with Cash Out Refi?

[Daniel Green]

I'm looking for a cash out refinancing for a 2 family. Property is valued at around $550K to $600K. I bought it for $450K about 3 months ago and renovated it. I have a high credit score. I'm looking for an 80% LTV cash out refinancing at the 6 month mark that is at a 30 year fixed rate. Anyone know if this exists?  Seems hard to find....and I'm not talking about finding it from a private lender at an high interest rate.

Also is 75% cash out refi only on purchase price and renovation costs or does anyone offer it at appraised value? Seems like this does exist but can you get it at the 6 month mark?  Any recommendations appreciated.

[Bryan Blankenship]

@Daniel Green Yup, it exists! My clients do it fairly regularly. It's a fantastic way to keep the ball rolling and keep investing in more properties. They use the appraised value.

It's a win-win! :)