Cash-Out Refinance / Construction Loan

[Zach Barber]

I recently bought a duplex that appraised at closing just above the purchase price. However, I’ve done some work to it, and compared to the comps I ran, it looks it could appraise for 10-15k more. My roofing contractor told me I need to replace my roof ASAP. I’m wanting to tie this into the loan because I don’t have quite enough reserves to comfortably put a new roof on. I went to the bank and they told me I would need a new appraisal to try to tack it on the loan with the new value. They said the appraisal is aboit $400 with no gauruntee they will come close to my estimates. My question is does anyone know a better way to go about doing a construction type loan based on the ARV with the new roof? Thanks for any help!