Cash purchase to cash-out refi

[Alison Rodriguez]

Hiya!

I have a property under contract in Hagerstown, MD, a SFH for $94K with an ARV of $160K.

I'd like to use a personal line of credit to purchase the property, pay repairs out of pocket (minor) and then do a cash-out refi ASAP (3 months is what I've heard from the banks I've been in touch with) and cashflow with the rent roll.

Has anyone done this kind of deal? Any tips on personal lines of credit -- who to use or avoid -- any anyone finding LTV cash-out refi above 75%?

Looking forward to reading your advice and insight :)