Cash out Refi

[Raj Vardhan]

Hello,

I am new to the entire refi process and looking for some direction here:

I purchased a foreclosed property 2 months ago using hard money and close to finishing the renovation. Since i put 20% down, i am hoping i can do a cash out refi (will have enough equity) so I can take out my initial investment. Upon calling a few banks, i am told that there is a minimum of 6 month holding period before I can do a cash out refi. Is this accurate? Can someone walk me through how some of the investors go about BRRR process? Any advise and also any lenders you recommend.

Thanks!