Leverage through cash-out refi at higher interest rate. Is it worth it?

[Rey Orinion]

Hi BP community, my wife and I are debating whether we should cash-out refi our rental property to acquire more properties for our portfolio. However, we bought the rental house 2 years ago at 3.2% interest rate, 30yr fixed, and now has a FMV=$320K, Equity=$120K. According to the bank, HELOC is not possible on a Rental Property so we're left with one choice which is to do a cash-out refi at 4.5%, 30yr fixed. Is it worth pursuing it and lose the lower rate it's siting right now? What would you guys do? Any other way to approach this? Any advice is greatly appreciated. Thanks in advance.