Is a cash out refinance best?

[Fernando Ramirez]

Hi everyone! 

Asking for a friend - My friend owns a condo that is in a trust, has built up decent equity, and its been rented out for the last 8 months. Current loan is around $390k @ 3.625 with the condo's current market value ~850k+. They have excellent credit and their goal is to get about $200k in capital to deploy for other investments. The condo is in Silicon Valley. 

Could any investors and/or lenders provide some wisdom or possible strategies for them? Thank you in advance for all ideas and replies. 

- FR