Cash Out Refinance on Investment Property (Post Covid)

[Sean Bailey]

Hello, this is my first post so thank you in advance for any guidance.

I have an single family investment property in Utah that I would like to refinance. The value of the home is between $400k-$430k and I currently have a loan balance of $180k. The home was purchased as a primary residence back in 2013 with an interest rate of 4.25%. I'm interested in a cash out refinance in order to pursue another investment property. 

My question is, has anyone had luck refinancing in this economic environment? I've called a few banks and most are not offering cash out on investment properties. The institutions that have options either have high interest rates of 4.5%+ or the points are high. 

Again, I appreciate any guidance. Thanks!