BRRR in the midst of interest rate jump

[Dave Messier]

Hi guys, long time listener first time caller. I have a BRRRR with my sister in Roxbury, MA. We purchased it in Nov 2020 for $770k, my sister did a fantastic job on the remodel it instead of the 12 mo timeline we had aimed for it took 18 mo. Now as we're refinancing rates have gone up a full 2 percentage points. We have a $587k mortgage for 30 years at 2.85% interest since this is her primary residence and don't want to lose that - though the plan is for it to be a full rental after she lives there for a year. Appraisal looks like it will come in at $1.5M or more which allows us to get our cash back out BUT the best rate we can get now is 4.9%. Is there any product out there and lender who would refinance over our existing mortgage? I don't want to lose the $585k or so at 2.85% interest bc i don't think we'll ever see those rates again, but we DO want to get our cash back out of the deal so we can reinvest elsewhere. Any suggestions?