Would like to pull out equity, what's the best approach?

[Marquin B.]

Hello BP community and thank you for having me.I need some advise on my suggested next move. I Orginally owned 3 townhouses which was built out of pocket through 2 stages of construction with resulted in about 260k in equity. One unit was sold @250k and the current mortgage balance is 260k but it's not low enough LTV to have one of the other two units free and clear from the bank (1 unit appraised @ 320k and other 275k they can combine cashflow of about 5500 pm rented). I spoke with a mortgage broker recently and based on his calculations I would only be able to borrow 360k to purchase another property. My market is pretty expensive just a duplex nice enough would cost about 500k minimum based on the size and location. I live in one of the 2 units and the local banks are only using 50% of the rental income towards my DSR. My current mortgage has not been adjusted after the sale and it's $2840 pm @6.25% (10 Years Left on Mortgage) and the current local rate is currently @ 4.25%. My intention was never to get stuck but the bank took all of the cash from the first sale. Please help, any advise would be appreciated