Is CRE cash out refi for income producing property still available?

[Ivan Ng]

We bought an industrial warehouse for ~$250k and is in the process of renovating it. The goal is to finish the renovation by November and then rent the warehouse to tenants. Our estimated ARV will be ~$850k. Currently the entire project is being funded by our own cash and we are looking for financing options to pull out our capital once our asset is stabilized.

I had one conversation with a CRE lender and she indicated that CRE cash-out refinance is not really available these days given market condition. Is this true?