Getting a loan on a rental

[Sam Wilson]

Hey BP crowd - I have a rental property that appraises for 53k and rents for $750.  It has been continuously rented for over two years and we net about 7,500/year.  Currently we have no mortgage on the home but would like to get one to free up that cash.  We've talked with two banks that said they do not give mortgages to homes that appraise so low.  Didn't know if that was a universal problem?  If so what suggestions do you have for this?

Thanks!!