cash out refi on a 2-unit investment property

[Sven Sante]

I am looking for options to cash out some equity from our 2 unit rental in the east bay. I talked to some banks and not getting very far because it is cash-out and multi-family. And when possible, am getting a huge interest rate like 5-6%, is that expected?

Also, how would the appraised value be calculated, is there a simple formula using the annual rental income?

Any pointers are appreciated thanks!