Cash out Refi on Land + Home held in LLC

[Jay N.]

Background:

140 acres of land, split into three legal parcels. One parcel has a home on it.

Land financing with a balloon payment due in 2017 at 7%. Current amount due is ~240k.

Land + home appraises at about 800k.

Everything is held in an LLC. Home is currently rented to one of the members of the LLC.

We would like to do a cash-out refi to accomplish a couple things:

- Get a more conventional loan in place, fixed term/rate. Lower rate than 7%
- Take out cash to build a second home and rent that out as well.

Quick talk with the LLC banker (Key Bank) says that they can't loan w/o significant income to the LLC.

What are our options here?