Cash-Out REFI Loan to Value too low

[Jessica Amoroso]

My husband and I are looking to do a cash-out REFI on our primary residence.  We bought in a beach community at the Jersey Shore and the real estate market has appreciated substantially.  We are at a high interest rate on our current mortgage so it's worth doing this REFI and also pulling out some cash to invest in property down South. 
Just hung up with a local lender here, and he's telling me that "because of the virus" the loan to value ratio is only 70%.  Seems really low! I thought worst case scenario would be 75%....was hoping to land more around 85% especially given that it's a local lender. Anyone else currently finding this while doing Cash-Out Refi on a primary home or investment property?