BRRR Cashout Refi Question/Experience?

[Neil Garceau]

I have an investment property which I bought almost a year ago for $365k, $271k on a 30 year fixed mortgage owed.  Moderate rehabs with comps nearby selling in the mid $500k range.  Monthly 1 year rental history is $4,200 per month with leases in place at this same rate carrying through next May.

Looking to completer the BRRRR and do a cashout refi and the bank who I have the $271k loan with said they could not do a cash out refi2 j as I don't have a traditional W2 job currently and my 2020 taxes show my investment properties as operating as losses (I have 4).

This is just one data point but this doesn't seem to make sense to me.  Standalone, the property I am looking to do the cash out refi cash flows over $2k/month with a locked in rent role and 1 year history.  

Does this make sense that they wouldn't lend against? I am not sure if this person at the bank gets it. How do people refi under the BRRRR if this is the case?