Cash out advice on rental property

[Sal M.]

I own a SFR in Union city, CA. Its market value is 1.1Million. I have a 30 year fixed mortgage at 3.375% on it. Outstanding balance is 470k. I have been renting it out in the range of 3500 to 3900 per month for past 5 years. I want to take out some equity from it and invest in rental properties. Whats the best way to do that? And how much can i take out ? I had paid 750k for it in 2005. I am guessing it has to be a cash out refi , because HELOCS are hard to get on rented homes. I spoke to a mortgage officer from chase bank, he said i can get 200k cash out, and the new loan of 670k will be a 7/1 arm at 3.875%. Getting more cash out puts you in the jumbo loan category and thats hard to do. For HELOC, he said thats very risky and he will not do it. I have good W-2 earnings and a 800+ credit score. Please advise and recommend any bankers, brokers who can help me with refi or heloc so i can cash out my equity. Thanks