Commercial Loan with Cash-Out on Mixed-used Property

[Chris A.]

looking to do a cash-out refinance on a mixed-use property. Property is worth around $1.25 million and debt is around $250k. Is it reasonable to pull out $500k in today's market taking into consideration Covid-19? Also, What would a good rate be on something like this? 

Initially, I wanted to get a LOC as a 2nd but couldn't find a bank that would do this for me. Is there? The funds will be used to purchase another commercial property (that I don't know yet) The LOC was a primary method so I don't have to pay interest until I need the funds.

Any help or recommendations would be much appreciated