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

[Christopher Olsen]

@Chris A.

I was a bit nervous about starting a cash out refinance on my commercial building. I was surprised that multiple banks and credit unions in Utah were willing to do a cash out. The one that came in with the least amount Back was Wells Fargo. I am trying to stick around 65-70% LTV. They were wanting to keep it at 60. Rates were between 4.15-4.5 for refinance.