Cleveland - Best Banks or Credit Union Offering Cash-out Refinanc

[Matt Lorenzo]

I own a condo in the Rocky River area of Cleveland. It is completely paid off in full and I placed a tenant there three months ago. I'd like to get funds to purchase another rental property.

Can anyone suggest a reputable bank or credit union that would give a cash-out refinance on a condo that was worth $55,000 and tenant occupied. 

Also, what are your thoughts on proceeding with a cash-out refi instead of a HELOC or home equity loan?

Thanks in advance.