Cash-out Refinance on rental property ( small mortgage)

[Mica Moore]

I have a single family house in Corpus Christi, TX that is my rental property. The only loan on it is a $40K HELOC from BoA. It has a high adjustable rate of 10.5% & climbing.

I live in San Antonio, but this rental is in CC. I want to do a cash- out refinance of $60K ( $40k to pay off HELOC, $10K for new roof, & $10K for my personal purposes). Obviously a fixed rate mortgage would have a lower APR - & that's my main reason to re-fi.

I have good credit & income - & I always qualify. The issue is as I was calling around - I haven't found a lot of banks that will lend on a rental property ( at least in CC). Another issue is that if I could find a bank that lends on rentals - they often have minimum loan amounts ($80K for example). Which, I don't want or need that much. ( yes I know the house will qualify because it would be less than 50% LTV- I just don't want higher payments on money I didn't want to borrow).

The other thing is how much higher is the fixed rate, because it's a rental? And how much do closing cost run? Because I paid 0 closing costs when I got the HELOC 2 years ago. So if the rate is high & the closing are high & the loan minimum causes me to over- borrow -- then the payments would be higher & it would not make sense at that point to cash- out refi at all.

Any lender recommendations who have good, rates, low closing- costs& a minimum loan amount of $60K or less?