Need help with explaining a cash out refi

[Kevin Cespedes]

Hello everyone so im trying to fully understand how a cash out refinance works, so i have a property that i owe 334k, and i recently appraised it and the appraisal came back at 505k, its an investment property, I originally thought i could be able to pull 70% of the loan to value, which i believe id roughly about 117k if im not mistaken can someone tell me is this accurate if not could anyone explain it to me please i greatly appreciate it, thanks guys