Hard money loan refi

[Benjamin Voorhis]

we are looking at a property to purchase and I have a question on converting out of a hard money loan.  Here are the numbers on the property (we are looking to buy and hold)

Purchase 70k

Arv 110000

Rehab 15000

My wife and I have great credit, cash reserves (40k), no debt, so I assume we would qualify for loans (currently waiting for my 2 year mark at my commissioned job).  From what I know the hard money loan gives 70% of arv, so 77k.  I'll take the 77k pay for the house and after closing costs have a little bit of cash left.  Rehab the property with our own cash out of pocket and then my question comes with refinancing the property to a conventional 30 year loan.  I assume they want a 75 percent loan to value loan, so does that mean they would give me a loan of 82,500, which allow me to pay off the hard money loan of 70k?  I am just confused on how this process works, we are about a month out of looking for properties and I just want to make sure I know what I'm getting in to.