Question about Cash Out Refi Using Hard Money

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I’m struggling to understand how a cash out refi works when using hard money, specifically how the equity works. I’m considering using hard money to flip a sfr but refi rather than sell (BRRRR). Let’s say I put 5-10% down on a hard money loan, after the refi is my equity that percentage of the newly appraised value? Anyone have critiques about this strategy? My initial understanding of BRRRR was that its best to use cash and then just keep 20% in for the refi but I’m wondering how this works with hard money now.