What exactly does refinance mean in the "BRRRR" strategy?

[John Morgan]

Hello BP!! I'm currently reading "The book on rental property investing" and just finished the section speaking on the "BRRRR" strategy and how this is beneficial. I've also heard and seen other people mention this strategy multiple times. Im trying to grasp this fully because it sounds like something that I'd like to utilize also but I'm having a hard time fully understanding what the refinance section means. In the book it states that a purchase of a property would be 105k on a home with an ARV of 150k and that a lender would "typically" lend 70% of the "loan to value" which would equal out to be 105K, and we could get back 100% of our capital. My question is, if we refinance the home wouldn't we still have to pay back this loan that the lender gives us? Is it possible to do the "BRRRR" method without buying the property outright? Hopefully I posed the question correctly so I am understood clearly. PLEASE HELP!!!