Cash-out REFI - Considered personal funds for COC computation?

[Matthew McNeil]

Understanding that COC is calculated based on actual cash invested, which I consider being sourced from me personally.

Would a Cash-Out REFI be considered personal money or not since the source of funds has been leveraged from an existing asset and would become part of the revised replacement mortgage on that leveraged asset.  It didn't come from my personal funds.

Or, is COC calculated regardless of where the actual cash invested was sourced?

Thanks!