BRRRR with hard money

[Myriam Joseph]

I am looking to use hard money with my first BRRRR in the upcoming months and I have questions regarding obtaining financing. Once you're able to secure a hard money loan, and want to "buy and hold" the property, if you refinance the property with a bank, must you use those proceeds towards repaying the hard money? Essentially, if I am not going to fix and flip it, but take out refinancing on the property, will paying back the hard money lender come out from the equity pulled from the refinance?