Refinance Hard Money - what does it look like?

[Samuel Carmichael]

How does it actually look getting my down payment back from a hard money lender? If I acquire a 100,000 property with a hard money loan, and put 20,000 down....when I do a rate and term refinance, I assume the new lender pays the hard money lender directly. If the property value is 135,000 and I put a 100,000 mortgage on it....is that technically a cash out refinance because I am getting my down payment back? Or does the hard money lender give me the down payment back? How does it actually look getting my down payment back from a hard money lender?