cash out refi using HML?

[Maria Bocanegra]

Can you do a cash out refi out of your conventional loan from your investment property using a hard money lender? How does that work, generally?  What are your thoughts?  Has anyone ever done this?  If so, did you go back and refi into a conventional, sell the property or something else?

My first instinct is that this could be costly compared to a conventional cash out refi but I am also trying to explore all options here . . .  I would like to pull as much cash out as possible in order to purchase a multi-unit . . . 

TIA!