using funds from cash out refinance to fund down payment on inv

[Westlake John]

Currently in contract for an investment property, I am doing a cash out refinance at the same time to fund the down payment

Question: For the cash out refinance will that need to close before we close on investment or can both closings happen on the same day?

I am wondering since I am using funds exclusively from a cash out refinance, do I need to deposit the funds in my bank and then close on the investment property a few days later?