Confused on BRRRR if I use Hard Money

[Jason Smith]

Sorry if this question has been asked before, but I’m s little confused. Hopefully you all can help. 

If I use Hard money to purchase and rehab the property, considering the HML gave me 70% ARV, how will I get any cash back when I Refi and pay the HML back. After I rehab then go to bank to Refi the bank will only give me 70%. So I use that to pay my original HML. After that wouldn't I just be back at square one with no cash for the next deal.

I understand I will then have a property. But , the way I understood BRRRR is having to have your own capital then getting that back plus more when I Refi? Am I missing something here?

Thanks in advance.