How can I roll closing costs into a cash-out refi?

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I have a BRRRR property with an ARV of $130k. I plan on taking advantage of the cash-out refinance (75% LTV) to recoup my purchase and rehab costs. I'd like to avoid coming out of pocket at closing for the closing costs (about $5k). If I roll the $5k closing costs into the loan, how would this look? Would the 75% LTV simply just shift by $5k and be based on $125k now instead? $130k ARV, $5k rolled into loan amount of $130k provides a cash-out refi of 75%LTV on $125k instead which is $93,750?