Refinancing to payout investors?

[Aaron P.]

The idea is this:

Gather investors to build a down deposit amount, pay them a % interest rate for 5 years. 
Get a 5yr 30yr-amort mortgage and carry the mortgage until that 5 yr term is over.

The question is, can I refinance the whole mortgage amount (lets use 300k as an example) at the end of the 5 yr period to a 5 yr 15yr-amort mortgage and get the equity out in cash?

My confusion is that after the 5 yr term, you have 25 years left and I am not selling the home, rather pulling the equity out and reducing the length of the amort period.

This is for a Canadian based but Americans please chime in as I am interested in the USA market as well.