Confused on hard money and then refi

[Gil N.]

Hello BP members,I'm a fairly new investor.I have one sfh.I bought cash here in Hudson valley NY.I rehabbed myself and am now renting it out,tenants are on their second year lease,things are fairly well,very good cash flow since I own free and clear.Im ready to move ahead.i have so many questions but will ask one for fear of confusing everyone.

So I hear and read constantly that hard money is an option ( or heloc or he,loan)My aim is to buy at least two sfhs at once and rehab and hold.I hear hard money lenders will allow you to spread the down payments on each also supply rehab funding etc.After all is complete I understand the next step to be rate and term refi.My confusion is will it justify doing so even though a conventional lender will ask for down payments and closing costs for each home separately when trying to refi the homes now that they are in good condition?Am I missing something?After the hard money lenders points and interest payments and holding cost etc,wouldn't it be more money out of pocket when going to a conventional lender?What am I missing?