BRRRR Refinancing Confusion

[Aidan Mulligan]

So say I get a 9 month $45,000 hard money loan. $27,000 for purchase $18,000 for rehab and the ARV is $70,000.

Where I am confused is that with the refinance, I would cash out at $25,000 and then be paying back a $70,000 loan instead of the $45,000 hard money loan. Now I have to pay back the hard money loan at 9 months so not refinancing isn't an option. However, I don't want to trade a $45,000 loan for a $70,000 loan. 

I don't plan to go straight into a new property so I don't need the cash. I want to rent so I don't want to sell. What other options are out there?

[Jason D.]

@Aidan Mulligan if the property is worth $70k when you're done, you're max loan will probably be in the neighborhood of $50,000, so you're trading in your $45k loan at 10%(?), to a $50k loan at 6%(?).