Refinance process when doing a BRRR deal clarification

[Mark Mainini]

question from a newbie here. I am reading the BRRR book right now and I just had a question on the refinance part. hypothetical put down 20k on a 100k deal and finance 80k from a hard money lender. I rehab for 15k to get my ARV up and now it is worth 150k. I put in 35k for down payment and rehab im into the deal 105k. When I go to do my cash out refinance, does a bank cut me a check personally and I pay my private lender back? Im just trying to get a better understanding on how the cash out refinance works if I were to do a conventional loan as well. I feel like it is a simple process that I am complicating. Thanks!