Cash-out refi details

[Austin Ralls]

My main strategy has been fix and flips and I've built up enough cash and relationships with private lenders that I want to start getting rentals added to my portfolio and investing strategy. With that said, refinancing the loan is bringing a whole new vocabulary and I'm wanting to get some clarity even though I know this will be looked at as a dumb question. 

When I finish with my remodel and I'm going to refi the property and I want to do a cash-out refi, will they give me cash proceeds if I refi at the 75% and its more then what I owe my HML?

So if I have $65,000 invested in the property and its arv is 100,000 will i be able to get that additional 10,000 in cash proceeds as part of my "Profit" or is it only allowed to cover what other loan is on the property? Again, I know this is probably a dumb question because the answer is within the question, but I want to get clarity before I just push all in on this model. 

Thanks!

[Lorien Rollins]

Austin, CONGRATS!! Tagging my favorite LO @Wyatt Wolff - cheers!