[Calc Review] Help me analyze this deal - What am I doing wrong?

[Justin Munk]

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This report shows that I have no capital in the deal once I refinance. But it don't understand how that is possible. I am using hard money for $105k. Putting $45k down for a purchase of $150k. Putting in $45k of rehab. So to pay off the hard money and get my investment back I need $195k right?? The bank will re-fi for $180k (ARV of $250k) So Im $15k short, Right???