Cash-Out Refinancing

[Josue Guerrero]

Forgive the newbie question, but I'm curious as to how exactly a cash-out refinance works. Could someone please explain to me the process of cash-out refinancing a house purchased and renovated through a private money lender?

Follow up question: What is your own personal experience with a home that you purchased and rehabbed with private or hard money, and then refinanced?