Is the "R" in the BRRR Calc a cash-out refi or just refi?

[David Olson]

I have a newbie question regarding the BRRRR Calculator. When I refinance, is the BRRRR calculator assuming I am doing a cash-out refi or just a refi? For example, If I have a home with an ARV of $100k, and the bank will refi me at 75% or $75,000 after the rehab is complete in 4 months but I only have $60k total into the deal, I don't get that $15k difference do I? If I wanted the $15k I would have to wait the 6 months seasoning and do a true "Cash"-out refi right?

The numbers below are for a property I am considering and I am not sure if the refinance is assuming a cash-out  refi or just a refi? I assume a cash-out refi because my Total Cash Needed at Purchase is greater than my Total Cash Invested at the end telling me I am getting a portion back.

$70,000 PURCHASE PRICE

Purchase Closing Costs$2,993.00

Estimated Repairs$32,100.00

Total Project Cost$105,093.00

After Repair Value$140,000.00

Acquisition

Down Payment$0 ($28000 surplus)

Loan Amount$98,000.00

Loan Points/Fees$2,940.00

Loan Interest Rate11.990%

Monthly Interest$979.18

Total Cash Needed At Purchase$10,033.00

Refinance

Loan Amount$105,000.00

Loan Fees$3,000.00

Amortized Over30 years

Loan Interest Rate4.250%

Monthly P&I$516.54

Total Cash Invested$6,033.00