Hard Money Loan - Surplus rehab funds question

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I have been looking around for the answer to this and so far I haven't found anything that answers it directly.

I'm getting ready to put an offer in on a buy and hold duplex and plan to use a HML to acquire and then refinance with my credit union once all the repairs are complete. $70k offer price $20k renovation budget total financing for $90k. Conservative ARV of $140k

My question lies in, what exactly happens with the balance on the HML if the renovation draw ends up being less than what is planned? The $20k includes my contingincy since this would be my first deal. The numbers really only add up to about $12k that I have from my contractor, but I want to give myself enough wiggle room in case of surprises.

Just curious how the refinance works. Do I get the full HML for $90k no matter what so that when I refinance I do so for $90k and pocket any surplus funds? Is the payoff amount on the HML adjusted down for the unused draw and so my payoff (and therefore subsequent refinance) would be for $85k (assuming rehab comes in closer to $15k instead of $20k)

I know every HML will be different but I'm curious what most people experience for this so that I know what to ask when I start talking to HML's next week.

As always thanks for the help BP!

The bank I am using now will do a cash out refi at 80% no matter what the underling lien is. I would talk with your credit union and see what they offer. If they do not do cash out shop local banks. Also remember that there are fees when refinancing. I would ask what they are as well?

Best of luck