Cash out refinance costs

[Scott K.]

Hi all! I'm trying to understand how a cash out refinance typically works.

Let's' say I've refurbished a property, its ARV is $100,000, and a bank will offer a 70% loan-to-value cash out refinance.

Would this mean I would get $70,000 in cash less any transaction fees/closing costs? Or do lenders typically additionally require some sort of down payment (e.g. 20%) that most conventional loans require. So in effect I'd get $56,000 less transaction fees in cash and have $14,000 in equity?