Delayed Financing ....... 70% LTV or 100% LTV ??

[Michael Dunn]

I'm not quite sure I understand how Delayed Financing wroks , in regards to how the LTVs work / are based on .

Example:

I purchase an Investment Property for $35,000  ( Paid for in Cash by me  )

assumes 2 sets of Closing Costs =  $5,000

Rehab = $20,000 ( paid with via a HELOC off of Primary Residence .... so technically this is Irrelevant )

Property's ARV after it's Rehabbed and Fixed up = $115,000

How would this work, when I go to do the Refinancing of this Property , using Delayed Financing  ( am assuming I get the Rehab work done in 4 months from the day I Close on it ) 

Would the Delayed Financing = 70% x the ARV of $115,000 = $80,500

So I could then take the $80,500  minus the $35,000 that I purchased the Property for with my own Cash  ( so i could FULLY pay myself back  )

I could then " Pay Off " the HELOC of $20,00 ( Plus the Interest of say $1,000 )

And Lastly I could pay off the 2 sets of Closing Costs of  $5,000

So after I pay everything off....... Would i Then " Get Back "   $19,500  in Profit  , of which I could spend in any way I like ? 

OR

Would I Only be Able to get back all of the $35,000 that I used to Purchase the Property using Delayed Financing ..... assuming 100% LTV is used of the JUST the Purchase Price of the Property ( $35,000 ) ?

Thanks so much for the help