Finding a lender based on appraised value

[Hayato Hori]

Listened to a recent BiggerPockets podcast of Daniel Isles (I believe his name was) who was able to purchase a property and have a bank lend based on the appraised value of the property. And he would use the equity spread as a down payment and essentially he would be able to acquire the property with little to no money down.

Ex.

Appraised value of property: $110k

Purchase price of property: $80k

Bank lends on 80% of appraised value: $88k

Since purchase price is $80k he is left with $8k.

20% down payment for $110k home is $22k

So he comes up with $14k + closing costs to close the deal.

Are there any lenders who are able to do this?