Question about hard money loan (Loan to Cost vs. ARV)

[Frank S.]

I found a property for $220k , which needs approximately $60k in rehab. The lender said they would loan 80% Loan to Cost or 70% ARV. If ARV is $350k, then the lender would lend on the lower of the two I assume? Which would be 80% Loan to cost or $220k + $60K = $280K x 80% = $224k. If the purchase price is $220k does that mean I dont have to come to the table with any money, aside from closing costs? I would just have to pay rehab costs?