Does this sound like a good loan program?

[Fredie Robinson]

Hello! I'm in the process of trying to find my first deal. I wanted to get my financing in order so I went to my local bank that has a commercial loan program. The details are 4.75% fixed for 5 years then it goes to a variable rate. Loans up to 300K, 20 year amortization, $500 closing cost plus title fees, loans up to 90% of property value, no PMI.

I have A++++ credit and about 70K in cash. I'm looking to buy properties 130k and below.

Does this sound like a good deal?  

I appreciate any feedback you can provide me. The Bigger Pockets website has really helped open my eyes to real estate and I'm excited to build my portfolio.