getting repair costs out of refi

[Jim Butterfield]

Looking at a rehab property. ARV is $150k, repairs estimate $48k currently, cost of home is $85k ( still calculating final offer). Using those numbers, after rehab i get a loan at a 70% LTV this is $105k, $85k to pay off hard money loan, left with only $20k for my $48k spent. Is this all correct? Am I missing something. Seems like I need to make a ridiculous offer of $60k to get my rehab money out. Playing with the numbers in the calculators.

During conversation with seller, he wanted $80k out of it to pay off the current loan.