BRRRR with 75%LTV or 75-80ARV?

[Rick Turman]

Guys,

Looking for some guidance here.  More or less closure in this instance.  I am shopping around for Refi options in Ohio and am going back to my original Lender for help.  Here are their comments:

"If you pay cash for the property, we can do a refinance(upon qualifications) within the first 6 months to get you most of the monies back that you used for purchasing the home if the below items are met… LTV restrictions would apply for the amount you are borrowing. We would use the purchase price as the value for this scenario, not a higher appraised value. Typically max LTV on single family cash out refinance is going to be 75%LTV."

Their "Below Items are met" statement was pretty much an excerpt from the Freddie Mac's Code of conduct 4301.2 / 4301.5.  

I am hearing the terms 80 ARV and 75 ARV however this company has stated 75% LTV being from the Original Purchase price of the property. As this has been from a sheriff sale for a 37K cost, my thoughts are I should not accept this offer and continuing searching for one that will offer ARV as I will only be able to obtain 75% of the original 37K value or locate a bank that will offer 75% LTV after the rehab is complete on the value of the home. ARV on this property will range from 140-160k depending on layout and items within. Am I understanding this correctly or am I totally clueless as to what these "Terms" he is referring to mean? Appreciate any feedback!