Lenders terms

[Mark C.]

Hi All, I have been reading bigger pockets for more than a year and have only recently decided to access the forums. These fannie/freddie rules for financing for properties greater than 5 leave something to be desired. I recently found a lender though that will lend up to 85% of ARV or after repair costs which ever is less. IT would be a 15 year 5/1 arm. Does this seem like a very good deal IMO it just looks like a 20% down deal and I pay for the repairs in essense?
example
$70k purchase
$15k repairs
$68k note

thanks
Mark