Is borrowing on LTV real?

[Elenis Camargo]

Hi BP! I called several hard money lenders a few months ago and they all said they would lend 80% LTV but that their LTV is based on purchase price. Listening to BP podcasts and reading Brandon Turner’s book on investing with little to no money, I was under the impression hard money lenders would lend based on appraisal value, not purchase price. Does this not exist anymore? Thanks in advance!