This your last statement key here is the point, and why they are cool , then you have to extract and reverse-engineer the statement.

At 75% LTV, you would extract $1.5m (assuming you qualify).  

They make it easy on the seller by doing the work "post close", but they'll deduct the cost of the repairs from the purchase proceeds (All of this is disclosed right on their website) I've heard through the grapevine that they're very pushy with repairs and try to extract the most they can from the sellers.