It's an interesting proposition if you are totally out of cash, and their site says:
"When your loan commences, origination points will be added to the principal of your loan. "
So it looks like they are giving you the full 70% ARV (by the time the work is complete).
1. I would not suggest to use them for your first flip or if you are a beginner because a beginner can easily go over 5 months.
2. Do not think you can use them with $0.00 in your pocket. You do need to front 25% of re-hab before you get a draw.
3. There is a lot of wasted money in their fees/points/etc.
Though, if you are experienced and you simply want to do an extra deal and:
a). lack the on hand cash
b). do not want to share with a jv partner
c). for some reason have not developed other funding options
it may not be a bad deal.
They are filling a niche. But be aware of the tight terms and overall cost of borrowing.
One more thing - there are lenders that will go 65%ARV with 2.5 points and 12 % interest for 12 months if you have a little skin in the game. It may be worthwhile to save up some "skin" frst unless you really know what you are doing.