All cash purchase. How does rehab loan numbers work?

[Gerald Alphin]

Hello BP this will be my First solo fix and flip.  My newbie question is below.

Here are the numbers...

73,500    = Purchase house Cash 

70,000    = Rehab

230,000 = ARV

I've been speaking with hard money lenders and they are saying "we'll lend up to 70% of the ARV". Well, does that mean that I'll only be paying points and interest at closing with the 70k (rehab) fully financed?...because with the all cash purchase I'm at 66% of ARV. (Of course they'll do their own appraisal and figure from there).