Private Money LendersNew program · Purchase + rehab · 720+ FICO
100% of project cost. Capped at 75% of value.
PML funds 100% of the purchase price and 100% of the rehab budget — no cash down payment. The catch is not hidden in a fee: the loan is also capped at 75% of after-repair value, so you only reach a true zero-down close when you bought the deal well enough that your all-in cost lands at or under three-quarters of the exit. Buy it right and we fund all of it.
*$1,500,000 in California. Rates start at 8.5% and origination starts at 1 point, both moving with borrower qualification. Origination and third-party closing costs are payable in cash under this structure, as under any other.
The honest version
What the 100% is, and what it is not.
We have spent years telling investors that 100% financing pitches usually hide the down payment somewhere. That is still true of most offers you will see. Here is exactly where ours sits, stated plainly enough that you can hold us to it.
What it is
- 100% of the purchase price. The full acquisition, funded at close.
- 100% of the rehab budget. Drawn as work completes, as on our standard programs.
- No cash down payment — on a deal whose total cost sits at or under 75% of the after-repair value.
- The same underwriting desk. Same team, same draw process, same closing docs as every other PML product.
What it is not
- Not uncapped. The loan cannot exceed 75% of ARV, or $750,000 ($1.5M in California), whichever binds first.
- Not zero cash. You must hold 10% of the loan amount in liquid reserves, separate from closing and rehab funds.
- Not open to newer sponsors. 720+ FICO, 30+ months of experience, and five verified like-for-like deals are hard gates.
- Not for every deal. Purchase plus rehab only — no refinance, no cash-out, no gut renovation, no ground-up, no rural.
The binding constraint
100% of cost, or 75% of value — whichever is lower.
This is the whole program in one line, and it is the part most lenders would bury. Two caps run at once and your loan is the lower of them. Which one binds is decided entirely by how well you bought.
Cost at 75% of ARV
$0
Buy at $400,000, budget $80,000 of rehab. Total cost $480,000 against a $640,000 ARV. The 75% ARV cap is also $480,000 — so 100% of cost is fundable. Nothing down.
Cost above 75% of ARV
$55,000
Same $640,000 ARV, but you paid $440,000 and budgeted $95,000. Cost is $535,000; the ARV cap still holds at $480,000. You bring the $55,000 difference.
Illustrative deal figures. On the second deal the program still funds 89.7% of cost — better than the standard program’s 92.5% cap would deliver after its own 90% loan-to-purchase limit, but it is not zero down, and we would rather you learn that here than at the closing table.
What this means when you are writing offers
- Your purchase price is the lever. Zero-down is not a lender concession you negotiate — it is an arithmetic consequence of buying at or below 75% of ARV, net of rehab.
- Work backwards from the exit. Take 75% of a defensible ARV, subtract your rehab budget, and that is the highest price at which this program funds the whole deal.
- The ARV has to survive an appraisal. Everything here rests on that number, which is why the ARV that lenders actually fund to is worth reading before you go under contract.
- Then check the ceiling. Loans cap at $750,000 in all states and $1,500,000 in California, with total borrower exposure capped at $6,000,000 across all loans.
100% LTC terms
Numbers, not asterisks.
Every figure below is published program policy. Leverage, eligibility, pricing, and the exclusions that come with them.
What secures it
Not extra collateral. A much narrower borrower.
At 100% of cost there is no borrower equity absorbing the first dollar of loss, so the protection has to come from somewhere. On this program it comes from who qualifies and how the deal is bounded — not from a lien on something else you own.
You qualify if
- 720+ FICO. Against a 600 floor on the standard fix and flip program. Below 720 requires a formal exception.
- 30+ months of rehab experience, stated and supportable.
- Five or more verified like-for-like transactions. Not three, and not adjacent experience — the same kind of project you are asking us to fund.
- You live in the market you are investing in. In-state or in-region. A remote borrower needs a formal exception.
- You came to us directly — a repeat borrower or a directly sourced one.
- You hold 10% of the loan amount liquid, separate from your closing and rehab funds.
This is not for you if
- You are on your first few projects. Take the standard program and build the record — it is worth more than any leverage you can borrow.
- You are refinancing or pulling cash out. Neither is permitted here; bridge covers post-renovation cash-out.
- The project is a gut renovation or a ground-up build. Scope is light-to-medium only, and rehab must stay under 75% of as-improved value.
- The property is rural, or outside the metro and suburban footprint.
- You are using 100% leverage to make a thin deal work. The 75% ARV cap will catch it, and leverage does not fix margin.
The 10% reserve is the honest shape of the trade: the down payment does not disappear, it converts. You are not asked to hand it over at closing, but you are asked to have it — and to keep it liquid while the project runs.
Side by side
100% LTC against the standard program.
| Fix & flip | 100% LTC | |
|---|---|---|
| Loan-to-cost | Up to 92.5% | Up to 100% |
| Loan-to-purchase | Up to 90% | Up to 100% |
| Max loan-to-ARV | Up to 75% | 75% |
| Cash down payment | 10% of purchase | None, if cost ≤ 75% of ARV |
| Liquid reserves | Recommended | 10% of loan, required |
| Minimum FICO | 600 | 720+ |
| Experience | Open to first-timers with a licensed GC | 30+ months and 5+ verified deals |
| Loan size | $100K–$5M | Up to $750K, $1.5M in CA |
| Scope | Light through full gut | Light to medium only |
| Refinance or cash-out | Available | Not permitted |
| Term | 6–18 mo | 12 mo, extensions available |
| Rate from | 8.99% | 8.5% |
The standard fix and flip program is unchanged and remains the right answer for most borrowers, most deals, and every first-timer. 100% LTC sits alongside it as a sixth product, not as a replacement.
Questions
What sponsors ask first.
Is this really 100% financing, or is there a catch?
It is genuinely 100% of project cost — purchase and rehab — with no cash down payment. The condition is stated rather than buried: the loan is simultaneously capped at 75% of after-repair value. When your total cost sits at or under 75% of ARV, both caps allow the full amount and you close with nothing down. When your cost runs above that line, the ARV cap governs and you bring the difference.
So how do I actually get to zero down?
Buy well enough. Take 75% of a defensible after-repair value, subtract your rehab budget, and the result is the highest purchase price at which this program funds the entire deal. On a $640,000 ARV with an $80,000 rehab budget, that is $400,000. Pay more than that and the ARV cap starts binding before the cost cap does.
Do I need cash at all?
Yes. Two things are still payable or required. Origination and third-party closing costs — title, escrow, recording, appraisal — are due in cash at closing, as on any loan. And you must hold 10% of the loan amount in liquid reserves, separate from your closing and rehab funds. The down payment does not vanish under this structure; it converts into a reserve you keep rather than a cheque you write.
Who actually qualifies?
A narrow group, deliberately. 720 or better FICO, with a formal exception required below that. Thirty or more months of stated rehab experience. Five or more verified like-for-like transactions. You must reside in-state or in-region — remote borrowers need a formal exception. And you must be a repeat borrower or directly sourced.
Can I use it to refinance or pull cash out?
No. This program is purchase plus rehab only. Refinance and cash-out transactions are both excluded. For post-renovation cash-out, our bridge product is the right instrument; for a stabilised rental takeout, see rental and DSCR.
What kind of projects are eligible?
Single-family, two-to-four unit, and condo, in metro and suburban locations. Light-to-medium rehab only, with the rehab budget staying under 75% of as-improved value. Not eligible: heavy rehab and gut renovations, ground-up construction, and rural properties.
How large can the loan be?
Up to $750,000 in all states and $1,500,000 in California, with total borrower exposure capped at $6,000,000 aggregate across all loans. If your project is larger than that, the standard fix and flip program runs to $5M per asset.
Is the standard fix and flip program going away?
No. Fix and flip remains our core rehab product at up to 92.5% of project cost, open to first-time sponsors working with a licensed general contractor, with loans from $100,000 to $5,000,000 and no restriction on refinance or scope. 100% LTC is a sixth program for a much narrower borrower, not a replacement for the fifth.
Bought it right? Then we fund all of it.
Send us the purchase price, the rehab budget, and a defensible ARV. We will tell you which cap binds, whether the deal closes at zero down, and what you need liquid behind it.