80% LTV, 0 down, no pre-pay penalties ... is it possible?

I have two properties ready to go, both with contracts. I want to rehab both but need to borrow against appraised value to get cash flow to rehab. One property is 100k purchase price … 32 comps within mile, lowest is 150k (ave is 180k) AS IS … Have paid for an appraisal as is and it came in at 151.3k as is. Fix costs est. at 43.5k … so potential is great for much more than appraised value of 151k. Comps for fixed average 184.3k. Area would definitely support 180k. Potential 30k+ profit. Can anyone out there help me? I also see that to do this rehab that most companies require a GC letter and proof of experience. Can this be avoided at all? ???

If I am understanding this correctly, you are looking for a lender that will give you a purchase loan based on the appraised value and not the purchase price. So that you will have some upfront cash for repairs?

All loan LTV’s are based off of the appraised value or purchase price. Whichever is lower.

So if this is truly a purchase, your lTV will be 100% unless you are putting money down. So in order to accomplish your 80% ltv scenario you will need to have an additional 20% available. This can be from your own fund, seller carrybacks, etc.