100% Purchase & Rehab
Up to 100% of purchase, rehab, and closing costs on qualifying joint-venture transactions — when total project cost is within 70% of the after-repair value. The full acquisition and the full renovation budget, structured as a joint venture where the capital partner takes project economics instead of requiring your cash into the deal.
This is the structure most investors are told does not exist. It does — for the deals that support it. Below is exactly how it works, exactly what it requires, and exactly when we will tell you it is the wrong path.
Up to 100% within 70% of ARV on qualifying joint-venture transactions. Subject to ARV support, documentation, total project economics, program availability, underwriting, and final approval. Not all transactions qualify.
The Terms at a Glance
Published parameters, not marketing ranges. Where a figure is still being confirmed against the current program sheet, it says so rather than guessing.
- Maximum capital
- Up to 100% of purchase price, rehabilitation budget, and closing costs on qualifying joint-venture transactions
- The gate
- Total project cost must be within 70% of the after-repair value (ARV)
- Structure
- Joint venture — the capital partner participates in project economics rather than lending against your equity
- Profit split
- {{CLAIM:jv.split_structure}} — confirming against current program sheet
- Typical project size
- {{CLAIM:jv.project_size_range}} — confirming
- Term
- {{CLAIM:jv.term_range}} — confirming
- Rehab funding
- Released in draws against verified completed work
- Experience
- A risk factor, not always a hard stop. Scope complexity is weighed against track record
- Property types
- {{CLAIM:jv.eligible_property_types}} — confirming
- Markets
- Cleveland, OH and Fort Lauderdale / South Florida
Who It Is For
This structure exists for a specific investor: someone who can find and execute a strong project but does not want to — or cannot — put the full acquisition and renovation cost in from their own balance sheet.
- Operators with deal flow and execution ability but limited deployable cash
- Investors who would rather run three projects at a shared split than one alone
- Experienced flippers whose capital is already committed to active projects
- Newer operators with a genuinely strong deal and a credible plan to execute it
- Investors who want to preserve reserves for contingency rather than deploy them into basis
Common Scenarios
- Purchase plus heavy rehabilitation where standard leverage leaves too large a gap
- A deal with strong margin where the operator prefers a partner to a stretched loan
- A project found at genuine discount where the spread supports shared economics
- An operator scaling deal count faster than their own capital allows
How the Transaction Is Evaluated
Because the capital partner is taking project risk rather than lending against your cash, the review concentrates on whether the project itself can carry the entire structure.
- Total project cost against ARV. The single most important number — it must land within 70% of ARV
- ARV support. Comparable sales that survive an appraiser's scrutiny, not optimistic pricing
- Budget realism. Line-item scope with contingency, not a round number
- Exit credibility. A sale price the market supports, or a refinance that genuinely underwrites
- Operator capability. Whether this specific person can execute this specific scope
- Timeline. Whether the schedule is achievable for the work described
Documentation
- Purchase contract or LOI — real basis, not an asking price
- Line-item rehab budget by trade — a lump sum will not underwrite
- Comparable sales supporting ARV — the number the structure rests on
- Photos or inspection — confirms scope matches budget
- Experience summary and entity documents
What a 100% Structure Actually Looks Like
Illustrative project. The arithmetic is real and the relationships are exactly how this is evaluated — the 100% and 70%-of-ARV figures are confirmed; only the specific split is pending.
| Purchase price | $180,000 | Contract basis |
|---|---|---|
| Rehabilitation budget | $50,000 | Line-item scope by trade |
| Closing & contingency | $8,000 | Included in the covered stack |
| Total project cost | $238,000 | What the capital covers — $0 from you |
| After-repair value (ARV) | $340,000 | Supported by comparable sales |
| Total cost ÷ ARV | 70% | Exactly at the gate — this deal qualifies |
| Investor cash required | $0 | The point of the structure |
| Selling costs (8%) | $27,200 | Commission, closing, concessions |
| Holding costs (~5 mo) | $9,000 | Taxes, insurance, utilities, capital cost |
| Gross project profit | $65,800 | Divided per the JV agreement |
Reading the example
The deal works because total project cost lands at 70% of ARV. That is the ceiling for a 100% structure, and it is what lets a capital partner fund the entire stack and still be protected if the exit comes in below plan. Push the same purchase and rehab against a $310,000 ARV instead of $340,000 and the ratio climbs past 76% — now there is not enough room between cost and value to absorb a soft market, an overrun, or a slow sale, and the deal no longer supports 100% capital.
This is the whole test. Not your credit score, not your cash reserves, not how many deals you have done — whether the project's own economics fit inside 70% of a defensible ARV. An investor with no cash and a deal at 68% is a better candidate than an investor with substantial reserves and a deal at 82%.
The profit split is where a joint venture differs fundamentally from a loan. Instead of paying interest on borrowed money, you share project economics with the partner who funded it — {{CLAIM:jv.split_structure}}, confirming against current program sheet. Run your own deal first: the Maximum Allowable Offer calculator and the rehab budget worksheet build the numbers this review needs.
Does Your Deal Fit Inside 70%?
Enter your numbers. This estimates total project cost as a percentage of ARV — the gate for a 100% structure.
Estimate — illustrative only. Not a quote or an approval. A qualifying result is a starting point, not a commitment; ARV must be independently supported.
The Same Project, Three Ways
The right answer depends on your cash position and how you value control against leverage.
| Conventional hard money | High-leverage debt | 100% JV | |
|---|---|---|---|
| Cash required | Substantial | Moderate | None on qualifying deals |
| Cost of capital | Interest + points | Higher interest + points | Share of project profit |
| You keep | All profit | All profit | Your share per agreement |
| Downside exposure | Your cash first | Your cash first | Shared with partner |
| Deals you can run | Limited by cash | Somewhat limited | Limited by deal quality |
| Best when | You have capital, want all upside | You have some capital | You have deals, not cash |
Be honest about the trade. If you have the cash and the deal is strong, conventional debt keeps more of the profit. A joint venture is the right answer when you would otherwise not do the deal at all — or when running three projects at a shared split beats running one alone. We will say so directly if debt is the better path for you. See debt versus joint-venture capital.
Step-by-Step Process
Preliminary review
Send the address, purchase price, rehab budget, and your ARV support. Enough for a first read on fit.
70% cost-to-ARV screen
We test total project cost against defensible value. Most deals are confirmed or redirected here — fast, so you are not waiting on a no.
Structure discussion
If the economics support it, we walk through the JV terms, the split, the draw process, and responsibilities.
Full file & underwriting
Documentation, valuation, budget review, and entity structure move through the applicable process.
Close & fund
Acquisition funds at closing. Rehab releases in draws against verified completed work.
When This Path Does Not Fit
We would rather tell you in the first conversation than after three weeks of document collection.
- ARV not supported by comps. The most common reason. At 100% capital there is no equity cushion to absorb the gap
- Total cost above 70% of ARV. The margin cannot carry the structure
- No contingency in the budget. A budget without contingency has not been thought through
- Scope beyond demonstrated experience. A first structural gut is a hard conversation
- No credible exit. "I'll sell it" is not an exit plan
- Owner-occupied intent. Business-purpose, non-owner-occupied only
If this path is not right, that does not end the conversation. RECR maintains multiple capital relationships — a declined structure is not a declined deal. Compare all programs.
Questions About 100% Funding
Is 100% really available, or is this a lead magnet?
It is a real structure on qualifying joint-venture transactions where total project cost is within 70% of a defensible ARV. It is not available on every deal, and any site claiming otherwise is selling you something. Deals that clear the 70% gate can be structured at up to 100% of purchase, rehab, and closing. Deals that do not, cannot — at any price.
What does 100% actually cover?
Purchase price, the approved rehabilitation budget, and closing costs. Rehab funds release in draws against verified completed work rather than as a lump sum at closing.
Why the 70%-of-ARV limit?
At 100% capital there is no borrower equity protecting the position. Holding total project cost within 70% of ARV leaves roughly a third of the value as a cushion to absorb selling costs, holding costs, and a soft market. It is what makes a zero-cash structure safe enough for a partner to fund.
Why a joint venture instead of a loan?
A lender needs your cash in the deal to absorb the first loss. A joint-venture partner takes project economics instead — sharing both the risk and the profit. That is the trade that makes zero-cash structures possible.
What credit score is required?
Credit is one input among several, weighed alongside the project economics, your experience, and the exit — not the primary gate it would be in conventional lending. Specifics are confirmed per transaction: {{CLAIM:jv.credit_policy}}, confirming.
Can a first-time investor use this structure?
Possible, depending on scope. Experience is a risk factor, not an automatic disqualifier. A first-timer with a cosmetic rehab, a strong ARV spread, and a realistic budget is a more straightforward conversation than an experienced operator with a thin deal. See first-time investors.
What is the profit split?
Split structure is set in the JV agreement and depends on the transaction and the capital resource — {{CLAIM:jv.split_structure}}, confirming against current program sheet. It is confirmed in writing before you commit to anything.
How is the rehab budget released?
In draws, against verified completed work. You request a draw, the completed work is confirmed, and funds release for that stage. See how rehabilitation draws work.
Do I still need cash reserves?
Reserves are strongly preferred even when capital covers the full stack. Projects encounter surprises, and an operator with contingency available is a materially better risk. Reserves may be requested as a condition on some transactions.
How fast can this close?
Timing depends on file completeness, valuation, and the capital resource. A complete file with supported ARV and a clean budget moves substantially faster: same-day approval on a complete submission, then funding in 3–5 business days.
What happens if the project loses money?
Downside treatment is defined in the JV agreement and varies by transaction. It is one of the most important terms to understand before signing, and it is walked through explicitly rather than buried in a document.
Does submitting a deal guarantee funding?
No. Submission begins a review. All financing is subject to program availability, underwriting, property eligibility, borrower qualification, and final approval.
Have a Deal That Might Qualify?
Send the address, purchase price, rehab budget, and ARV support. That is enough for a first read — no full application required to find out whether this structure fits.