Loan 75% LTV with no down payment?

[Suzanne B.]

I've found some investor-funding companies that offer, for example, "75% LTV lending with no down payment." I'm having a hard time wrapping my brain around this. Does this mean that if the value is $100k but you are able to get it for $75k, that means you can get 100% financing with no downpayment? Would the LTV mean the current value, or the after-repairs/potential value of the home?