Hard Money

[Peter Tryon]

Hey everyone, not sure if this is the best place for this question...
But I have a question about hard money lending. I've been researching some lenders in my area and most say they only give LTV of 75%. My question is 75% of what? The total purchase price? The total purchase price and reno costs? or 75% of the projected value after reno? If im looking at a property that is priced at $100,000 and needs $30,000 in renovations but has comparable sale prices of $200,000 what can i expect to receive for the loan? I just want to be sure before approaching anything.
Any help would be appreciated