In one sentence
The loan amount divided by the property's appraised value, the basic measure of how much equity cushions the lender.
The longer version
A 65% LTV loan on a $10M property is a $6.5M loan. Regulated lenders operate under supervisory LTV limits by property type, and credit policy usually sits below those caps. LTV pairs with DSCR and debt yield to size the loan; the binding constraint wins.
Value comes from the appraisal, which makes appraisal review part of the sizing conversation, not an afterthought.
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