Global Definitions Database

Access, learn and discover all terms related to the non-listed real estate sector.

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Maximum LTV

The consolidated total external leverage at the vehicle level as a percentage of the GAV of the vehicle.
Depending on the accounting standards, a manager will mark the debt to market, with any gain or loss being reflected in the vehicle’s profit & loss account.
Investors’ subscriptions in the form of loans (e.g., for tax purposes) should be excluded from the calculation

Source: INREV | Date: 20 March 2020 | ID: D0252 | Version: 5