Combined Loan-to-ValueCLTV
Quick answer
Combined loan-to-value (CLTV) is the total of every loan secured by a property divided by that property's value.
Combined loan-to-value captures all financing against an asset, not just the senior loan. Where a first mortgage sits alongside a second position, a mezzanine loan, or seller financing, CLTV adds those balances together and measures them against value. It is the number a lender uses to understand true leverage and how much equity genuinely remains behind the debt.
Formula
CLTV = (All Secured Loan Balances) ÷ Property Value
Example: A first mortgage plus a second lien totalling $7,000,000 against a $10,000,000 property is 70% CLTV.
Related product: Mezzanine Debt
Related terms
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