LTV = Loan Amount ÷ Appraised Value.
Typical caps by product:
- DSCR purchase: 75–80% LTV
- DSCR cash-out refi: 70–75% LTV
- Fix & flip / bridge: up to 90% LTC + 100% of rehab
- Ground-up construction: 75–85% LTC, 65–70% LTV of ARV
- Commercial: 65–75% LTV
Higher LTV = more leverage, higher rate, more risk. Every 5% down usually moves your rate 0.125–0.375%.