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
Global Definitions Database
Maximum LTV
Source: INREV | Date: 20 March 2020 | ID: D0252 | Version: 5
Related
Property-level loan to value
Nominal value of debt excluding shareholder loans / total fair value of investment and development portfolio.
Vehicle-level loan to value
Nominal value of debt excluding shareholder loans / GAV of vehicle (including pro rata share in joint ventures).