combination loan-to-value (CLTV)
Definition
Ratio measure of a property's worth as a collateral for refinancing a larger loan. It is computed by dividing the unpaid balance(s) on the present loan(s) secured by the property by the property's assessed value. Higher the CLTV ratio, the lower the property's attractiveness as a collateral. Formula: Unpaid loan balance(s) secured by the property ÷ property's assessed value.
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