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dos. This new prospectus complement defined the mortgage-to-value ratio, otherwise LTV, as the «proportion of your principal harmony of such real estate loan within go out away from commitment so you’re able to (a) in the case of a purchase, this new minimal of your own selling cost of the latest mortgaged property and you can the appraised well worth during business or (b) regarding good refinancing or amendment, the fresh new appraised worth of this new mortgaged assets in the course of the new refinancing otherwise modification.» [Back]
3. Brand new prospectus supplement outlined the fresh joint loan-to-well worth ratio, or CLTV, due to the fact «the fresh proportion of prominent harmony of the next-lien home mortgage, with all the a great balance of associated earliest-lien home loan, at time out-of devotion in order to (a) in the case of a buy, the latest less of your own profit cost of the new mortgaged assets and you will their appraised worth at the time of purchases or (b) in the case of a good refinancing otherwise modification, brand new appraised worth of the fresh new mortgaged possessions during brand new refinancing or amendment.» [Back]