Financing

What Is Combined Loan-to-Value (CLTV)?

Combined loan-to-value, or CLTV, is the total of every loan against a property, first lien plus any junior debt, as a percentage of its value.

CLTV = (First lien + Second lien + ...) ÷ Property value × 100

Where plain LTV counts only the first mortgage, CLTV adds the second: a seller carry, a mezzanine loan, or any other lien. A $2,450,000 bank first plus a $350,000 seller second on a $3,500,000 property is 70% LTV but 80% CLTV. It matters most in stacked and creative structures, where the total leverage, not just the bank's piece, drives your risk and your coverage.

Lenders often cap CLTV to limit how much total debt sits ahead of, or alongside, their loan. Model both liens on the commercial mortgage calculator.

See it on a real deal

RVP Underwriter computes this from your documents automatically, with every figure shown and sourced. Underwrite a deal free.

Related terms

Part of the RVP Underwriter glossary of income-property underwriting terms. Browse all definitions, or put them to work with the free calculators.