VALUE RATIO OR LTV definition
VALUE RATIO OR LTV. With respect to any Mortgage Loan, the ratio (expressed as a percentage) of the original outstanding principal amount of the Mortgage Loan as of the Cut-off Date (unless otherwise indicated), to the lesser of (a) the Appraised Value of the Mortgaged Property at origination, and (b) if the Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price of the Mortgaged Property.
VALUE RATIO OR LTV. With respect to any SBA Loan, (a) the sum of (i) the original principal amount of such SBA Loan as of origination and (ii) the principal balance of any Prior Lien as of the date of origination of the related SBA Loan, divided by (b) the total discounted net collateral value (as determined by the Bank in accordance with its underwriting criteria) of the primary and secondary Collateral securing such SBA Loan at the time of origination.
VALUE RATIO OR LTV. With respect to any SBA Loan, the gross amount of the loan divided by the total net collateral value (as determined by the Sellers in accordance with their underwriting criteria) of the primary and secondary Collateral securing such loan.
More Definitions of VALUE RATIO OR LTV
VALUE RATIO OR LTV. As of any date and as to any First-Lien Mortgage Loan, the ratio (expressed as a percentage) of the outstanding principal balance of the First-Lien Mortgage Loan to (a) in the case of a purchase, the lesser of (i) the sale price of the Mortgaged Property and (ii) the lesser of (y) its appraised value at the time of sale or (z) the appraised value determined by a review appraisal conducted by the Responsible Party, or (b) in the case of a refinancing or modification, the lesser of (i) the appraised value of the Mortgaged Property at the time of the refinancing or modification or (ii) the appraised value determined by a review appraisal conducted by the Responsible Party.
VALUE RATIO OR LTV. With respect to any Contract, the ratio of the original outstanding principal amount of the Contract, including prepaid finance charges to (i) with respect to any Contract that is not located in California and that is not Land Home Contract, the cash selling price of the Collateral plus the sum of (a) sales tax, (b) freight, (c) prepaid finance charges, (d) closing fees to third parties and (e) insurance or (ii) with respect to any Contract located in California or that is Land Home Contract, the sum of the Appraised Value of the Collateral plus the sum of (a) sales tax, (b) freight, (c) prepaid finance charges, (d) closing fees to third parties and (e) insurance.
VALUE RATIO OR LTV. With ▇▇▇▇ect to any First Lien Mortgage Loan, the ratio of the original loan amount of the Mortgage Loan at its origination (unless otherwise indicated) to the Appraised Value of the Mortgaged Property.
VALUE RATIO OR LTV. With respect to any Loan, the original amount of the Loan divided by the lower of the cost or the appraisal value of any real estate Collateral plus the discounted value (as determined by the Seller in accordance with its underwriting criteria) of any non-real estate Collateral securing such loan.
VALUE RATIO OR LTV. With respect to any Mortgage Loan, (i) the sum of (a) the original principal balance of such Mortgage Loan plus (b) the remaining balance of any Prior Lien, if any, at the time of origination of such Mortgage Loan, less (c) that portion of the principal balance equal to the amount of the premium for credit life insurance collected by the Originators, divided by (ii) the value of the related Mortgaged Property, based upon the appraisal (or, in the case of certain Mortgage Loans with original principal balances of less than $15,000, such other method of valuation acceptable to the related Originator) made at the time of origination of the Mortgage Loan.
VALUE RATIO OR LTV. With respect to any Mortgage Loan, the ratio (expressed as a percentage) of the original outstanding principal amount of the Mortgage Loan as of the Cut-off Date (unless otherwise indicated), to either (a) if the Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the least of (i) the purchase price of the Mortgaged Property, (ii) the Appraisal Value of the Mortgaged Property at origination, or (iii) the Review Appraisal Value of the Mortgaged Property; or (b) if the Mortgage Loan was a refinancing or modification, the Appraisal Value of the Mortgaged Property at the time of the refinancing or modification.