Loan-to Value Ratio (LTV): a comparison between the value of your loan amount and the estimated value of your property. To determine a loan’s loan-to-value, the lender will take your desire loan amount and divide it by the value of your commercial real estate . Hard money lenders sometimes require two opinions of value to ensure they’re making a good financial decision to fund the loan. Lenders can get their values from appraisals, broker’s price opinions (BPO) or tax appraisal value.