{"investor_group_id":"1","date_received":"2025-12-20","question_original":"What is the effective LTV at closing, based on total bond issuance versus total pledged land value?","internal_owner_id":"4","draft_answer":"Based on the current structure, we target a loan\u2011to\u2011value (LTV) at closing materially below 50% when measured against 66% of the official fiscal value of the pledged land. The exact LTV will be disclosed once the final collateral pool and total issuance size are fixed, but the aim is to provide a meaningful equity and value cushion for bondholders.","final_answer":"At closing, the pledged collateral will represent a total value that is approximately 150% of the bond principal, resulting in an effective loan-to-value (LTV) ratio of approximately 66%.\r\n\r\nThis means that the secured land assets will provide a 50% buffer above the total bond issuance, offering substantial over-collateralization to protect investors in the event of default or forced asset realization.\r\n\r\nThe final valuation basis will reflect a conservative and verifiable approach, relying either on official fiscal values, certified appraisals, or a combination of both\u2014depending on investor preferences and legal enforceability requirements.\r\n\r\nFull supporting documentation will be provided at closing.","status":"In progress","priority":"Medium","version":"V1 2025\u201112\u201122","update_date":"2025-12-23","linked_faq_id":"3","notes":"Je ne comprends pas ce que cest. A expliquer en reunion","updated_at":"2026-01-15 11:43:29"}