{"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":"","status":"Reviewed","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":"2025-12-23 14:37:33"}