LTV is the ratio of how much a borrower has requested for a loan against the asset being used as the security, which can be property or land. Day one LTV is the ration loan against the value of the asset at the very beginning of the project. LTV can change as the project progresses. For example, on day one, if a security being used is just land and as the project progresses gains planning permission, then the value of the land might increase, therefore LTV would change
