Beleihungsauslauf

In English: Loan-to-value (LTV)

The loan as a share of the property's value. The lower it is, the less risk for the bank and the better your interest rate – the usual steps are 60%, 80%, 90% and 100%. Banks measure it against their own cautious valuation (Beleihungswert), often 10–20% below the price, so their figure is higher than loan ÷ price.