LTV is a common abbreviation in CRE. It represents a ratio – specifically the loan amount to the value of the property.
The loan amount is generally the value owing to the debt funder (bank), and this value can differ to the total loan facility.
Property value is R100M
Loan amount is R40M
The LTV ratio is 40%
Out of interest, the property value less the loan value is known as the property equity.