A loan is sized by DSCR, LTV, and debt yield. How is the final amount determined?

How to answer

Each constraint implies a maximum loan, and the lender takes the lowest of the three (the most restrictive binds). DSCR-max = NOI / (min DSCR × mortgage constant); LTV-max = LTV × value; debt-yield-max = NOI / min debt yield. Whichever produces the smallest loan sets the proceeds — typically debt yield or DSCR in a high-rate environment.

Key idea: Most restrictive of the three caps wins.