A loan must satisfy a 65% max LTV, a 1.25x min DSCR, and a 9% min debt yield. How is the final loan amount determined?

How to answer

Size the loan under each of the three constraints independently, then take the SMALLEST (most restrictive) result—that's the binding constraint and the actual loan amount. LTV gives loan = 0.65 × value; DSCR gives the max debt service NOI can cover at 1.25x (back into loan via the mortgage constant); debt yield gives loan = NOI ÷ 0.09. The lowest of the three wins.

Key idea: Compute all three; the most restrictive (smallest) loan governs.