ARV (After Repair Value) is the appraised value of a property assuming the rehab is complete and the property is at typical market condition. Used to size fix-and-flip and new construction loans.
Loan-to-ARV (LTARV) is the cap on hard money fix-and-flip leverage — typically 65–75%. ARV is determined by the appraiser at file opening using rehab-equivalent comps from the same submarket.
ARV pull-back is a common reason files die post-CTC: a re-pull or comp challenge can lower the ARV, voiding CTC-tier pricing.