$($LTV$)$ ratio. This is logically also about $200$ bps higher than Jan. $2022.$ average of the mortgage constant $($the payment on $$1$ at the going term and interest rate$)$ and the market's required return on equity at the loan$-$to$-$value ratio:

$(RmxLTV)+(Re(1-LTV))=Ro$

Where Rm $=$ Mortgage constant; LTV $=$ Loan$-$to$-$Value Ratio; Re $=$ Return on equity; Ro $=$ Cap rate or are factors to be considered?