The input for Subsequent Financing is loan-to-cost, with cost being the total project cost. Based on that input, the model automatically calculates a loan-to-value (cell D86 and D87), with the value being the post-renovation stabilized value.
The reason the input is loan-to-cost, and not loan-to-value, is that in some instances using LTV to drive Subsequent Financing loan amount creates a circular reference that is difficult to model around. So LTC is an appropriate alternative; especially with the LTV metric adjacent to it.