A highly leveraged investment is one that has a _____ or greater loan-to-value ratio.

A highly leveraged investment is typically characterized by having a loan-to-value (LTV) ratio of 75% or greater. The LTV ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. High leverage indicates that a significant portion of the asset's value is financed through debt, which amplifies both potential returns and risks.

When the LTV ratio reaches 75% or higher, it implies that the investor is using a substantial amount of borrowed funds to acquire the asset. This also suggests that the investor has only a 25% equity stake, which is relatively low compared to the amount owed to lenders. Such a high level of leverage can lead to increased financial risk, especially in fluctuating markets, as any decrease in asset value could lead to significant losses for the investor.

In contrast, lower percentages, like 25% or 50%, generally indicate lower levels of leverage, where the owner has a larger proportion of equity compared to the amount of debt. Therefore, the defining characteristic of a highly leveraged investment aligns with a loan-to-value ratio of 75% or greater.