Except as otherwise provided in this section, each project must have a loan to value percentage of not more than 85 percent of the appraised value of the project for debt which is secured by a first lien and is issued by the Division. The Division may allow a loan to value percentage that exceeds 85 percent of the appraised value of the project if the Division, in its sole discretion, determines that a greater loan to value percentage is appropriate under the circumstances.
Nev. Admin. Code § 319.719
NRS 319.140