Say the land title shows that it is charged to bank at 2mil in 2014..does this mean that owner borrow 2mil from the bank to finance the land ? if this is the case, given that usually loan to value ratio for land is ard 50%-60%, bank value the land at 4-5mil ? or owner use the land as collateral to refinance 2mil? or there is other meaning?

Please enlighten. Thanks.