Best option for short-term land financing

How is this actually considered as equity in a later financing? Equity = purchase price minus outstanding debt or equity = market value (as of cutoff date X) minus outstanding debt?

Value as of the cutoff date. So probably lower than today, if I look at the new standard land values 2024. Düsseldorf 10-20% (in some cases even higher, only not in the city center) loss in value from 12/31/2023 to 01/01/2024...