12 CFR Appendix C to Part 208 - Interagency Guidelines for ...
https://www.law.cornell.edu/cfr/text/12/appendix-C_to_part_208
The supervisory loan-to-value limits should be applied to the underlying property that collateralizes the loan. For loans that fund multiple phases of the same real estate project (e.g., a loan for both land development and construction of an office building), the appropriate loan-to-value limit is the limit applicable to the final phase of the project funded by the loan; however, loan ...
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