I'm certainly more of a student than teacher when it comes to these forums, but here's my 2 cents.
The appraisal requirements in 12 CFR 323.3 say the same thing as in 225.63, but 323.2 actually defines transaction value:
m) Transaction value means: (1) For loans or other extensions of credit, the amount of the loan or extension of credit;
It says nothing about aggregating loans, so I believe you're okay.
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bannad1, CRCM