We have a request for a construction/permanent loan to construct a single family 2nd home that is located in a flood zone.
One of the three values that we have to consider is Actual Cash Value as it is not a primary residence.
Could a structure that hasn't even been built be depreciated?? Is it like a car in that the minute you drive it off the lot it has depreciated?
Would I be reasonable to use an ACV that has no depreciation?
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