The Bank is about to provide an advance to a Builder on a revolving line of credit for 100 lots under a guidance line of credit to a Builder. This will be a lump sum advance. Over a period of time, the Bank will provide additional advances on the line for the construction of the houses, and we will get an in-house appraisal conducted at the time of the additional advances. The Bank will get one outside appraisal conduced on one of the houses, and use this as a guide for all other in-house appraisals. The Builder usually start 5 to 10 houses at a time, so the initial advance of will slowly be repaid. The lots are already secured by a 1st lien
Under Reg. B, is it possible to get a single â€œAppraisal Noticeâ€ and one â€œAppraisal Acknowledgement and Waiver of Delivery Timing Requirementâ€ signed at the time of the initial lot take down (the 5 to 10 houses being constructed), if we list all of the lots on each document?