I'm assuming we're talking about a loan that is below one million dollars? If so, I think the following information applies....
according to the FFIEC "A Guide to CRA Data Collection and Reporting" page 12,
"Data collected in 2001 and subsequent years...An institution should collect information about small-business and small-farm loans that it refinances or renews as a loan origination. (A refinancing generally occurs when the existing loan obligation or note is satisfied and a new note is written, while a renewal is an extension of the term of a loan. However for purposes of small business and small-farm CRA data collection and reporting, it is no longer necessary to distinguish between the two.) When reporting small-business and small-farm data, however, an institution may report only one origination (including a renewal or refinancing treated as an origination) per loan per year, unless an increase in the loan amount is granted."
If your Construction line was for x amount of dollars and was not increased when the permanent financing was granted IN THE SAME YEAR I believe you would report this as just one loan. If however, there was an increase, the increased amount would be the amount of the second loan reported.http://www.ffiec.gov/cra/guide.htm
I have an examiner here who agreed with me (actually we've got about 20 of the darned things here). You might want to call your own if you still aren't feeling comfortable with the answer. The key in my mind hedges on the two loans booking the same year for the same dollar amount.
If we're talking a CD loan, I've already run the idea of getting double credit for the loan and line with the new data collection guidelines by my examiner. (just for giggles) He umm...giggled!
Hope that helps!