75% of cost for construction really doesn't mean much to me in this equation. I have seen $150,000 homes constructed and they are placed on land that costs $500,000. Without hard numbers it is hard to say. You also don't say anythin about appraised values.
If you are planning to shave down the LTV over the life of the loan by using the 75% advance rate - I would say that is going to depend on your regulators. I have seen them totally over look the initial advances being over the LTV and I have also seen them blow a cog.
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