No. It becomes a "buildable lot" loan or "finished lot" loan and is treated the same as a development loan. The following is per OCC AL-2003-7:
Finished lot loans and buildable lot loans are synonymous with land development loans. The supervisory LTV ratio for a land development loan, a
finished lot loan, or a buildable lot loan is 75 percent.
The LTV ratio remains at 75 percent until construction of a
permanent building commences.
OCC AL 2003-7