I have thought about this so much I start questioning myself. I have read all the joint guidelines on SLTV many, many times. I understand the multiple phases of loan to value from raw land to land development to construction. What I don't understand is how you track or reconcile your loan to value on an on-going basis (with inspections) on a builder line with muliple houses in various stages of construction.

I can't wrap my head around "100% advance of cost not to exceed 80% of appraised value. Doesn't this mean you are 100 advanced and only 80% completed? Doesn't this mean you have a SLTV problem?

What happens if you receive an advance from one contractor that covers, say, framing for multiple houses?

Am I worring too much or not enough?

I have to go now. I think they are coming to get me. Do you see them?