A $275,000 loan is made to a real estate investor to be secured by vacant land with the intention of building one 1-4 family residence in a couple of years. Since there is no 1-4 family residence currently on the property, would this fall under the $500,000 Commercial Real Estate appraisal exemption, and therefore we could obtain an evaluation?

An additional loan of $275,000 will be made when the investor begins constructing one 1-4 family residence. Since there is one 1-4 family residence being constructed on the property, it appears the $250,000 appraisal threshold has been exceeded, and we would not be able to use an evaluation, correct?

Assume the vacant land is later sub-divided and an additional 1-4 family residence will be constructed on the land with another new loan of $275,000. Since there are multiple 1-4 family residences on the property, the loan would fall under the $500,000 Commercial Real Estate appraisal exemption and therefore we could obtain an evaluation, correct?