Question:
We have a business account that took out a construction loan 11 months ago on lot A. Our business customer just bought lot B (right beside lot A) and is planning to use the exact same floor plan as lot A for lot B for the construction. Since this appraisal was completed 11 months ago on a different address, would we have to get a new appraisal completed for lot B, or, since everything is the same besides the address (right next door with same floor plan not 1 year old) could we reuse the lot A appraisal for lot B?
I am having trouble finding information about this in the regulation.