Our bank does a lot of loans for spec house builders. We first loan them the money to purchase say 20 acres and they break it up into 20 building lots. Then we do the loan to build the spec house on one of the lots. We refer to the future advance clause of the mortgage with the 20 acres. The right to receive an appraisal notice states for credit that is to be secured by a first lien on a dwelling. Is this situation considered a 2 lien were we would not have to give an appraisal notice?
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