LTV Supervisory Limits

Employee at a bank ($110MUSA)
Need clarification on when to use cost and estimate of value from an appraisal when calculating LTV.  The regulation says to use the lower of the two when purchasing an existing property.  So for construction/improvement loans, can we use the "as completed" value from an appraisal?  For a loan to purchase a property and flip it, can we use the "as completed" value since it includes the estimated cost of improvements?