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Updated over 2 years ago,
Can anyone explain a Multiple Advance Loan?
I am working on a purchase of a new rental property and the lender mentioned the option of a Multiple Advance Loan, where they would advance me additional funds up to the Loan To Value max of 75%. (this is in the context of financing a replacement property for a 1031 exchange). I would like to understand this Multiple Advanced Loan better, and whether this is a viable option to meet the replacement price requirement of the 1031/avoid boot.
Can anyone explain how a Multiple Advance Loan works?
Thanks!