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Jay Conner:
Here's a question from Elaine. I saw Elaine. Hey, Elaine, what are you snacking on today girl? I see you there. stuffing your face. That's what is it? Ripples? Oh, my lands. I'm better than say what I thought I said, I thought I said that's pimples. I said, good night. That's nasty. All right. So here's your question from two weeks ago? I think I just saw you put it in the chat. That was nasty. Wasn't it? Lena, Lena. I want you to know we kept your Christmas card that you sent us two weeks ago. That was not as sweet. Okay. Here's your question, Elaine, we're in the world that you'd get these questions, girl.
Elaine:
I do a whole lot of research and I was researching this property. And when I researched this property and I was looking at their notes, I found out that they put four deeds on one note. And in addition to that, they had, what's called a future advanced cause. And I'm thinking, Hey, this might be good, I might be able to use this. So from what I gather, and you're going to tell me if I'm correct or not, this future events, clauses, currently, this bank will give you extra money to use for your next project, because here's, my problem is I'm buying more and more properties in Memphis, Tennessee, which is wonderful. The last two that I bought worked for about 25,000, you can't get a loan for 25,000 and I do have some private lenders that will loan me money, but it's only for short terms. So I'm walking to refinance them for like over 30 years. What I can't, because they're so small. So I'm thinking, Hey, maybe this will help me out and can give me the extra money to buy more and more properties.
Jay Conner:
All right. So let me answer your question. So the question is how does a future advanced clause work? Here's your answer, a future advanced like clause in a mortgage that references future advances is exactly what it sounds like. It's a clause in the mortgage that says, Hey, you can have future advances. So let me define what that means. Future advanced clauses. You can have on a line of credit, a future advance you can have in a lot of credit that is revolving, or you can have a future advance on a non revolving note. So here's the way it works. You have future advances on new construction, right? That's called draws. So, and a future advance is a draw, right? So you're gonna have draws. You're gonna have future advance, If you're borrowing money, this, by the way, this does not apply to private money.
Jay Conner:
Folks. This does not apply to private money. This is only commercial loans that we're talking about this clause and mortgages. So if you're borrowing money from a traditional lender or you're borrowing money from a hard money lender, God forbid there's this thing called rehab draw, right? So you can have a draw for purchase. You can have a draw for rehab, et cetera. Equity lines of credit or revolving lines also has that clause has that clause in the mortgages because equity lines of credit are secured by real estate. And so when you are getting a future advance, you're just an advanced is just a pull down on that equity line of credit. Typically these lines of credit are not on, are not on multiple properties, but could be. So Elaine, that's the answer. But more specifically, if you're looking at a particular note, then I recommend you get your real estate attorney to take a look at that clause and see specifically, what are the conditions, here's the most important point important part of your question, what are the conditions enabled in order to get future advances? And it's all going to come down to how the note is written, right? So that's the general answer. The specific answer is going to be in the note that you have. Thank you for the question Elaine, because my guess is nobody else on the Academy call here today ever heard of future advanced clauses, but there you have it.
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