Can anyone explain a Multiple Advance Loan?

[Adam S.]

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!