Jerry Berry | Executive Vice President First Heritage Mortgage

Pond Roofing

About This Episode

Join us for this special episode featuring Jerry Berry, Executive Vice President at First Heritage Mortgage and Preferred Lender for Stanley Martin Custom Homes. Jerry walks you through the construction to permanent loan process and gives helpful tips on what to expect during the construction loan period. Jerry also addresses what every new home buyer really wants to know about…. interest rates! With the current market, higher rates are coming soon! Tune in and learn how Jerry can help you lock in your interest rates now! You don’t want to miss this informative episode!
Jerry’s Website



[00:00:04] Speaker 1 All right, welcome to another episode of the Go with John show, we’re here today with Jerry berry. Welcome, Jerry. How are you doing, John? Good, good. So we’re going to talk about construction financing, which we’ve talked about before. Right. But I think I think today we want to try to get into like some, some some detail. So before we get into the detail. Sure. What is a construction loan and how does it work, which the 30000 foot view of that?


[00:00:28] Speaker 2 So we’re going to set up a big construction loan for you. You don’t. You don’t owe anything on that construction until you start using it, kind of like a home equity line of credit. So we’re going to set up a big construction line that’s four, five, six or eight thousand dollars, whatever is going to take you to complete your project right? And as the builder does work, we’re going to release funds to the builder, right? We can actually give it to you. Draw payments. Exactly, exactly. We can actually give it to you, and you can you can be in charge of that also. But as a rule of thumb, they’ll be draws and and you start paying interest on that money as you use that money. Mm-Hmm.


[00:01:02] Speaker 1 Yeah. Got you. Thing like what happens? So so you take out a line of credit. And how does the interest rate work on that line of credit generally? Well.


[00:01:12] Speaker 2 As a rule of thumb, most all the construction loans that I do, it’s available two ways we like to do what’s called a one time clothes, right? So we’re going to lock your interest rate upfront. Like today, the 15 year fixed is it is that three percent. The 15 one arm, which is a 30 year average, is amortized loan. Right. But it’s only fixed for the first fifth right.


[00:01:32] Speaker 1 And we’re February or February of 2022 right now.


[00:01:35] Speaker 2 Right, right, right. And it’s at three. It’s at three and a quarter right now. So that’s actually the interest rate during the whole period of the loan, whether it’s 15 years, whether it’s a 15 year fixed to the 15 one for the first 15 years, right? That’s the interest rate the whole time, even during the construction phase. The interest rates only three and a quarter today on that, on that 15 months. So it’s a great loan. You can lock that up front. So we have to worry about where rates are when your project’s finished. Right? You can do another loan to where we don’t do a fixed rate product. We just do a big home equity line of credit for lack of a more understandable term. And that rate fluctuates during the building process that works the same. And then once a home gets completed, you could lock into a rate at that time. But you know, especially with the market today, I’m much more comfortable putting in putting you into a product at six or 15 years, absolutely not having to worry about it. I mean, we all know rates go up and down and they’re on a little uptrend right now, but they’re going to they’re going to come down good for for a for a lot of different reasons. We probably have another 18 months of rates increasing a little bit, but after that, they’ll they’ll slide back down.


[00:02:39] Speaker 1 Good for us. That’s good. That’s good to know. Yeah, but you said


[00:02:44] Speaker 2 you said the term draw, you exactly said the term draw. So. So every time you are, all the builders are going are going to arrange a draw schedule that that they choose to work with. Some of them are six draws. Some of them are seven draws. They could be they could be more draws depending on the on the cost of the project as that builder completes steps in the project. Just think of there’s 100 percent of the projects done right, so let’s say every 15 percent the builder will say, Hey, I’ve done this, this, this, this, I’m ready for my first draw, right? So we send out a home inspector, excuse me, an appraiser at the time, and he goes out and sees what in fact, the builder has done right. So we’re not just going to give the builder $500000 and say, Hey, please, please build John Jurgensen House, right? We’re going to make this builder build John Jurgensen House because we’re only going to pay him for work. He’s done right. We’re not going to give him all his money until the home is a hundred percent complete. John’s happy. And you have your residential use permit?


[00:03:38] Speaker 1 Yeah, exactly. So. So we, you know, Stanley Martin Custom Homes, we have the draw schedule, right, right on the price matrix. So everybody gets that right up front. And I think we get the first, we get a deposit, obviously. Then first draw we get when the permits issued right, then when the footers are poor, then right, there’s various stages and it’s just laid out right on the price matrix. So it’s easy to


[00:03:58] Speaker 2 see exactly right. And we’ll fund we’ll find 10 percent of the line up front to get builders


[00:04:02] Speaker 1 started, right? So we take seven. Yeah, we get seven upfront. Exactly right. So I think one of the questions that that comes up a lot is there’s there’s kind of a ballet dance right at the beginning of the loan and at the end of the loan when you apply and you get loan approval. The question always is when do you close and how what things need to happen and what things do you consider with that closing date?


[00:04:30] Speaker 2 It depends a lot on the builder you’re working with. I really like working with Stanley Martin Homes, not because you have me on, but because you guys can get me plans and specs like an order, an appraisal and determine what that future value about future value of the project is right away. Yeah, before I can close a loan fund alone, I have to have an appraisal done. So the first thing that happens is is the the client meets with the builder. They they they get plans and specs together. Once they’ve got their plans and specs together and they’re building materials, I can order an appraisal. I want to make sure that I only lend worst case scenario 80 percent of the value of the property, or 80 percent of the cost to build the property, whichever is lower, right? So before anything can happen, before we’re actually going to send you to closing on your loan, we’re going to make sure that we have the plans and specs in place, the bill of materials, and that we’re going to have a valid appraisal on the one time close scenario. There is only one appraisal. It’s done up front, right? And we don’t have to worry about since we’ve already closed the loan for 15 years, we don’t have to worry about what the future value of the loan is. We’re only concerned about what that what that appraiser says the value of the home is now. So it makes it a lot easier for the client on a two time close, like we talked about briefly a minute ago, you’d have an appraisal up front that I lend on and there’d be another appraisal that I would need to be able to sell that loan on the open market later on once a home is done. So the one time clause really simplifies it absolutely a lot, and it’s a lot easier for the client Levys to understand,


[00:05:57] Speaker 1 and it takes a lot of the risk out, takes all of it for the interest rate, increasing risk comes off the table,


[00:06:02] Speaker 2 interest rate, increasing list and in interest rate risk and also value risk because values do tend to go up and down a little bit. Right. I can’t imagine them going down with all the with all the demand there is right now, but there is that there is a risk you build a house and today it’s worth two million next. Next year it’s only worth one point nine, which could affect your ability to tell engineers a lot of it, but it makes it takes all the risk off the table for us and all the risk off the table for the client. So that’s the way I prefer to do them. We’ll do it the other way if they really want it. But yeah, that’s the best way for us.


[00:06:36] Speaker 1 So, so so you have the so, so you get the contract, you have the plans and specs, you send it out for an appraisal, right? Then you get loan approval.


[00:06:45] Speaker 2 Exactly right. Well, I mean, we we actually approved the loan before we have that, we can’t go to closing, right? We know whether we’re going to do the loan before we actually have the appraisal in here. We can’t be guaranteed how much we’re going to lend until we get it in here. But you’re exactly right. Once we get the appraisal back and then we, you know, we compute the numbers, make sure we’re where, where we’re at and then we’re going to lend. As a rule of thumb, we’re going to lend up to 80 percent of the value of that appraisal, right? If it’s, we will go to 90 percent. But but we want to keep those to a loan amount of around 850 900. Right, right. Those can’t. But but the bigger stuff will need and when you get real expensive house, we may want 25 percent down our 25 percent equity in the home. It doesn’t have to be money out of their pocket. Sure. And that’s one of the great things, especially in markets like ours, where people have owned a home for several years. They may be able to tear this home down, build a new one and not actually need any money.


[00:07:39] Speaker 1 Other population is in it because we get


[00:07:40] Speaker 2 to live on that future value. Right? If they already have this property, that’s worth quite a bit more than they paid for it seven or eight years ago. A lot of times these people, you don’t need a lot of money out of your pocket if you already own the property. That’s nice. Yes, it makes it easier. Yeah.


[00:07:56] Speaker 1 So when do you close? Because you have a limited amount of time to finish the house, right, so what is the way on your 15 year fixed product? What is the time allowed to build a home? Is it 18 months or 12 months?


[00:08:16] Speaker 2 We have 12 months, OK, and then we have a six month extension, so we have 18 months. And we also have 120 day lock period upfront, right? Which helps dramatically because for a lot of builders, they can actually get any plans and specs. And I get an appraisal and I can get permits almost in in 120 days, right? So the to joined a lock period. So let’s say I like January 1st. Yeah, I’ve got until the end of April, right until I have to actually go to closing. That borrower has to has to have any funding available, so. So that helps a lot. So in the big scheme of things, I actually have 12 plus six, which is 18 months, and then I got four more months during that lock period. Right. So so I’ve got what, 24 months to play with 12, six, 18 and four. Yeah, yeah. Yeah, 22 months. Yeah, most most projects are done in less time than that. The 22 month period is more than enough time, right?


[00:09:13] Speaker 1 So some people want to close their loan right away and I always say, hold on a second. You know, we from from the builder perspective, from Stanley Martin perspective, we tell folks close about 30 days before we get the permit. We think you’re right, 30 to 45 days before we get the permit. So, you know, and it takes it takes anywhere from four to six months to get the permit right now because of of just the delays in the construction industry. It’s it takes a little longer than it did a few years ago. So you should engage your lender early in the process and talk to Jerry and you can lock your rate for 120 days. So that’s four months. And that’s about the time we want to close. Anyway, that’s going to be about two months before construction, probably. So then we’ve got 12 months to build a house. And generally, it’s taking six to eight months, maybe 10 months to build the house. So as long as you don’t close early, everything will work out fine. And if there is some, you know, act of God situation that comes up again, that causes delays in construction, you have the ability to extend things out for six months. So what’s entailed with the with the extension? Is there a cost? There is.


[00:10:30] Speaker 2 It’s a very low cost for a quarter of a point. We can extend that lock period for another six months. So it’s it’s very inexpensive if you need, if you need to extend that lock, right? And since we don’t have any points at all upfront on our product, yeah, it’s like, you know, most most lenders do have an upfront point that they try to collect. I call it a construction point, right? But we don’t have that. So it’s it’s very, very inexpensive, right?


[00:10:56] Speaker 1 Very attractive product. Good. So is there anything that I’m not addressing with regard to timing and closing a loan? Is there anything else you can add to this piece of the conversation today with with regard to getting your loan, getting loan approval and closing before construction?


[00:11:12] Speaker 2 The financing is the easy part, John. Mm-Hmm. The financing is the easy part, the the work between you and the client figuring out what they’re going to build and how to build that. That’s a that’s a tough part of it. But yeah, get your financing set up as soon as you can. I’m going to encourage you to lock as soon as you can knowing that I’ve got 120 days for us to do anything right and that 120 days and that 12 months, that’s 16 months. And for most every project, the six month time is is more than more than enough time. So but what the financing is, the easier part, it’s it’s very, very important. And you want to make sure that before you spend a lot of John’s time figuring out what you want the house, you want to make sure that you can actually do what you want to do because it’s not inexpensive and a lot of cases to start these projects. Yeah, you know, 20 percent on a $2 million project is $400000, and not everybody’s got $400000 laying in the bank, right? A lot of times we have to show them how to do bridge loans. We have to show them how to how to tap into the equity in the property that they’re sooner or later going to liquidate to come up with that, that 20 percent upfront.


[00:12:19] Speaker 1 Mm-Hmm. So, you know, it’s interesting you brought up, you know, spending time and, you know, finding out if you can finance what you want to do. The whole process of buying a house is a learning curve for the buyer. Sure. Because they’ve never done this before, right? And I think the buyer needs to learn a little bit about financing and what they can afford or not, not what they can’t afford, but what do they want to have in a in a payment, right? I think absolutely most most people qualify for a lot more than they want. I hear that all the time. Yeah, yeah. Well, we got a loan approval for one point six million,


[00:12:53] Speaker 2 but we don’t want to get, you know what I’m going to? Yeah, yeah. Yeah, who wants that? Who wants a $9000 a month payment? We. Are finance financing that much money?


[00:13:00] Speaker 1 Yeah, but the more the more they learn, the easier it gets.


[00:13:02] Speaker 2 So, you know, we do a lot of new construction transactions and not all those new construction transactions, so we get to talk to you before they’ve before they’ve written that contract. And that’s very eye opening when those people get in front of you and say, Yeah, yeah, you can do this, you have to get rid of those two cars. OK. Right? Was that not a problem? But but I mean, it’s very common for someone to come. Come to us already have written a contract not so much on the construction of Perm because that that client is going to be coached a lot along the way. It’s because it’s not a simple transaction. Not as


[00:13:33] Speaker 1 well. There’s a long lead time. It is, you know, most people that are living in their homes, they’re not out buying a home tomorrow. I’m talking to him for six months or a year before they were. They’re ready. So I have lots of time.


[00:13:44] Speaker 2 But when these people go out there and write these contracts with the with the side agent on new construction, yeah, it’s not uncommon for them to come in and and start scratching their head and telling, Well, you know what? This is what you got to do. This is why I don’t make this stuff up. Yeah, if you want a good interest rate, you’ve got to do this, this and this. Yeah. In the story.


[00:14:00] Speaker 1 Yeah, it’s crazy. All right, Gerri berry, thanks for coming in today. We’re going to take a quick break, OK? And we’re going to we’re going to come back and continue the conversation.


[00:14:08] Speaker 2 I got a story for you when we come back. Yeah. A Horror Story, horror story.


[00:14:12] Speaker 1 There we go. All right, welcome back, we’re still here with Gerry Berry. Thanks, Gerry, for coming in. Oh, no problem. Always glad to be here. Always enjoy chatting with you. So, so before you tell us your horse, the


[00:14:27] Speaker 2 two old timers, by the way, I know we’ve both been out this way too long.


[00:14:30] Speaker 1 Long time, long time. But we’re having


[00:14:32] Speaker 2 fun. I agree.


[00:14:33] Speaker 1 And we’re helping people. We are, and that’s the whole goal keeps you going. It does. It does so. So let’s talk a little more about the construction line. So when when you close on your construction loan, right? When do you have to start making payments right? Because it’s a line of credit? How does that work?


[00:14:50] Speaker 2 So normally there’s something that we pay off. There’s normally the balance of the land or the balance of a house payment. So normally that’s paid off at the time to go to settlement because before I can land anything on your project, I got to be in first line position, so I’m protected if


[00:15:05] Speaker 1 something happens and you know what’s being


[00:15:07] Speaker 2 first lien position?


[00:15:08] Speaker 1 And I’m really glad you brought that up because every single week I’ve probably seven to 10 minutes a week. Every single week somebody tells me, Oh, I’ve got this really great interest rate. I don’t want to lose it. I’m just going to get another loan to pay for the construction, and I have to tell them it doesn’t work like that. So talk a little more about that, right? Right? So almost all these homes have a mortgage on almost all of them. And in your your papers, you can’t just tear that house down without notifying the bank because the house is collateral. Am I correct?


[00:15:40] Speaker 2 Well, it’s not that so much. OK. It’s it’s that I am not protected if my new loan is not in first line position. So if I’m in second line position and something happens and this project doesn’t happen, that other no gets paid off first there’s a then first line position. I’m just going to guess what’s left over. Gotcha. And that’s probably not enough to pay what they owe me.


[00:16:02] Speaker 1 Perfect makes perfect sense. So they close on the loan and you pay off the existing mortgage, you pay for the land or whatever, and that becomes the initial balance on that line.


[00:16:11] Speaker 2 That’s how much of that line of credit of used. So it’s simple interest are in that phase. You can figure it 300000 times zero point zero three to five. We’re using three and a quarter divided by 12. That’s your monthly payment, right? It’s simple interest during this whole construction phase.


[00:16:25] Speaker 1 OK, now is it a monthly payment or a quarterly payment?


[00:16:27] Speaker 2 It’s a monthly interest payment. OK, interest interest payment. Once you start using the line, once some of the line as interest only during the build up phase. So every time the builder calls for a draw and you’re I think you said yours was seven seven draws you up. So every time the builder calls for a draw and we release money to him, we’ve used more this line of credit. So we need to $300000 to pay off that first. Note what he owed on the house, right? Right. So now we just released another $100000. So now he’s paying interest only on that $400000 yet get simple interest 400000 times point all the three to five divided by 12. That’s his monthly payment. Yeah, very simple. Nothing complicated. And then that’ll just continue as the seven draws are done or as a six draws are done right. So his his monthly payment is very, very low on the construction on the front end. Yeah, for a couple of reasons. He’s only used that much money, but also he probably has expenses someplace else. He’s probably having to rent a rent a piece of property. So this actually helps them during that during the build phase that their payments are very, very low. They have to take care of their their property taxes on their own during the build phase. Sure. And there’s there’s a builder’s risk policy that they’re required to get right upfront, but that’s good for a year. So usually that’s done upfront. They don’t have to worry about their insurance on the property. But even though the builder has insurance, the client has to go out and get a builder’s risk policy. Right? Right. And what that does for the client obviously protects against the wind damage or something that while they’re building the property, but also if one of those employees or somebody walks on that property and gets hurt, even though the builders protected, that doesn’t say that they can’t come back and try to get something from the owner to exactly so every transaction, they’re going to get a builder’s risk policy right the front. So you just your homeowner’s policy?


[00:18:14] Speaker 1 Yeah. And we have we have you have your own well, we have an agent that we work with. But yeah, folks listening can’t get builders rescued. Their insurance company just reach out to us and we can get them in touch with Alan Henning.


[00:18:24] Speaker 2 Exactly. Yeah, exactly. Not every insurance person’s data construction project, right? And just like the closing, when you go to closing, not every closing company can do construction firm closing properly. Understand all the drawers, understand all the the lean releases that has to happen to that. So it’s important even though someone comes in, say, Hey, I want to use X, Y and Z. You know what? You really should use these guys or these guys are still options. There are. But you what you want, you wanted to use somebody that knows about getting the lean releases and knows what a mechanics lead actually is and those type of things versus someone that just does closings on the sale of a home. So that’s real important. Yeah.


[00:19:02] Speaker 1 This is why I love having you in for a conversation because you hit on all the important things you know, you’re hitting on the builders risk and you’re hitting on the title company where you want to close. And I know we recommend that folks use First Excel title, which is a Stanley Martin owned. Title company, because they know what they’re doing, a construction loan is a different animal, and you’re actually there’s so many parts and pieces that are intertwined on this kind of a transaction because when we order the draw payments, we order them through the title company right in the title companies, the one that actually sends the appraiser out to do the bank to do the inspection. We call it a bank inspection and and if the title company doesn’t know how to manage that transaction right, they could lose a week or two before they order the the appraiser to go out and do the inspection. And we may not get our drawer payment in time. And then we make a second drawer payment request, sorry draw request and a third drawer request. If we don’t have the first one yet, we stop construction. Sure, you know, so there are there are a lot of important moving parts in this transaction, and you just hit on all of it.


[00:20:05] Speaker 2 Well, just to let you two. I mean, there’s not a lot of lenders out there that can do a construction project properly. Correct. I mean, they they may say they can, but but let them start working with a builder that that that has special vessel requirements. It’s not. It’s not always easy. So it’s important you guys guide them to the lenders that you know, can can do the project and do the project


[00:20:26] Speaker 1 properly and give them the accurate information. Absolutely. Yeah. Yeah, yeah. Cool. So what else is there anything else we should know about the construction loans? I don’t think you missed anything, but


[00:20:36] Speaker 2 once the homes, a hundred percent complete. Yep. At that time, the client can make some choices, too. OK, all right. So let’s say, let’s say upfront, we had you put $200000 down on this project, but in the meantime, you sold another piece of property. You got a $100000 bonus for doing a good job or whatever when it’s time to start making a fully amortized payment. Right? Principal and interest payment At that time, you can choose whether you want your your taxes included in your payment and your insurance, including your escrows. It’s called at that time. We’re actually going to give that client an opportunity to change the amount they’re financing. They can never go up higher than what we set it up for, so we’re always going to set up a little extra. You don’t pay anything unless you use it, so go ahead. Assuming the property will praise, go out and set up your line for an extra $100000 or $50000, whatever. It gives you a buffer, especially in the hard times that we’ve seen recently with with with costs increasing so rapidly gives you a buffer. But also you don’t pay any more just because you set up the line for 800000. I don’t have a or set up four million instead of 800000. I don’t have a point. I’m not charging anything for that right for the higher loan amount. And when it’s time for the loan to go to permanent, I’m also going to give you some some time to to pay down the principal on the home. If you’ve got some extra money, you want to add to it. So even though I set it up for a million dollars, you may say you only want to find out 750 on this end loan. That’s fine. That’s fine. We modify the outstanding balance to 750. Have you put in the money to do that? And then your new payments are recast and calculated on the outstanding balance of the loan when it goes to permanent financing, right?


[00:22:14] Speaker 1 And that that works with the one time clause as well,


[00:22:16] Speaker 2 working with the one time clause as well. OK. Yeah. Yeah, it doesn’t have to be a two time closer to that. We’ll do that for you on the one time slots. OK, cool. So that makes it that makes it more because a lot of people. Yeah, I want to put that. I want to put more into it, but don’t really put more money in it today. What if something happens? What if something, you know, because your people always want to have some money left over? We sure have to have reserves anyway? Absolutely. So that that makes it easier on the client gives them a chance to once they figure out, Well, you know, this is really what I want my payment to be. Yeah, I’m OK with this during the during the period. When it comes time to to the end, a case in point, I’ve got a gentleman right now that finance a lot of money. He’s got a bonus schedule these guaranteed bonuses over the next couple of years. So he wants me to set up a bigger line for him. But he wants me when it comes time to go. The end loaned to probably only use about 50 percent of the line that I’ve set up for him. I’m fine with that. I know upfront I’m going to set up the line for $3 million, but when it’s time to go to permanent, he’s going to have put all this other money into it. Yeah, prior to prior to going into the permanent loan, yeah, makes sense.


[00:23:19] Speaker 1 So everybody’s got their own unique situation. Everybody’s different. So call Jerry Jerry Jerry loan scheme that works. Yeah, exactly.


[00:23:26] Speaker 2 Jerry Body Loans LLC, an s. Yeah, my parents did. They got a real bright, so they gave me something easy to spell, right? Just change the first letter. J e r r y b e r r y yeah. L o a n s dot com.


[00:23:38] Speaker 1 So reach out, reach out to Jerry’s great guy. I’ve been working with him for a long time and, you know, share your situation with him and Jerry will get you on the right path for sure. Cool. Yeah. So the real reason you’re here today,


[00:23:52] Speaker 2 I know, I know my mom’s going to hate me. Yeah, we


[00:23:54] Speaker 1 got to talk about


[00:23:56] Speaker 2 the horror story. Yeah, I have a horror story for you. Let’s hear


[00:23:58] Speaker 1 it. Yeah, we were talking out of horror. It’s not a horror,


[00:24:00] Speaker 2 it’s a horse. It’s a horse horse. So I’ve been on this show before, and you know that I grew up in the Midwest, a little town outside of Springfield, Missouri, little little dairy community. And so we had a gentleman farm. We always had a couple of pigs, we had a cow, we always had a couple of calves on the cow and. And we also had a couple of horses that we didn’t really ride a lot. Yeah, so our hog name was Sally at the time. She she on occasion would get out and she’d get in the horse pasture, right? Mm hmm. So, so my my dad was at the bowling alley, mom was home and salad got out and she was running around the pasta and the horses were chasing the pig and the horses could trample a pig. They probably wouldn’t, but they could write and they could kill a pig, but they probably wouldn’t, right? So mom calls dad and and dad says, Well, go get the pig and put it back away. Yeah. Fix the fence. Tomorrow, the mom goes out and walks out there. Quarter of a mile right, gets a pig, puts a pig back in the right back in the house 30 minutes later, the pigs back out. So, so mom goes. Mom calls Carl James, said Carl. Gene damn pigs out again. What am I supposed to do right? And he says, Well, go get the pig back in and put a piece of wood there. I’m not going to do that. You come home. I can’t come home. I’m running the bowling alley. What am I going to do? He says, Well, go get the shotgun. All right. And it’s got birdshot in it. Shoot that horse in the butt. Because mom grew up on a farm. Shoot that horse in the butt. He’ll run up and he won’t come back down the rest of the day and all and the pig will be fine. You let the pig roam around, right? So, so, so mom, you know, all we had was a big old double barrel brake action shotgun, right? It was my grandpa’s grandpa. The thing was it was oldies, but those in it, it wasn’t fun to shoot and it didn’t have a pad and it hurt. Oh, so mom says, Well, I know, shoot that horse with them with the shotgun. And we used to know. OK, so so she gets our little toys you out and she shoots that horse. Yeah. And of course, is my sister’s horse. He’s about the only one that could ride things. Things me. His name was a rat when he was me. So, so so she shoots out. She sees that horse to cause Cardenas is a girl. Gene shot the horse about that time. Tammy or Janice came home and and she’s all up in arms. Mom shot the horse and she’s called the vet. So then that came out. The vet came out and and you could feel the bullet mom just barely hit the horse a billion bullets down his belly button, basically, and you could feel the bullet there. And the vet said, Ask her anything, but I’ll give the I give the horse a shot. So the doc, the doc gives a horse shot and gives him like 20 cc’s of streptomycin. The horse has a heart attack and dies. Oh, we get up the next morning, the horse is laying over. Oh, dad had a heart. What the bullet? The bullet rifle. You can see the bullet. But the the veterinarian didn’t quite know what to give the horse. Well, he’s give my mother a hard time, and she shot a horse and killed it.


[00:27:08] Speaker 1 Oh my goodness. So it is a horror story. It’s a horror


[00:27:12] Speaker 2 story.


[00:27:12] Speaker 1 Yeah, yeah. Oh my god. What year was that? It was a long time ago.


[00:27:17] Speaker 2 I’m going to go with 72. Yeah, 72, 73, 72, 73.


[00:27:23] Speaker 1 Yeah, and that story has survived all these decades.


[00:27:27] Speaker 2 Mom finds out. I told that story, so you’ll be mad at me. Yeah, I’m not to tell her. I’m not going to tell her.


[00:27:34] Speaker 1 She’ll have to find it. She’s probably not listening to this anyway.


[00:27:36] Speaker 2 I don’t think so. Of story. Just don’t let mom hang around your horses. Yeah, no problem. You have a hard time.


[00:27:42] Speaker 1 All right, Jerry. Jerry Berry, thanks so much for coming in. And we always love senior and we appreciate your intelligence that you have on the construction financing. So this is another episode of the go with John Show. Go out there and build something extraordinary. Thanks, John.