This was a purchase transaction for one of our biggest clients. We have handled over 100 million in loans for them. Client was finishing up using some left over funds from one of their down leg exchanges.
The subject property was way low on rents and as a result was requiring huge down payment more than what our client wanted to use. The client had already exhausted his 45 day identification period and they had to close on this or suffer big capital gains in taxes.
Seller was willing to cooperate with the buyer and rents were increased while in escrow. Seller did not want to lose tenants, so rents were increased conservatively, however the rent increase allowed us to achieve an LTV that worked for our borrower and the loan was closed.