This was a cash out refinance for a past client. They were in the middle of a 1031 exchange for the purchase of another apartment buidling but needed more funds to be able to close the transaction as well as meet the lender reserve requirements.
The biggest challenge was the transaction had to close very quick. The borrower had a very difficult time finding an upleg property and once they did it turned out that they didn't have enough funds so we had to move quick in applying for this cashout refinance.
We negotiated great terms and an expedited process with the same lender that we were working with on the upleg transaction. Reserves were tight but the elnder showed flexibility using some of the borrowers cashout funds to be applied towards their liquid reserves.