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 building 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 quickly. 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 quickly in applying for this cash out 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 lender showed flexibility using some of the borrower’s cash out funds to be applied towards their liquid reserves.