This was a purchase transaction for a repeat client who had initially been referred to us by CRE agents. Client was in a 1031 exchange and bringing in additional investors on the deal.
We had one borrower who had to vest in a certain manner to satisfy his exchange while at the same time entering into a new LLC with his investing partners in which he was also going to be the managing member and qualifying applicant for the new loan.
Wasn’t hard for us since we have been there and done that before. Deal was structured as a TIC and we financed under Freddie Mac SBL program requiring no tax returns and achieved almost 80% LTV.