This was a cash out refinance. The client had bought the property a few years back and the seller financed for buyer but now needed to get paid off. Our client has kept rents extremely low and has long term tenants, and no money had been put into the buildings.
Honestly I wasn’t sure if we were going to be able to get bank financing on this one. The market area, the collateral, and the small loan amount.
One of our best capital sources stepped up to the plate for us. It was a low leverage deal, the borrower was strong, and the property actually had huge upside to it. You wouldn’t guess this from the picture.