This was a purchase transaction for past clients who had sold one of their buildings that we had previously financed.
Boy o Boy did they have a tough time locating an upleg property and then making a decision to move forward once they found a property. It was a difficult process for the clients with market values being high and their exchange funds and reserves were tight.
We suggest that they do a cash out refinance on one of their other buildings to free up some cash that could be used towards the purchase and reserves. This eliminated the need to sell a 4-plex that they had that was cash flowing real well for them. Got the deal done and very happy for them.