A past client was in a 1031 exchange, he had been selling off multifamily properties that he owned in the Inland Empire and transitioning into NNN type investment properties out of state.
The biggest challenge was first the client identifying the property. We had looked into multiple deals for them until finally a decision was made. Other than that there was a lot of slow response on items but we have to give credit to the Listing agent he really went above and beyond on this transaction.
We placed the borrower into a 5 yr fixed loan that resets for another 5 years. The lender had a reduced 3,2 1 prepay with hopes by all that in 3 yrs the rates will come down.