A repeat borrower had a straightforward student apartment purchase but a complex way to fund. He used a forward exchange for a transaction closing before his purchase. Simultaneously he set up a reverse exchange for a future sale. The borrower also used additional collateral for part of his downpayment. There were a lot of moving pieces, and it was a dynamic situation toward closing.
Our loan processer, Denise Tallman, masterfully worked through the details and nuances with the exchange company and title company. After 35 years of being in business we thought we had seen it all! Even with all the moving pieces and a deadline over the July 4th holiday, SFG closed the loan. A special thanks to Cascade Exchange who were very professional and easy to work with.
The borrower has set himself up for success. He took advantage of the 1031 program while acquiring a very well-located apartment adjacent to Oregon State University. We appreciate the continued relationship and look forward to many more transactions.
What we like about the deal
- Repeat Borrower
- Stabilized Apartment
- Great location!!!!
- Professional and responsive Exchange Company.
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