In addition to the appraisal coming in $800,000 below the purchase price, we had to meet a hard 35 day deadline for a 1031 exchange opportunity. Our borrowers leverage our experience in the industry to get the deal done. The master lease on the property is to a non-profit company operating a sober living facility. With these experienced borrowers, we were able to meet the timeline and get the deal closed for our clients.
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