Trust Deed Loan for 6 Unit Multi-Family Dwelling

Borrower was seeking a purchase loan to acquire a 6 Unit Multi Family Dwelling as the up-leg (replacement property) in a 1031 Delayed Exchange with an exchange/purchase period fast approaching the 180 Day Deadline to close. Additionally, the borrower was self-employed with business income reported on an individual IRS Form 1040 that did not necessarily represent income that has actually been distributed to the borrower. We focused our underwriting on the subject property, factoring current rents and marketability and closed (within two weeks of loan inquiry) on a $475,000 First Deed of Trust, perfecting the 1031 tax deferred exchange.