The borrowers vacated the property and were in the process of converting the property into an investment property and looking to secure a tenant. Given their financial positions, they needed the cash-out now to consolidate debt, reposition their company and have funds to secure a tenant. Most banks would not lend on a property that is currently vacant and doesn’t have any rent in place. We were able to arrange a conventional loan with structuring a small hold-back until the borrowers secured their tenant. This allowed us to still close the loan and get the borrower almost $900,000 of cash-out. Closed in 45 days!