I have a 1031 exchange question about Commercial ppty.

[Payam Shirazi]

Hello all.

I have a very confusing situation that requires your expert opinion. Bellow I will itemize it hoping to receive some direction.

1- My client bought a commercial property 30 yrs ago for $250K.

2- He sold it in November 2013 for $1.2M

3- Returned bank's loan for $700K and he is left with $500K cash held with a 1031 exchange accommodator.

4- He likes to buy a replacement commercial/income property but due to his current bad credit, banks wont lend him money.

Q: What are his choices? How can he optimize his gain?

Thank you in advance