I think it was for down payment and closing costs.

My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area.

A $100-$200k down payment would get you a decent multifamily property, possibly with land depending on where you look. 

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

I have equity in my CO rental; I don’t have a large enough sum saved up for a down payment yet so I’m wondering if a HELOC would be an option on my CO property. 

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.

In this case, since they are borrowing their payments, these would get added to the principal balance each month, and interest would be calculated on that.If, for example, the interest rate on the note were 10%, they would implicitly be borrowing their payments at that rate.

It's probably going to mean paying points at closing, a high rate, and a serious pre-payment penalty (like 5 years). 

Payment TermsContract Value: $[Insert Amount].Deposit: $[Insert Amount] due before the commencement of work.Payment Schedule: Payments to be made as follows:[Milestone 1 and payment amount].

Our rates are 7-12%, with no down payment required.