REFI or HI on Unique Fannie Mae DUS loans

An entity is a Fannie Mae delegated underwriting and servicing for multifamily loans - very high dollar amounts. The documentation is very different than what is typically seen in other loan files and it appears to be a refi. Some of the proceeds are held for repair/renovation and are shown as an escrow reserve on the settlement statement. It is understood that HI trumps refi, but would these truly be considered a HI loan? Thanks!

If any of the proceeds are used for repair, it is a HI loan (over refinance).

I agree. It is a common practice in some areas, and for large dollar renovations, for proceeds to be put in "escrow" to be released as stages of the renovation are completed.