Questions for multifamily commercial: assumable loan

[Eddie Starr]

Hi BP!

I've been looking at a few different MFH types, from plexes to mhp, and I've seen some listings where assumable loan is the only purchase method, or one of the options.

My 1st question: Let's say it's a MHP that's going for 300k, assumable loan. Does that mean that the total of the original loan was for 300k, and that I'd be paying the balance? Or does that mean I'd need to assume a brand new loan, to begin making payments on it, to buy the prop?

On assumable loans, will the bank or other lender want to review my finances, credit report [score/fico], etc? Or, as long as the prop is still generating revenue, to pay the monthly rate, they lender won't do so?