Who can ell me about Assumable Loan

[Luis Herna]

Property price $11,000,000, assumable loan (fannie Mae at 3.5%) $8,000,000. Cap rate 9.2%, Occupancy rate 68%. NOI $1,200,000, Location A+.

 Now let say I can negotiate half of the 3M and seller finance the rest at 10 years.

How assumable loan are done? Is it difficult to get it? I can bring occupancy to 90% and reduce expenses 30% less what they currently pay.

Luis