Multi-Family Loan Assumptions

[Matthew Barnett]

Hello!

I have a 35 unit deal I am underwriting, but it is a loan assumption. First about the deal, 30 units are apartments there is a separate building attached to the land that is 5 retail spaces. Anyways, I know the loan term, rate and remaining balance. I know to look out for things like a balloon, assumption fee, prepayment penalty, etc.. Are there any other things I need to be aware of when underwriting a loan assumption deal? 

Thank you!

[Jonathan Barr]

just what kind loan is bank? Agency?   Depending that they have different approval requirements.   For agency is very strict on experience so if this is one of your first deals they may not approve you.   I would look into what approval requirements are, liquidity/networth requirements. Hope that helps!