Assuming multi family commercial loan

[Evan Kaufman]

Currently I own 3 separate four unit properties and now I am looking at purchasing a 10 unit. As for financing the seller just refinanced a few months ago to cash out a distressed partner and we were discussing the possibility of me assuming his payments. The bank says the commercial loan can be assumed. Honestly, I'm unfamiliar with this and wanted to know if anyone had experience with assuming commercial loans or doing some sort of land contract when a commercial loan is in place. Thank you for the help! Evan