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Updated about 8 years ago,
Assumable Acquisition with a pre-payment penalty
An associate of mine has a deal on the table and I would like to get your opinion. It is an acquisition of a 400+ unit complex. The mortgage is a Fannie Mae assumable mortgage. There is a pre-payment penalty on the mortgage and there is three years left on the term. My associate is concerned about the potential of rising mortgage rates over the next four years because of our new President and the pre-payment penalty is steep. What would you recommend?
Thank You
Kevin Greer