While your broker/lender should have told you explicitly about the prepay, it's incumbent on the borrower to at least read enough to comprehend and if you don't understand what you're reading (very possible) ask questions. 

I remember in 2003 when rates were in the 5-6-7% range, albeit with more aggressive mortgage terms available to almost any and all borrowers. 

If you cash out equity in a property, you are "borrowing" that money from the lender.

Do you have any capital to contribute or are you looking to borrow 100% of the purchase and rehab?

If you cash out equity in a property, you are "borrowing" that money from the lender.

If you cash out equity in a property, you are "borrowing" that money from the lender.

As for how much you will need-start by talking to a bank about how much you can borrow and your credit score. 

I would say if you do post it be as detailed as possible minus borrower info re: what's the collateral exactly (estimated value, condition, etc), outstanding balance, state where it's held, terms, performing or non, 1st or 2nd position, payment amount and what you're asking price wise.

They bought the property in Oct 2021 for $47 million and borrowed $39.4 million from Bancorp Bank, who is a bridge lender. 

Looking for insight into borrowing money to cover down payments and floating capital between renovation draws.