Is there a pre-payment penalty?

For properties containing 1-4 units, there is a stepdown prepayment penalty. Options include 0-5 years. For example, for a 5-year stepdown, if you payoff the loan in year 1, there is a 5% penalty (5% of the loan amount). If you payoff in year 2, there is a 4% penalty, etc.

For properties that are at least 5 units, there is a stepdown prepayment penalty option of 3 or 5 years.

Loans with higher stepdown options (5-yr being the highest) have lower interest rates.