Question: Are commercial mortgages assumable?
John C. Koechel: Yes, sometimes! It often depends on the type of commercial mortgage. If it’s more of a small bank somewhere, a regional bank may be more open to that than, let’s say, the Fannie Mae and Freddie Mac lenders. It’s possible, and I’ve honestly just worked on that very situation, but as you might imagine, you get into a lot more regulations and requirements based on what type of person or entity is assuming the mortgage. So it’s very complex and it really is fact-driven on whether or not a specific mortgage can be assumed or not.