No Slide Title
No Slide Title
No Slide Title
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Prepayment Right<br />
What did this mean in practice?<br />
Lenders refused to extend loans with terms of more<br />
than 5 years if the real estate securing them was<br />
owned by limited partnerships or trusts (including<br />
REITs).<br />
If a lender is going to lock a rate for 10 years, its<br />
expectation will be to receive more than 3 months of<br />
interest as a penalty for prepayment after 5 years.<br />
7