I have worked with a number of clients in reducing the prepay or getting them to wave it all together. If you have a number of loans from the same bank they are more likely to wave/reduce the prepay. If this happens to be the case with you, I would definately contact the bank and try to negotiate. I am not sure how much equity you have in the property, but if you are going to redeploy the money I would ask them to wave the prepay since you will be getting a new loan.
Best of luck!
Sep 14, 2010