Looking for a 30 year fixed commercial loan (Refinance)

[Jesus Jimenez]

I am not sure if this type of loan is being offered anymore, but I currently have a 30 yr fixed loan on a multifamily mixed use property. 1/3 of the property is commercial, 2/3 are residential units.  In 2005, I was able to refinance the property and obtain a 30 yr fixed loan on this property.

I have been looking into refinancing this property to try to lower the interest rate, but I am being told that I can get a commercial loan for 5yrs or a maximum of 10 yrs. 30 yrs is no longer offered (is what I am being told).

Does this sound correct? Any ideas what is the longest term offered for commercial mortgages in MA.

Thank you.

[Chris Petrillose]

Jesus,

I am in Ithaca, NY as well and 5-20 years is the norm now for commercial. One thing I would recommend is to shop around. I was able to get a 3 commercial loans through a local credit union that are 15 year loans, but amortized over 25 years. This is about as good as it gets from what I have found. They certainly don't come out and offer to amortize over a longer term, so I would suggest asking and you might be surprised what they have to say.