Best commercial loan type for 7-unit 30-year amortization period

[Anastasia Frank-Bruggemann]

Hi guys,

I'm looking to buy a 7-unit property and want it over a 30-year amortization period. This is my first commercial loan and I'm wondering if anyone has suggestions on the best/safest way to structure this?

The best option I've seen so far is a 7 year fixed rate at 4.5% followed by a balloon. 

Is there any reason not to go this route? Ideally I'd love an option with a longer fixed window but this seems to be the longest fixed rate I can find. 

Thanks very much in advance,

Anastasia 

[Derek Gibbs]

Recourse means you are personally guaranteeing the loan. 

Basically, it means the lender can come after you if you default including any amount not covered by the property forfeiture.